It is important to regularly review your marketing plan to ensure it aligns with the business goals and strategic priorities of the business. A great marketing plan will drive growth across new business, increase customer lifetime value and raise the employer brand.
Here are five reasons why you need to review your marketing plan, with five practical tips on where to start.
Adapt to evolving trends and changing market dynamics
Reviewing the marketing plan helps the company stay aligned with changing market trends. For instance, a small tech consultancy might notice a rising demand for AI solutions, prompting them to adjust their marketing focus and messaging accordingly. Or, if the company's plan doesn't include social media engagement, updating it to include platforms like LinkedIn can help tap into professional networks, attracting B2B clients.
Target the right audience with the right messaging
Customer preferences can change. By reviewing the marketing plan, you may discover your target audience has shifted or their business challenges have changed.
Gather client feedback to understand their pain points and needs to inform your tailored marketing messaging. If you discover that clients are struggling with tech implementation, then you might want to create detailed implementation guides or offer consultancy services around it.
Get the most out of your marketing budget
By evaluating the marketing plan, you can allocate resources more effectively and ensure marketing efforts align with business goals. Shifting from expensive print ads to targeted online ads could lead to cost savings and better results, reaching tech-savvy audiences more efficiently. Or, if the current marketing spend isn't generating sufficient leads, they might opt to invest in an events strategy or PR agency to enhance Return on Investment.
Ensure marketing time is spent on effective activity
A review highlights where your marketing resources are best allocated and identifies what works and what doesn't. Analyse metrics like website traffic, social media engagement, and conversion rates. If the business finds that their social media efforts aren't yielding results, they could redistribute those resources to more fruitful strategies, such as hosting webinars or collaborating with industry influencers. You can also review existing content to identify high-performing pieces. If tech blogs on cybersecurity receive the most engagement, the business could plan a series on different aspects of cybersecurity to keep the audience engaged.
Embrace digital transformation
If the marketing plan lacks digital components, integration of online strategies (e.g., SEO, content marketing, email campaigns) can lead to broader online visibility. An e-commerce platform for tech hardware could benefit from improved SEO to rank higher on search engines. Or, a tech consultancy operating in a highly competitive landscape needs to be at the forefront of customers' minds when they are ready to buy so a weekly e-newsletter could be a great strategy to invest time in.
What next?
Regularly reviewing your marketing plan ensures that your strategies stay aligned with your business goals and the dynamic market landscape, enabling your business to make informed decisions and achieve sustainable growth.
Need extra capacity or a fresh pair of eyes to help you with this work?
KLW Marketing offers a package of work to fully audit your existing marketing activity. Get in touch now to discuss how this will benefit your business. Or if you want more great marketing tips then check out this blog post on 10 actions to include in your marketing strategy to propel your business.