When is the right time to develop a strategic marketing plan for your company?
Certain events trigger the need for a marketing plan to guide a company’s revenue growth. We highlight several of those triggers in this blog post. Keep an eye out for them in your company. This applies to just about any type of company, whether you sell a product or offer a service.
Part of the yearly budgeting/planning process. Before you can spend marketing dollars in some organizations, marketing is required to show leadership how their investments are going to generate a return. This explains why a good marketing plan paints a picture of what success looks like. It does this by clearly stating an objective for major marketing initiatives. The objective is straightforward, measurable and realistic. A few examples include: increase market share in 2013 by X%, build awareness among a given market segment or generate 50% of leads through the Internet.
Turning strategic opportunities into reality. Expansion of the company’s product line or menu of services is a proven strategy for growing market share. However, the complex nature and strategic importance of a product launch require having a plan in place. The plan identifies the timing of the launch, the set of marketing tactics needed for a successful launch, etc. These are all spelled out in the marketing plan in detail.
Need to fix a problem / challenge. Poor sales performance, chasing the wrong goals, no measurements to drive behavior, reaction to a change in market conditions, the entry of new competitors all necessitate the creation of a marketing plan.
Development of a marketing plan requires a forward-thinking mentality. Key elements of a plan such as your Target Market are critical to successful implementation. Look for these signals, roll up your sleeves and then get to work! It will improve the ROI of your marketing and put you on the right path to revenue growth.