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Marketing strategy plan: 3 signs your business needs a new one

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This guide outlines the danger signs that indicate your business needs to change its marketing strategy plan.

If your business has recently started to hit a few brick walls as far as the strength of its brand is concerned, you may wish to take a step back and look at the reasons why? Here in 2020, your brand that represents what your company stands for is almost as important as the products or services that you and your co-workers create.

Once your potential customer base start to lose interest in your brand, you don’t have a lot of time to waste before things really do go south. Fortunately, there are 3 excellent marketing strategy plan ways that we can ensure that this never happens and, furthermore, it never will again.

Signs you should change your marketing strategy plan

Sign 1 – Losing your target demographic

Perish the thought, but let’s create a case study: if your jet charter business once stood for a particular type of image that your customers were able to identify with, what happens when they start losing interest? It’s very unlikely that they have moved on because there is a better option for them. No, it’s probably because you have lost that focus that made them come to your brand originally.

The marketing strategy plan fix for this is to reconnect with your target demographic and let them help to make that connection just as solid as it once was. You can do this via newsletters and questionnaires either on your website or in your physical stores. Whatever works best for your scenario. You will be able to win them back and even more, so long as you stay honest and take their comments and criticisms onboard for your new direction.

Sign 2 – Your place in the industry has altered

This happens all too often in modern business because, by taking your eye off the ball, your competitors can creep up and overtake you in no time at all. If your brand once stood at the cutting edge of your industry, it needs to not only maintain that position but also keep the rest of your would be rivals in the shade.

This is achievable but only by clever marketing and surrounding yourself with talented and energetic colleagues. Perhaps an external influence over which you have no control, has suddenly dictated a change in direction, how are you supposed to know in advance? Well the truth is that none of use can see into the future, but you absolutely need to be in touch with the movers and shakers to keep your brand at number one.

Sign 3 – Your product or service has become old fashioned

Okay, this may seem like a rehash of number 2, but it’s really not the same in the marketing strategy plan. You see, trends can pop up out of nowhere and it’s so easy to fall foul in a business that lives and breathes these fickle swings. Hire the right staff for your Novajet Toronto Privajet Jet Rentals business, who always speak to the influencers of your particular niche and listen when they talk. This allows you to tweak your own stock, every time the tides of fashion change.

Advantages of updating your marketing strategy plan

The marketing strategy plan works as a reference point, as we said in the introduction of the article, it shows which direction to follow, taking the weight off a new decision and preventing you from ending up following paths completely different from those you initially thought.

That doesn’t mean you can’t change your mind, but if you have a team, the marketing strategy plan will be a valuable guide to guide people’s actions. Perhaps the main advantage for those who no longer work alone, is that the marketing strategy plan also works as an inspiration, as a way to keep everyone committed to the same ideals.

Not to mention that clear direction is something that every leader needs to have with their team, so that everyone knows how the future can be and what their contribution in this scenario can be.

Plans can change, even more if they arelong term

However, the fact that there is the possibility of change midway does not invalidate the creation of a marketing strategy plan, as it is much better to have a direction that needs adjustment along the journey than to have no direction at all.

It’s better to kick a ball into the goal and miss than simply not having a goal to show you which direction to shoot. At the very least, your error will be minor and small tweaks can resolve any issues that arise.

Even if you are self-employed, if you decide to hire someone, you will already have a guideline ready to guide your team. People come and go all the time. Imagine having to explain everything all over again every time a change happens?

You need to take time to really think about the most important aspects of your business, whether there is room to innovate , to grow and your results are coming out as expected. And while putting together a new marketing strategy plan might be the best time to do this.

Relationship between strategic planning and marketing strategy plan

It is through strategic planning that you make your dreams come true . You design the future of your business, study its current situation and define the actions that will make you get where you want. Furthermore, it ensures that all actions, whether marketing, sales or finance, are directed towards the same objective.

Strategic planning must provide the ideal environment for your marketing strategy plan to happen, so the two must be consistent. That’s why there is no one without the other. While strategic planning can be done with results from one to five years in mind, the marketing strategy plan, ideally, needs to be revised every year, especially for small companies, where the scenario changes with greater speed.

Conclusion

So, there you have it, killer tips that will not only keep your brand afloat but will have your competition struggling to keep up.

About Rebecca Wise

rebeccaw@thebusinesswomanmedia.com'

Rebecca Wise is a business advisor who focuses on strategy and marketing as the key factors for success in today’s changing environment.

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