Having a consistent and successful advertising and marketing plan is the lifeblood of many businesses, regardless of size, turnover or industry niche, but how often should this plan be reviewed and updated to safeguard success and enthuse your growing core demographic?
A marketing or advertising plan that goes stale is guaranteed to fail and when you establish your strategy in the early years of your business, you should always see this as an unfinished product, evolving your proposal year-on-year or even month by month depending on your objectives and goal fulfilment. It is recommended that you undertake reviews of your operations periodically and use all the feedback gained to tweak your strategy for the very next stages of your business. Whilst there’s no science to updating a strategy, it helps to utilise these top tips to ensure each update has your business at its core…
When it comes to updating your marketing and advertising strategy, make sure you always have the industry that your business is in firmly in your mind. As a market leader or growing business, it is essential that you keep an eye on the wider industry that you are wishing to dominate or stay at the top of. In addition to this, keep a closer eye on your competition and track their success as well as your own.
Your plan has to keep up with any changes that occur industry-wide, especially if the sector is particularly fast moving like the technology industry. The same applies at the other end of the scale, if your sector is known for being stagnant in regards to growth, alter your plan just as often to ensure your company stays ahead of the rest and leads the way in regards to innovation.
In particularly fast moving and equally slow moving industries aim to update your plan every two to four weeks. Key trends in your consumer or client base must also be monitored closely and regular Broadplace advertising and marketing reviews can assist business owners of all sizes when identifying peaks and troughs in their particular market so you can act fast with a bigger and better plan!
When altering your marketing and advertising plan, you must also take into account changes to your business to ensure your strategy works with you, not against you. One of the most fundamental and common changes felt by businesses everywhere due to the continuation of these difficult economic times is loss of capital. Loss of capital means that you may have to streamline your budget for activities on the more expensive side, such as marketing and advertising, and will call for a revision of your current plan.
As well as loss in capital, staff cuts or even loss of one instrumental member of staff will call for another look at your marketing or advertising plan as this strategy doesn’t just encompass business objectives, it also works to your staff’s skill-set. Should the strengths and weaknesses of your workforce change, your marketing and advertising plan will have to be altered to reflect this.
The big question that should always be on your lips when executing your marketing and advertising plan is ‘how effective is it?’ Ask yourself this every week and if your struggle to answer it, take the time to devise a plan that is.