Page 348 - Duct Tape Marketing

332 Part VI: The Part of Tens

ߜ Your customers: Are they undergoing changes that will affect their
buying decisions? (See Chapter 2 for help defining your customers and
their needs.)

ߜ Your competition: How much direct and indirect competition do you
face? Are new businesses entering your market arena to compete for
your customers’ buying decisions? Are competing companies making
moves that threaten your business? Or are long-time competitors clos-
ing down and leaving a hole that you might move to fill?

(See Chapter 4 for help assessing your competitive situation.)

ߜ The market environment: Do you foresee economic changes that will
affect your business? What about physical changes such as a building
renovation that will affect buying patterns, or roadwork that will alter
access to your business? Will your business be affected by special
regional or industry events that will boost business if you promote
around them? If your business is weather reliant, are forecasts in your
favor? Factor these conditions into your situation analysis.

Step 3: Set Goals and Objectives

Marketing becomes a far more manageable task once you establish the goal
you’re trying to achieve. It might be that you want to win three new business
clients. Or maybe you want to increase revenues by 10 percent. Arriving at
your destination starts with naming where you want to go. After that, you can
put your efforts in perspective and get moving toward success.

Your goal defines what you want your marketing plan to achieve. Your objec-
tives define how you will achieve your goal.

Put your goal and objectives in writing and then stick with them for the dura-
tion of the market plan period. Each time a marketing opportunity arises, ask
yourself, Will this opportunity help us meet our goal? Does this opportunity sup-
port one or more of our objectives? If the answer to either question is no,
quickly pass on the opportunity.

Chapter 5 provides step-by-step advice for setting goals and objectives,
which are the foundation of the marketing program.

Step 4: Define Your Market

Define your market in terms of geographics (where your customers and
prospects live), demographics (who your customers are in factual terms such
as age, gender, religion, ethnicity, marital status, income level, and household