Consider that as of 2012, 2.5 exabytes of data were being created daily ― more data every second than the entire internet contained in 1992. Flash forward 10 years. As of 2022, 329 exabytes of data were being created daily. Filtering, analyzing, and utilizing this data has become a precise science.
Marketing and advertising is no different.
Key ingredients
The key ingredients for a successful marketing plan have not changed much.
Begin by establishing the overarching goals and objectives of your company for the upcoming year. Don’t lose sight of these targets. Next, identify and gain a deep understanding of your audience and customer segments.
Conduct a comprehensive analysis of the market landscape, including industry trends, competitive insights, and market opportunities. This will enable you to perform a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) of your own business to identify internal strengths and weaknesses, as well as external opportunities and threats.
From there, determine the marketing budget for the year and allocate resources accordingly. Outline the strategies and tactics you will employ to achieve your marketing objectives. Define the specific metrics and key performance indicators (KPIs) that will be used to measure the success of your marketing efforts. Create a timeline or calendar outlining the key milestones, activities, and campaigns throughout the year.
Before setting your plan in motion, establish a system to regularly monitor and evaluate the performance of your marketing plan. Expect to make adjustments along the way.
How data fits in
Preparing for a marketing plan now involves crucial groundwork: collecting and analyzing relevant data to drive informed strategies and decision-making. With leadership expecting the draft plan in August, it’s never too early to start the process as early as May. Often, feedback on the plan isn’t received until October, and final approval may not come until December. This typical planning cycle underscores the importance of initiating data gathering and trend analysis early on to stay ahead.
Start by breaking down your data into categories, such as:
- Sales, marketing, and revenue data: Review historical sales and revenue data to understand past performance and identify trends. Evaluate the performance of past marketing campaigns across different channels and tactics.
- Budget and resource allocation: Collect financial data related to marketing expenditures and allocate budget based on performance and priorities.
- Customer data: Gather information about your customers, including demographics, psychographics, purchasing behavior, and preferences. To generate thoughtful customer insights, customer data will be necessary.
- Market research: Conduct in-depth market research to gain insights into industry trends, market size, customer demands, and the competitive landscape. Industry reports, studies, and benchmarks will also help you understand broader market trends, consumer behavior, and best practices.
- Competitive analysis: Analyze your competitors’ marketing tactics, product offerings, pricing, and positioning. Understand their engagement and reputation by reviewing their online presence, social media activities, and customer feedback. What actionable data can you gather to learn from others’ successes and failures?
- Website and social media analytics: Utilize web analytics tools to track website traffic, user behavior, conversions, and engagement metrics.
- Customer feedback and surveys: Gather feedback from customers through surveys, interviews, or online reviews.
- Internal stakeholder input: Seek input from key stakeholders within your organization, such as sales teams, product managers, and executives. Make sure everyone understands the data at hand. Make it digestible and relevant. What’s important to a sales leader is different from what’s important to your CEO.
By investing time and effort into the pre-marketing plan prep work, you’ll be equipped with the necessary insights and data to develop a targeted marketing plan that maximizes your resources and drives meaningful results. With a well-informed and strategic approach, you can navigate the challenges of the modern marketing landscape and achieve your business objectives.