Marcom plan- Setting Objectives and Budget

Setting Marcom Objectives

Everyone knows the importance of setting marcom objectives before implementing a marcom plan. That is the basics by the way. How can we know what to do if we don’t where we are heading and how much. A lot of Marketing amateurs make the mistake when they get so excited about the latter creative and fascinating marcom plan that they spend not enough time on the objectives. Do not ever simplify the process.

When setting the objectives, we do not only base on our brand’s problem, but should also put yourself in customers’ shoes. And this can be done by assessing the Hierarchy of Marcom effects (See figure below).

Hierarchy of Marcom effects

Source: Integrated Marketing Communication in Advertising and Promotion (International Edition)

 

The model above shows the steps of marketing communication on customers’ behavior. Different customers’ current state in the model will determine the objectives of marcom. Please note here that marcom objectives can aim at climbing up to 2 ladder steps at the same time. This often occurs to the first 3 stages: advancing consumers from unawareness to awareness, creating an expectation and encouraging consumers to try our brand.

 

Setting a Marcom Budget

Establishing a budget is the most important marcom decision because it determines whether an investment on a marketing communication plan is worth it. Like any investment, how much the budget should be spent depends on two criterias: risk and return. The plan should be realistic with most risks foreseeable and return achievable. See the following table for types of buget setting decision.

budgeting

 

Advertisements
This entry was posted in Opinions and tagged , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s