Projecting Your Marketing

Projecting Your Marketing

It is time to put on your accounting and project management hats. You might be wondering why to do that! I beg you to bear them for few days or a week. You MUST put these hats for the following:

  • Estimate future sales for each product in your marketing plan.
  • Justify your estimation and create best-case & worst-case scenarios.
  • Draw a timeline for all your incurring costs and performance activities.
  • Prepare a monthly marketing budget which includes all estimated costs (fixed and variable) of your marketing plan for each month of the year and breakdown sales by product.

There are several techniques are available for projecting sales, such as buildup forecasts, indicator forecasts, and time-period forecasts. One of my favorites forecast techniques is “Multiple Scenario Forecasts” – you base your forecasts on “what-if” stories. Usually you start with a straight-line forecast in which you assume that your sales will grow in a certain percentage, then you make “what-if” stories and project their impact on your plan to create alternative strategies and tactics along with new projections.

Some of the questions you might use to discover your scenarios:

  • What if a competitor introduces a similar product or service with a breakthrough?
  • What if a leading competitor fails?
  • What if a government agency deregulates or regulates your industry?
  • What if your business has financial problems?
  • What if your business doubles its advertising or operational spending?

In each scenario, you must think about and consider how customers demand may change mad how your marketing plan would change in order to best fit the situation or market condition. Based on that you can make an appropriate sales projection.

The biggest challenge with multiple scenarios, it gives you multiple scenarios! Them, you pick the scenario that seems most likely realistic to marketplace. If you get confused with all scenarios, you start assigning each a probability of occurring. You may apply this technique in your product launches as well.

I’d recommend to discover what you want to get our of your marketing before you start planning or projecting your expenses or revenues..

About Khalid Al-Zanki

Product Launch Maven, Khalid Al-Zanki is a trusted expert at using product launch marketing to maximize online visibility, sales, build list, and establish life long joint venture relationships.

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