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Over the last few years everyone has been talking about the 'New Economy'. It seems like every month we are facing yet another "New" angle to the economic picture. Well, forget that. I am here to tell you that we are in the 'NOW Economy'. The focus is on what we are doing right NOW. Investors want returns NOW. Analysts want to see you delivering on your strategy NOW. And the customers want real solutions NOW.

For marketing, the time to act definitely is NOW. Don't just sit there waiting to see if the market rebound is real or not. Bolster your demand generation programs. Build your sales pipeline. Drive prospects through the process of becoming customers. Grow your revenues. Don't just do it, do it NOW. Because, to spin a popular movie line, "What you do NOW, will echo in eternity."

...or at least for a long time after the economy rebounds. You probably recognize the headline as being influenced by the Oscar-winning film, Gladiator. In the title role, Russell Crowe inspires his troops as they are about to head into battle with the classic line, "What we do in life, echoes in eternity." The same can be said of every businessperson heading into the economic rebound battle of 2002.

While our actions may not deliver a literal bloodbath, they can be just as fatal, professionally, if we do not take the appropriate actions. You read everyday about companies that are approaching this market with layoffs and budget cutbacks. Certainly trimming the fat is a good move, but we cannot be too quick to cut into the muscle of business - revenues and customers. And with the projected upturns, NOW is the time to stabilize and begin to build for the future.

Make sure to be smart about how you build your marketing, though. Just dropping a bunch of cash into a giant marketing campaign is not necessarily going to bring you success, nor will turning all resources efforts toward a demand generation effort. Instead, you need to develop your marketing strategy and execute against an objective driven plan to meet your overall business goals. Now is the time to look beyond the same old comfortable things you have always done. You need to get focused and stay that way. Treat marketing as a strict discipline - one with specific steps that need to be followed in order to ensure your best chances for success.

Effective marketing follows a natural flow that goes from compiling a mass of market data to turning the knowledge gained into measurable, quantifiable tasks that will get your prospect to take some sort of action. Specifically, there are six stages to the marketing workflow: gather market data; analyze to uncover relevant information; develop a strategy based on the information obtained; develop the plans that will get you to your stated objectives; implement your plan; and then measure the results of your actions. As the table below illustrates, this is a cyclical process. The results you see in the measurement phase will help to refine your program overall.


To better understand what needs to be done to compete effectively in the market, let's look at each stage of the marketing workflow.

Data Gathering
This is the most important step in any marketing endeavor. Remember how mom used to tell you that breakfast was important meal of the day because it gives you the nourishment you need to get the day started on the right foot? Well, data gathering is exactly like that. The effectiveness of every step after this depends on the market data you are able to uncover.

Certainly, with the Internet, this step has become a lot easier. Now you can go to the Web sites of your competitors, industry publications, and analysts to try to get a picture of the market. But there are additional resources the Internet brings to your computer. You can go online to find patent and trademark information, SEC filings, credit ratings and reports, financial analyst reports, bug reports, white papers, user forums, chat sessions, industry associations and more. All of these sites can yield very valuable information.

Information analysis
So now you have a boatload of data. It is time to turn it into information. You know, useable data - the relevant tidbits you have uncovered about the market you are going after, as well as the players within it. You should be able to start to outline market trends, competitor directions, and analyst forecasts.

You should also be able to begin to profile your target users - beyond simple title distinctions. How old are they? Are they conservative in nature, or risk takers? How long have they been in the job or the profession? What are their biggest concerns relevant to your product? What are their interests outside of the job? What do they see as the trends in the market place? Is there anything else that seems to stand out about them?

You can also begin to profile any other people involved in the purchase decision for your product. Who is involved in the decision from a business standpoint? Who is involved from a technological standpoint? Who has the financial responsibility in this decision? These three roles are a part of nearly every technology purchase decision. For some products the roles can be filled by one person. Other products, however, will require separate individuals to address each area of concern.

You can also extend the profiles to the external people who influence purchasing decisions. This can include industry analysts, trade publication editors, industry associations, and respected industry thought leaders, among others. Knowing who these influential people are will be invaluable later on as you try to determine the best way to reach your target audience and make sure your message gets heard.

Plan Development
Once you have a clear picture of your market - one that goes beyond preconceived notions and prejudiced views - you can start to identify opportunities for success that you may not have seen otherwise. So, now it is time to orchestrate the efforts of leveraging those opportunities to reach your pre-stated goals. Typical marketing activities tend to include advertising, PR, trade shows, direct mail, Web sites and e-mail. With all of the work you have done so far, though, you will know whether or not any of those are the really the most effective means of reaching your target audiences and influencers. You will also be able to better craft the messages to your audiences; making the communication methods you do select that much more effective.

A good plan, however, will go beyond the typical elements and make sure that all aspects have been thought out and addressed. For example, it should cover how, what and when communications will take place with your sales organization(s). It should address how your product is to be packaged - this includes what goes in - as well as on - the box. It needs to identify the channels that will be employed and how they will be recruited, trained, retained and motivated to sell your product.

Your plan should also address the budgetary aspects of the effort. How much do you expect to be spent? What is the timing of these expenditures? If yours is a working plan, you can show what was actually spent as well.

Last but not least, your plan should provide a schedule of milestones and deliverables that can be tracked as your marketing effort progresses.
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Action
Gladiator also gave us the great line "On my command, unleash the hounds of hell". That, in a nutshell, is what this stage is all about. All of your efforts up to now have led you to this very point. You did your homework. You developed your game plan. Now it is time to act - with the focus and determination that it will take to succeed.

As you implement your plan, you will probably find the biggest challenge to be balancing the fortitude you need to stay the course, with the flexibility you need to address unforeseen circumstances and/or new opportunities. It is a tricky balance at best. But, if you are adequately prepared, you will have the firm foundation required to successfully balance these two opposing forces.

Measurement
Unfortunately, this is where most marketing efforts stop. Once the ad is placed, few will keep track to see if it generated calls. Once an e-mail blast goes out, few will monitor Web traffic logs to see if there was a spike in Web site visitors. Once the collateral pieces are produced, few will follow up with sales to see how well they are supporting those efforts.

The problem is that, in the end, marketing is still an inexact science. As much as you can research and prepare, you still cannot predict 100% success for your efforts. You need to closely monitor the activities you put in place to see what is working and what is not, adjusting your marketing program accordingly. Look at incoming calls, Web site traffic, and direct mail responses. You should also talk with your sales team to understand what they are seeing in the field in terms of marketing supporting their efforts. Talk to customers. Talk to non-customers. Whatever metrics you can use, whether they are quantitative or qualitative, they will be valuable in developing your marketing program.

Don't Wait. Act NOW!
If you follow this marketing flow you will be able to establish market knowledge as a competitive advantage, develop effective marketing programs and use the results of your effort to maximize the effectiveness of your marketing program. And this is something you will do right NOW that will impact how you come out of the economic downturn.

Understanding and working within the marketing workflow is the evolutionary approach you need to make sure your marketing is as successful as possible. If your marketing is not well planned out, then your marketing is really trial and error. Not only can this prove to be costly, it could prove to be deadly - to your product, your company and, quite possibly, your career!

Written by Jeff Ballard, President, Satellite Marketing
Satellite Marketing, January 2002.

From a marketing perspective, it is vital to make sure that every action is well thought out and drives you toward your short-term economic and long-term viability goals. Our Engineered Marketing system has proven to be a great tool in helping to ensure our clients get the desired return on their marketing investment. For more about Engineered Marketing - including free templates and white papers - visit our Web site www.SatelliteMarketing.com.

Free Engineered Marketing Tools Offer!
Would you like to have a tool that will guide you through the marketing flow and make sure that all aspects of your product launch or promotion are considered? Well, as we have done with each article, we are offering a free Engineered Marketing template. And this month we will offer our very popular Core Launch Plan template. This tool will help you build, manage and track a product launch. It incorporates each stage of the marketing workflow and makes sure that you have thought about and addressed every aspect of a marketing launch. To get your Core Launch Plan template simply e-mail me at jb@satellitemarketing.com.

If you have any questions about the marketing workflow, or about building and implementing an Engineered Marketing process for your organization, feel free to contact me at 949/833-3503, ext 12, or via e-mail at jb@satellitemarketing.com.