More than a few of us in the business world have been ready to turn the page on 2021 – and quick. The hurdles have been high in a tough economy, but the resilient and persistent still know how to survive and thrive. They often do so by going back to the basics. And there’s nothing more basic to business success than establishing goals and creating a plan to reach them.
Where are you going, and what will it take to get there? The start of the new year is the time to get those questions and answers in a format that can be used to guide your choices and measure your results.
Before you create your marketing budget for the year, take time to develop your marketing plan. That way the plan guides the development of the budget – instead of making the budget your plan.
That might sound like a bit of fancy nuance, but think of it as taking a long car trip. You start by deciding where you want to go – your goal. Then you determine each stop you want to make along the way – your plan. And then you figure in how much it will cost and how long you will stay – your budget.
Marketing planning is about strategy and understanding – getting a sense of your target market, as well as your competitive position and how you differentiate yourself from others in your market.
When money is tight, pulling back on marketing expenses can be a big temptation. Remember the truism that never changes: you’ve got to spend money to make money. But also remember that your planning stage will set the groundwork for making these choices wisely.
No one is advising you to spend marketing dollars freely and foolishly. Instead, bring the wisdom of planning into play and make sure every expenditure moves you toward your goals. With strategic planning, each marketing dollar is spent with a purpose.