As the year draws to a close, there is need for businesses to quickly take stock of the successes and learnings of 2018 and build up the way forward for 2019.
One aspect that is critical and determines whether or not a business grows if the year is the Marketing strategy. This is because marketing is a bridge between your brilliant ideas and your customers’ wallets.
I would like to therefore focus you on how to go about this in preparation for the year.
- Taking Stock of your marketing activities of 2018
Before you begin any marketing plans, you need to understand what went well in your 2018 marketing plan. This is because this will then assist you to know what strengths you can build on rather than re-inventing the wheel. Doing so will also reveal aspects that you can improve on.
- What do your clients want?
Incorporating client feedback and their needs is critical to make a successful marketing plan. This is because the client is the consumer of your products or solutions and therefore is the best party to guide you on what to focus on in 2019. Ignoring client feedback is a pitfall for many organizations which leads to companies investing money in elaborate marketing campaigns that bare little or no fruit.
- Your business cycle
Most businesses are cyclical through the year. With this in mind, it is imperative that businesses need to align their business to the various cycles that they may experiences. Promotions focusing on discount pricing can be held when the businesses experience a downturn. This could increase the volume of businesses and cover up for any potential loss of revenue. Potentially, promotions to simply create awareness of your company can be done during the peak cycle. This is a critical point because if not handled well could lead to wasted efforts and a chase of an elusive revenue.
Before implementing the best laid plans of your marketing mix, a check on the allocated budget for marketing activities needs to be understood. The advice is to spread your spend throughout the year to ensure the constant stream of revenue as aforementioned. The budget will also determine the suppliers you choose to work with for your marketing. The good news is that there are many innovations around marketing which allows you to tailor your marketing activities to your budget.
In conclusion, a good marketing plan for 2019 makes in roads for you to execute your business strategy and therefore should be at the forefront as you plan for the new year.