A solid annual marketing plan is essential for businesses small or large. Without a structured plan or strategy for the year, it is difficult to effectively measure desired results and manage budgets throughout the year.
The start of a new calendar or fiscal year is the perfect time to evaluate a previous year’s results, make strategy adjustments and formulate new annual marketing plans or goals for the coming year. If you don’t already have an existing marketing plan in place, this is the perfect time to start with a standard marketing plan template and build a more structured plan for the new year.
Evaluate Previous Year Marketing Strategies and Plans
Good annual marketing plans are constantly reviewed and adjusted based on market conditions, competitive analysis and overall performance. However, each new year also brings another opportunity to take a step back and evaluate the overall performance of the previous year’s marketing strategies and plans.
Some of the main areas of your previous year marketing strategies and plans that should be evaluated include:
- Results based on marketing goals and objectives (leads, sales, retention or brand building)
- Go-to-market product/service strategies
- Planned budget allocations vs. actual spend
- Marketing mediums utilized
- Target audiences reached
Make careful note of the performance of each of these marketing plan areas throughout the year or at year end to build your next year strategies and plans. Use your existing marketing plan template as a start for building your next year’s plans.
Making Updates to Marketing Plans, Strategies and Tactics for the New Year
Seize the start of a new year as an opportunity to realign your marketing plans and strategies with your current business environment. After evaluating last year’s performance, decide how to reposition your annual marketing plans, strategies and tactics to maximize potential for the coming year.
Make sure to clearly define marketing goals, strategies and tactics for your business.
- Budget. Can your budget be increased for the new business year? Should you reallocate resources to better performing targets, markets or marketing tactics?
- Goals. Are marketing goals and objectives shifting from branding and market recognition to lead generation and sales conversion? Make sure your marketing plans are developed to support your main business goals.
- Strategies. Has changing competition and market conditions impacted your marketing strategies?
- Tactics. Are you taking full advantage of new marketing tactics (such as social media or online advertising strategies)? Could your website use a boost in monetization or branding with affiliate advertising? Consider shifting focus on lower return on investment tactics to higher performers.
The main objective of most businesses is growth, so marketing plans and strategies should be developed to achieve year over year growth whenever possible. This does not necessarily mean stretching goals and objectives beyond what is achievable, but merely striving to challenge your previous year’s marketing plans.
For the new calendar or fiscal year, consider setting new marketing goals and objectives in a few areas that are achievable and in a few that are not as easily attainable. This may include penetration in social media, improving ROI with online advertising, increasing lead generation or improving brand recognition. Make sure to include a measurement process in place so that your new annual marketing plans, goals and objectives are quantifiable and meet desired business goals and objectives.
Diane Seltzer - Diane is a branding, pr and social media marketer with experience ranging from advertising to corporate marketing and consulting.
