Perhaps you’re developing a new marketing plan to meet the needs of the current challenging environment. If so, consider several factors which may affect your strategies.
- Review and Revise: Commit to the time and effort this task requires. Review each section of your plan with an eye toward current events as well as long-lasting and future trouble spots. Are you addressing all the needs of your customer base? If you’re branching out to reach new audiences, will your budget support the efforts? Which portions of your plan remain attainable as written, or require tweaking to be successful? If you must drop a portion of your plan, what revisions are least likely to disrupt the entire strategy? Note the most immediate concerns and devise a schedule to address them as quickly and efficiently as possible. Also rate long-term plans in relation to market projections and what future adjustments you may need to consider. Ask people close to your business to help in reviewing and revising your marketing plan. Other viewpoints often spark new ideas or marketing alternatives.
- Plan New Pathways: After analyzing your plan, you will probably note places where changes might prove beneficial. Getting to the revised or added strategies may necessitate creating new ways to promote your product. In these cases, you will need to build new pathways to reach these marketing segments. Consider what it will take to create these directives. It may require additional funding, labor or other inputs. On the favorable side, new ways of promotion and marketing can be effective tools for supporting your customer base as well as reaching new audiences.
- Initiate and Implement: When you have considered your plan and the steps necessary to compete in a tight market, it’s time to initiate steps toward implementation. This may take changes to operating budgets, revised processing agendas, workforce readjustments and the factoring of other inputs. Each piece of your marketing plan should lead back to your objectives for profitability. If a piece seems tentative, are there alternative ways to reach the same goal? During a challenging market environment when input costs are high, risk issues are prominent and competition is tight, how and when you implement changes set the course for success.
As you review and revise your marketing plan, take the time to consider the many factors which create the best strategies for success. Marketing plans are meant to be fluid and adaptable to changing environments. In facing marketplace challenges, develop ways to increase your customer base and identify new target audiences, all in keeping with realistic resources and your ability to deliver what you advertise.
The above information is presented for educational purposes and should not be substituted for professional business or legal counseling.