Traditionally, fall is when companies forecast, budget and strategize for the coming year. While this should be the time for putting marketing strategies in place, we are surrounded by uncertainty that may drive many businesses to hold off on planning. While this hesitation is understandable, inaction and delay may pose a far greater danger for businesses in a rapidly changing marketplace.But how do you develop a marketing plan effectively when business conditions are in a constant state of flux? Here are some of our top tips:
1. Re-examine your budget.
Financial forecasts and budgets are one of the most difficult areas for businesses today. Economic fallout has companies around the globe re-examining budgets and reducing non-essential spending. Marketers will have to do the same. Before creating a marketing plan, be sure that you know how you will pay for it and if you have the budget to do so. It may take some creativity.
2. Re-evaluate your organization’s goals.
Successful marketers align their efforts with their organization’s business goals. Much like budgets, it’s safe to say these goals may have changed. For example, some businesses may focus more heavily on customer retention than acquisition in the coming year. Or perhaps your organization will concentrate on selling certain products and services that better suit the times. Once you know these goals, you can put a marketing plan in place to support them. Be sure that your team understands exactly how organizational goals may have changed before deciding on any short- or long-term tactics.
3. Identify how target market behaviors have changed.
For many of us, life looks very different today than it did just a short time ago. This means that the ways businesses once marketed to their audiences may no longer be applicable or effective. For example, if your business once relied on in-person tradeshows for lead generation and nurturing, a new strategy is in order. Review your customers’ preferences and profiles and document how their behaviors might have changed. Industry research, internal data and marketing analytics will also help identify important changes and trends. Also, consider if your traditional target audience represents the greatest opportunities for growth. It’s possible that while a segment of your audience may no longer need your products or services, another new audience may have emerged.
4. Embrace cross-channel marketing.
Just as important as the content you create is how you distribute it. Share content across multiple channels. Tap into audio, video and other digital marketing formats. Of course, a digital program should complement other channels, so be sure to incorporate other types of marketing communications including bylined articles, white papers, case studies and even direct mail.
5. Tap into technology.
While many companies are using at least some form of marketing technology, most aren’t leveraging the tool’s full potential. Now is the time to change that. Dig into your existing marketing technology and determine how you could take advantage of currently unused features. For example, if your organization is only using basic email marketing tool, create a strategy for expanding that usage. Consider automated nurturing campaigns or sending your customers a survey to inquire about their current needs.
6. Be prepared to pivot.
Much like the original marketing plan you likely made for this year, the suggestions we offer here are likely to change too. Customers’ concerns and the business climate are always evolving. Marketers need to be prepared to do the same. Try not to be too forward-looking in your planning or in your communications with customers. Demonstrate that you have solutions and answers for your customers’ questions, even if they only address short-term needs. For marketers, as we navigate this crisis, planning for the foreseeable future will be driven by agility and emphasizing short-term spurts of planning as we look to return to a more long-term view.
Sprints, not a marathon
Traditional wisdom had marketers researching the marketplace, assembling data, creating a plan and executing it. But in today’s fast-moving business environment, many plans are out of date before they’re even finished. A better approach is to create an adaptable marketing plan that allows businesses to constantly improvise and improve. Moving into the new year, marketers should consider smaller goals that can be handled quickly and more flexibly. As small goals are accomplished, they will form the structure for achieving larger, overall objectives. For marketers and business leaders, it’s important to be flexible and adapt for now while still planning for the future. To learn more about how to create an actionable marketing plan that allows for flexibility and agility, contact Trade Press Services today.
