This sure is the right time of the year to consider the marketing plan for the business with the New Year around the corner. Smart business owners and marketers would be quick to the task to avoid losing out to competitors with 2017 in sight.
Every business is keeping its eyes on the turn of the year without wanting to lose a step on potential market changes. New technologies emerging play vital roles in the choice of marketing plan for 2017-18. Companies, big and small, are taking stock of what went well and what did not in this year before making amends for the New Year.
Action Plans Activated – Before any company could develop its marketing plan for 2017-18, it needs to evaluate the right types of actions to be considered for implementation in its next year’s marketing plans. Marketing budgets are crucial components to the success of marketing plans for any year as an underestimation is disastrous to new product promotions or brand awareness generation throughout the year.
The available marketing tools must be sourced to generate the desired results from a proactive stance rather than a reactive approach. A firm foundation is required in a strong and viable marketing plan that would withstand the storms of challenging markets throughout the year as one never knows how the winds of change blow from one season to the next.
Hence, it is crucial for businesses to identify sure steps in developing a feasible marketing plan for 2017-18 from their experience and resources.
Step 1 – Information Collation
If the company is not new in the industry, it would have some experience and insight on its marketing plans implemented and corresponding success performance. Important information could be gathered to improve the next marketing plan to be implemented in 2017-18.
Honesty is desired in this task where key critical questions must be answered to shape the best marketing plan which would benefit the business. Customer identification, demographics and preferences should be clearer with one year of experience while the types of products or services to be indulged in should be more obvious based on the markets attraction. Companies need to identify their competitors and the types of markets they could influence with the tools and resources available.
Step 2 – Marketing Channels Identification
Companies that wish to develop better or more effective and efficient marketing plans for 2017-18 need to identify the proper marketing channels available in the market at their disposal. This could mean a proper allocation of appropriate budgets towards the effective marketing channels that have served the business objectives well in the past year and those which promise more dynamics and potentials for greater rewards.
Every potential marketing channel should be identified and checked out to evaluate its feasibility for potential returns with minimal investments and effort. This could include social media platforms, mobile technology and devices, traditional marketing platforms as well as online marketing resources.
Step 3 – Marketing Budget Allocation
It is never easy to allocate the exact marketing budget to support the best of marketing plans with the myriad of factors at play. The market may change rapidly without notice to cause an upset in the marketing budget and business owners or marketers may find themselves in a quandary.
Potential business opportunities could be missed when the marketing budget is not properly allocated. Hence, a comprehensive budget is required to encapsulate all potential resources and tools that are essential in achieving business goals and results.
Marketing budget usually comprises 10-15% of the total budget for the company depending on the farsighted plans by marketers and business owners. Some companies may find that proportion too low to be competitive, but many factors put a strong influence on the marketing budget unless the marketer is sure of delivering results.
Step 4 – Marketing Roadmap
A dynamic marketing plan for the New Year must function like a roadmap on the path chartered to venture into the New Year. There must be the proper investment of time and resources in planning and designing the best marketing roadmap that would lead to the desired destination.
Marketers must be experts in the design and development of a solid marketing plan that serves as the business roadmap for the year to avoid any unpleasant diversions along the way. However, marketers must also be alert to potential changes that may crop up unexpectedly, which could happen even with the best of marketing plans prepared due to unforeseen circumstances in the market.
Step 5 – Track and Tweak
Although the new marketing plan must be meticulously prepared with as many factors taken into account as much as possible for a wholesome solution, it does not guarantee external forces changing its path. Hence, a good marketing plan for 2017-18 must be flexible in adjusting to the changing conditions of the market and business with dynamic tracking and monitoring tools.
Reliable tracking resources and tools are essential in monitoring the progress of the marketing plan once it is implemented with alternatives ready to step in when the marketing performance deteriorates suddenly and quickly. Marketers who accommodate such market changes steer the business off disasters without having to invoke disaster recovery plans if proper risk management plans are ready to be activated.
If the marketing performance is not favorable as desired, marketers need to tweak the marketing plan where necessary to prevent further decline in sales, branding and profits.
Once the necessary steps have been taken to prepare the design and development of the new marketing plan, an implementation could be activated. This could start with active promotions and the preparation of new products or services that would be key elements in the new marketing plan or campaign.
Marketers would need to identify the proper marketing schedule to implement the marketing plan that would bring forth the required rewards. The right tools and expertise must be in place to ensure a smooth implementation that would not cause undue costs and hiccups. A smooth implementation of a dynamic marketing plan in 2017-18 depends on the business focus and goals with an executive summary clearly stating the overall objectives as guidelines.