Most firm’s marketing plans are screeching to a halt about this time of year:
- The big tradeshow has sucked up more time and money than expected.
- The new product or service was launched and is now languishing.
- The big research study has not gotten a statistically valid sample.
- The brochures have been produced and placed on the shelves.
- The firm’s thought leaders are too busy serving clients to produce that seminal piece of thought leadership.
There are many excuses or perhaps just silence. The May-June doldrums mark the point when the energy of most annual marketing plans begins to run dry. Why does this happen? Quite simply: it happens because most marketing plans are not informed by strategy, and are not plans at all, but are instead a list of discombobulated tactics.
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Marketing strategy define clear markets and clear objectives.
Think of things like penetrating a market, achieving a certain market share, attaining a certain number of clients, reaching a level of brand awareness, producing X amount of leads or achieving a net promoter score. These objectives are easily measured. Either you have achieved them or you have not. Marketing does not end because tactics have run out.
Now is the time to evaluate actions to date. Firms should be asking: How did we measure up, where did we exceed our goal, where have we fallen short? What have we learned? What is fuzzy? Where do we need more clarity? Where do we need to reallocate resources?
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Marketing is about a relentless pursuit of understanding, anticipating and meeting client needs. If firm leaders are not holding marketing accountable throughout the year and accept tactical actions instead of strategic results, the firm has no one else to blame but itself for the ROI on its marketing investment. Do not let marketing slow down now or at any point when trying to achieve the vision for the firm.