When Does a Company Need a Marketing Plan?

If you’re a business owner interested in growing revenue, you’ve probably asked yourself, “When is it the right time for a strategic marketing plan?” 

There are certain events or stages in a company’s existence that spark the need for a well thought out plan to guide its revenue growth.  Several of those triggers are highlighted here to help you keep an eye out for them in your company’s development. 

Part of the yearly budgeting/planning process.  Before you can spend marketing dollars in some organizations, the marketing team is required to show the leadership group how their investments are going to generate a return. 

A good marketing plan paints a picture of what success looks like. It does this by clearly stating a goal for major marketing initiatives.  An effective goal is straightforward, measurable and realistic.  A few examples include: increase market share next year by X%, launch two new products by next year or generate 50% of leads through digital marketing. 

Make strategic opportunities a reality.  Expansion of the company’s product offering or menu of services is a proven strategy for growing market share. The complex nature and strategic importance of a product launch require having a plan in place.  

When a company elects to grow its revenue by introducing a new product or service, it will need to think through the target market needs, the timing of the launch, the set of marketing tactics needed to support the launch, the product’s position in the market, the channel partners, etc.  These are all spelled out in the marketing plan in detail. 

Need to fix a problem / challenge.  The word “problem” has a negative ring to it.  But generally speaking, business people are good at solving problems. Marketers are no exception.  We’re here to address growth challenges. Poor sales revenue, chasing the wrong goals, no measurements to drive behavior, reaction to a change in market conditions, the entry of new competitors all necessitate the creation of a marketing plan.

Sometimes an organization just needs to make sure nothing is falling through the cracks.  This is especially true in hectic environments. The marketing plan provides company leadership with the reassurance that marketing initiatives are executed properly, the results are monitored and the team is practicing continuous improvement. 

Conclusion. Development of your marketing plan requires a forward-thinking mentality. The marketing team analyzes the company’s current situation and then determines where the company will find its growth as well as how it will measure performance and allocate its resources.

Look for the signals in your company that you need a marketing plan, roll up your sleeves and then get to work!   It’ll put you on the right path to revenue growth.

Who is Affinity Strategy Marketing, Inc.? Affinity is a marketing firm that works with small to mid-size companies that need both strategic and tactical marketing support. Clients access as much assistance as they need in growing their business profitably.  Sign up for our newsletter on our Facebook page.