Setting up your marketing control systems
As an entrepreneur, you must prepare a profit-and-loss statement outlining your forecasted sales and your marketing expenses. If data would not be readily available, make educated guesses. Do you need to invest in a special equipment to support your new product launch? You can get actual expenses of TV/radio spots or cost of making commercials from suppliers.
For controls, you must answer the following questions:
- How are you going to monitor progress?
- How often are you going to do it?
- Who will be involved?
For effective control, the objectives for each strategy/tactic must be clear to you, so you can evaluate your performance over time. When there is a gap from what was planned and actual performance, corrective measures may then be undertaken.