How Often Should a Business Re-evaluate Their Marketing Plan?
A well-designed marketing plan will help your business reach your target customer. Markets, however, are dynamic, and your marketing plan should reflect this. You can't set your plan in stone. You will need to adapt it as markets change. I do this with all of my strategy clients.
What does a marketing plan contain?
A good plan may be hard to craft, but it is necessary for your business to succeed. Remember that a good plan should:
- Describe your present position in the market.
- Give a clear description of your target customer.
- Give a breakdown of how much of your advertising budget you're going to spend on different advertising strategies.
- Your objective. For example, increase sales of XYZ by 10% in mainland Europe within twelve months.
You will also need to research your market, study the competition, decide on your strategy, and set up means of monitoring the results. This doesn’t just apply to new businesses in fact, many of the strategic clients I have, have been in business for over 30 years but still need a plan to accelerate growth rather than just winging it!
Why would I re-evaluate my plan?
In today's highly competitive business world, there are many reasons why you might not meet your goals. Perhaps your product is too expensive. Perhaps a competitor has launched a rival item or perhaps you have misjudged demand. These, and other factors, will directly affect your marketing strategy. You will need to look at your marketing plan again and re-evaluate its practicality.
How often should a business re-evaluate a marketing plan?
It is always tricky to forecast the future. Therefore, plans rarely work smoothly. A business might prepare various marketing plans, one for the business altogether and others for different products. You might design a plan for a new product and others for established lines.
Under normal circumstances, it is a good idea to review your marketing plan every few months with a deep review annually. However, "under normal circumstances" rarely applies to the business world. A business should always watch the market closely. You might feel that it is a good idea to re-evaluate your plan under the following circumstances:
- Your sales do not match your forecast. You will need to evaluate issues and change your plan accordingly.
- Your competitor(s) launch new products in direct competition with yours.
- Unforeseen events affect the overall market. i.e. economic changes
- A new advertising avenue opens, or current ones change. For example, you advertise on a social media platform that loses its audience to a new arrival.
A business needs to be nimble and dynamic. You should regularly review your marketing plan and always be ready to re-evaluate it as conditions change.
Contact me today to get your marketing moving! Chat with me here