Health & Fitness
When Does a Company Need a Marketing Plan?
Pay attention to the signals or stages in your company's development that tell you its time for a marketing plan.
The old adage says that if you fail to plan then you certainly plan to fail. But when does a company or retailer need to develop a strategic marketing plan? There are certain events or stages in a company’s existence that spark the need for a well thought out plan to guide its revenue growth. Several of those trigger events are highlighted here to help you keep an eye out for them in your ompany’s development.
Part of the yearly budgeting/planning process. Before you can spend marketing dollars in some organizations, marketing is required to show the leadership group just how their investments are going to generate a return. A good marketing plan will paint a picture of what success will look like. It does this by clearly stating an objective for major marketing initiatives. The objective will be 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. The complex nature and strategic importance of a product launch require having a plan in place. When a company elects to grow its revenue by introducing a new product or service, it will need to think through the target market needs, the timing of the launch, the set of marketing tactics needed to support the launch, the product’s position in the market, etc. These are all spelled out in the marketing plan in detail.
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Need to fix a problem / challenge. It has a negative ring to it, but in reality, many of us in business are here to solve problems. Poor sales performance, hasing 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 your marketing plan requires a forward-thinking mentality from a market and resource allocation perspective. Look for the signals in your company that you need a marketing plan, roll up your sleeves and then get to work! It’ll put you on the right path to revenue growth.
