Features and tRends

(April 2009)

How to Plan for Long-Term Business Success

By Shannon Benton and Kate Griffin

As many businesses continue to operate in a near state of panic, unable to see clearly past the financial challenges currently facing our economy, it is essential nevertheless for corporations to remember to continuously plan for long-term brand growth and sales success.

For business leaders seeking much-needed immediate gratification metrics, it may seem counterintuitive to develop long-term marketing goals during this economic downturn. However, both historical data and new research alike prove that this is “a time of opportunity” to build strategies that will lead to venerable profits in concert with a firm market rebound. With a long-term marketing strategy, you can identify and implement important business strategies and tactics in setting goals for your company and to secure employee commitment to attaining those goals.

Remember that when planning, obstacles are those frightful roadblocks you see when you take your mind off your goals. So plan for prosperity and don’t let your focus be solely on the day-to-day grind of tasks and activities. Below is an outline of how we suggest to plan for business growth now and in 2010.

1. Define Your Long-Term Business Strategy

First things first—begin with a new marketing plan. This will provide your business with a systematic and organized approach that allows management to focus on achievable long-term goals while attaining the best possible results from available resources. It will increase your company’s organizational performance by aligning goals and objectives throughout the organization and should include metrics for ongoing tracking and feedback.

2. Envision the Plan

When identifying your long-term marketing and business goals, begin with a benchmark to determine where you’ve been and where you want to go. It’s also important to stay abreast of influential and widespread trends like social media marketing and Web 2.0, which is already re-defining the future of brand marketing.

Although company budgets tend to tighten and many corporate executives consider marketing research cuts, slashing these budgets may be counterproductive to increasing business market share in the future. According to a recent article in emarketer.com by Geoff Ramsey, the Association of National Advertisers (ANA) indicates that 77 percent of U.S. marketers are considering cutting their media spending this year, which will result in a corresponding drop in future market research funding. The article indicates three convincing reasons -- outlined below -- why marketers should instead invest in marketing research.

As the future of the economy remains unclear, forecasting tools can be your guide to intriguing consumer insights, hot technology trends and market opportunities.

In 2009, marketers chose to aggressively increase their spending in “social media” marketing—due in large part to a wealth of research data from numerous sources that made a very compelling business argument for them to do so.

Market research helps you preserve budgets, projects and even people.

With limited resources, you need all the information available to look ahead. Market research data and insights provide the necessary proof of success for proposals, presentations, recommendations, new business pitches and marketing budgets.

Prepare for better times ahead.

By investing in forecasting tools, you can prepare yourself for the inevitable economic upswing. As budgets slowly begin to stabilize, you will be primed to take advantage of new trends and consumer needs that result from the current economic condition.

3. Write the Plan

Businesses should begin this venture by modifying their existing marketing plans for extended growth. For instance, most objectives conclude in a year’s time. Start to place goals with at least a two- to five-year timeline. And remember that translating longer objectives for marketing efforts will also offer better measurement.

When creating your long-term business plan, set realistic goals. Monitor the marketplace utilizing the forecasting tools mentioned above, and by talking regularly with your sales force and learning better what they are experiencing in the field. It is okay to update and revise some goals to reflect market alterations. Learn to be adaptive, now more so than ever. Always measure what is going on and track successes.

4. Implement Your Plan

Form a team. A unified front is essential to creating long-term success. This will happen when staff members and marketing partners work together. According to teambuilders.com, “Begin with the end in mind. Make a specific list as to how your employees, customers and business as a whole will benefit when they see the true importance of teamwork. Only then can you outline objectives to achieve.” Aligning future goals with employees’ efforts will help motivate them to continue to put forth their best despite tough times. It will also help determine what initiatives are best suited for whom, and where each individual and group’s strengths lie.

If you are interested in learning more about creating long-term strategic business and marketing plans, contact Steve Kleber at 770.518.1000 or by email at skleber@kleberandassociates.com.

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