Sales and Marketing - Jen Jordan

Updating Marketing Plans Positions Small Business for Long Term Growth

While marketing plans are typically developed before you start your business, they are "living documents" that should adapt and change as your business evolves. An annual revision can help you adapt to current trends and goals or foster the growth you want to create.

It is fair to give a marketing plan time to determine whether specific marketing approaches are working. However, diving into an annual revision is a good time to identify what works and any strategies that aren’t meeting your expected ROI.

Each year brings about new marketing platforms and strategies to consider adding to your marketing strategy. As 2023 approaches and younger generations comprise a growing chunk of consumer dollars, outdated marketing plans can negatively impact your growth.

Placing emphasis on understanding your target audience, studying your competition, and setting SMART goals are key components to updating your 2023 marketing plan.

Understanding Your Target Consumer: Research

One of the first steps to understanding your target audience is to evaluate how they view your small business. This can be done through polls and evaluating user reviews. Understanding how your ideal customer views your business can help guide your marketing strategies.

With 72% of Americans using social media (LinkedIn), understanding how to leverage social media to reach your target audience can boost your marketing ROI. Deloitte’s 2022 survey estimates 18.1% will be the average spend for social media marketing in 2023.

Understanding generational trends can help guide your business toward a solid marketing plan. Modern marketing includes delivering quality content, corporate social responsibility (CSR), and innovative ads that treat customers as individuals.

Working creativity into your plan with campaigns like Tik Tok, short reel advertising, exploring the virtual reality space, or encouraging your customers to use BeReal from your small business can offer affordable ways to develop engaging content and brand recognition.

Once you determine how to best reach your target consumers, research how Artificial Intelligence (AI) and Customer Relationship Management (CSR) software can help continue to build these relationships and create conversions.

AI can analyze customer profiles to help you determine the most effective ways to create customer interactions. In understanding what motivates your target consumers, you can eliminate wasted spending and ensure a high return on your marketing investment.

Study Your Competition Like a Chemistry Lesson

Evaluating your competitor’s growth, how they weathered tough times, and how they’ve constructed their marketing plans can help you better reach your ideal audience. Identifying SEO keywords that your competitors use enables you to identify any they have omitted. Using those overlooked SEO keywords in your marketing can boost organic traffic and help you reach people that your competitors overlooked.

Your new marketing plan should help you better connect with your target audience and demonstrate that you are in tune with their "pain points" and needs.

Overall, taking time to update your marketing strategy regularly ensures you are investing marketing resources in the strategies that bring the best results for your business. It equips you to position your business for long-term growth.