Annual Or Longer Plans
Marketing hasn’t been around for all that long. It was really only utilized on a mass scale starting last century. When the Don Drapers of the world were running things, they might recommend coming in to review your marketing plan with then every 1-5 years. But in those days, things didn’t change so fast. While many businesses still use this traditional timeline, we think it’s time marketers evolve with the rest of the world.
Quarterly Marketing Evaluations
If coming up with a new plan each quarter sounds like a lot of work, don’t worry. It doesn’t have to be. Certain sections of your marketing plan are more evergreen than others. Your target market, and budget, for example, will probably stay fairly consistent for a year or more. In order to stay agile with the market, however, you’ll want to take regular stock of the effectiveness of your campaigns and any external influences on the market, then adjust your goals and tactics accordingly.
Updating Your Plan
In order to stay ahead of the curve, focus your quarterly updates on the following:
Your Assumptions. Any marketing strategy is based on assumptions about what the market will look like, who your competition is, and what political and social events will be. Make updating your plan easy by stating your assumptions in the plan and how they led to components of your strategy.
Opportunities. Take stock of any changes in the market or within your own company that you can take advantage of. Does your company have a new product coming out next week? Are other companies in your industry finding success with a new social network? What holidays or other seasonal events have the potential to inspire more customer spending?
Metrics. It’s important to measure the changes, successes, and failures of any marketing tactic because there’s no one-size-fits-all plan for marketing. What works for you right now, may not work tomorrow. It may not work for another brand in your industry or other businesses in your city. Marketing is all about testing and fine-tuning, so stay informed about your company’s progress toward your marketing goals so you can switch gears and pivot toward success next quarter.
The Big Picture
While we encourage businesses to update their marketing plans at least quarterly, it’s also important to have the bigger picture in mind. When updating your strategy, look forward toward goals several years out, but focus on your immediate tactics.
Not sure where to start when it comes to quarterly marketing plan evaluations for your company? cThru Media is here to help. Contact us today to learn about our strategic marketing services today!
