When was the last time you made a new marketing plan for your business? You might be satisfied that your business meets or exceeds its revenue goals, but don’t get complacent. Markets reshape and economies change. And sooner than you know it, your business lags behind or gets outdated. You will often need a new marketing plan, and here are four essential reasons why it might be time to update yours.
1. Keep your business connected
To grow your business, you need to do some marketing to keep old customers and get new ones. Once a marketing goal has been reached, the plan outlives its purpose. A marketing plan that has run its course, if continued, pose. Since may do more harm than good. It has to be replaced based on the objective and trends which influence social interactions and communications. Social media sites, for example, have become cheaper alternatives to traditional ways of doing market research and for connecting to a wider audience. Based on research by Angie Herbers Inc., companies (financial) should spend at least 2.5 percent of their annual revenue on marketing because of the ever-changing landscape.
2. Reacquaint you with customers
Businesses may hit or miss their targets under certain financial contexts. But targets are also affected by behavior changes of people who are existing or potential customers. A new marketing plan based on trends allows you to renew your relationship with customers or get new ones. Current research figures can tell you a lot about how to approach a new strategy. For instance, HubSpot says 70% of business-to-consumer (B2C) marketers have acquired a customer through Facebook. If you regularly reacquaint your business with customers, you get to understand your market so you can effectively strategize for growth.
3. Leave the competition behind
In business, it pays to be competitive. Unless you’re a monopoly (which is rare), there will always be competitors. Realigning your business through a new marketing study and plan (which includes the competition and your target) lets you move ahead of the pack. Macy’s works to get ahead of the retail war by learning what customers in specific regions are looking for and making those items available. It’s a simple idea, but without market research and new marketing approaches, you’ll be left picking up the scraps.
4. Take your business where you want it to be
Every business has a vision and a mission. These lofty statements have been there from the start and serve as the guiding light of the company as it grows. However, any company must also have objectives that are determined and documented “on the go” to bring in more business. Did you know that 84% of marketers who fail in content marketing have no documented strategy? Short term or long term, establishing new and specific marketing objectives regularly serves to take your business to where you want it to be.
In the BlueTreeDigital Marketing ebook, 7 Steps to Marketing your Business, you will see more reasons why new marketing plans keep businesses afloat.