Editor's Note: Rodeo Country Radio's Terry Middleditch through parent company Rational Media provides marketing advice for small businesses & rodeo event marketers.
Just like you go to the doctor for an annual physical, it’s time to do the same for your event or business. As 2016 marketing planning begins, it is important to look back and review last year’s activity. Put it all under the microscope. This includes all aspects - advertising, promotion, sponsorship, public relations, media partnerships and of course the important newcomer to the mix - social media management. Each are important elements of your marketing plan and require thorough analysis - what worked, what didn’t, ways to improve etc. Every area needs to examined because they are all important contributors to overall success of your company or event brand.
What kinds of questions need to be asked? Many of the same questions apply to each part of the marketing plan. For example what is the return on investment? Are there benchmarks in place to properly evaluate the effectiveness of advertising, promotion, sponsorship, social media etc.
An essential part of the physical is determining if the marketing plan is properly funded. Does the budget allow for incremental increases each year based on customer/patrons & revenue details. A guideline for funding is basing your marketing budget on 5-!5% of gross revenues.
The media landscape is constantly changing as the way your customers/patrons use and consume its various forms. The days of running newspaper, radio & television ads through a well used method of placing and forgetting about it are gone. The flip side is you now have a more reliable way to track results with social media. It requires lots of research & writing to make sure the messaging is reaching your target market. This is also something requires much time & effort with dedicated staff or event volunteers needed.
Marketing goals will vary if you produce an annual event (fair or rodeo) or operate a related business (truck dealership, tack & western wear etc.). However, there is sharing of a common connection to the western lifestyle and a similar customer base which means the ideas and themes discussed are very much applicable.
A Marketing Plan when throughly reached and written can act as a blueprint for success. By giving your business or event an annual physical it ensures meeting opportunities and challenges head on with a roadmap that determines the best route to your destination.
Rational Media is The Marketing Doctor with services tailored for the rodeo & western lifestyle industries. For the better health of your business or event, product or service, please contact Terry Middleditch - Email: firstname.lastname@example.org or Phone: (403) 560-0632