At this stage, you’ve done almost all of the heavy lifting.
There are essentially two means to budgeting: You can estimate all the marketing tools and initiatives you have planned or you can allocate a percent of your budget specifically to your marketing. Most companies I work with take a hybrid approach – they have an annual budget and they estimate most of the major initiatives for the year.
When developing your plan be sure to identify key criteria that can be used to determine whether your initiatives were a success. Naturally, one key criteria would be whether or not you met your anticipated sales goals. But beyond that, you should also measure factors such as: visits to your website, inbound calls to your company, and new comments, likes or follows on social media. If you see a spike in these metrics, it’s a good indicator that your initiative(s) reached an interested audience. If the sales goals fell short, perhaps there is a gap in how you’re closing the sale.
Finally, it’s important to remember that no strategic plan is fail-proof. The best plans are flexible and can be adjusted based on what occurs once it’s executed. Allow your plan and supporting initiatives/tactics the time they need to be successful. But move quickly if you’re not seeing the desired results within a reasonable amount of time.
Developing a strategic marketing plan is not rocket science. But, it does require a disciplined approach. By knowing yourself, your customers, your marketing tools and creating a plan that is measurable and flexible, you can be efficient and achieve a sustainable edge over your competition.