Picture this: You’re sitting at your desk [okay, safe bet, you’re thinking], calendar open to December [alright…that’s pretty good], and you’re staring at a blank Word doc with only the headline “Annual Marketing Plan” [that’s scary good]. And you’ve Googled “last-minute marketing planning,” which is why you’re reading this now. [I know, right?]
Well here I am to tell you the good news. It’s never too late to plan your marketing strategy, and you’re in the right place for a start. This post should give you the confidence that will get you moving on your marketing plan. Here’s the thing about agility – you can’t pivot from nothing. Plans will change, but you need a starting point to change from.
I’ve led a marketing firm for nearly 15 years and we’ve had lots of clients approach us with projects that are behind-the-ball. Trade shows are especially problematic. We succeed in the area of fast turn-around execution for two reasons: We ask WHY a client wants to do something, and we create a plan with a triage and a long-term phase. It’s true with trade shows, events, ad campaigns – the list goes on and on.
But in this scenario we’re going to assume you’re looking at annual marketing plans, so let’s start at the very beginning. I’ve heard it’s a very good place to start.
Start with Your Business Goals
Before we dive into marketing tactics, let’s take a step back. Marketing goals must align with business goals – and if you haven’t updated your business goals for the upcoming year, that’s where we need to start.
Short-Term Business Goals Examples:
- Increase quarterly revenue by X%
- Improve customer retention rates
- Launch a new product or service
- Expand into a neighboring market
- Reduce customer acquisition costs
Long-Term Business Goals Examples:
- Establish market leadership in your niche
- Develop new revenue streams
- Build a recognized brand in your industry
- Expand into new geographic markets
- Create sustainable competitive advantages
Once you’ve identified your business goals, you can align your marketing objectives to support them. Remember, every marketing dollar should contribute to achieving these broader business objectives.
Building Your Preliminary Budget
Let’s talk money. Recent industry reports show us exactly how much companies are investing in marketing these days. According to Gartner’s 2023 CMO Spend and Strategy Survey, the average marketing budget hit 9.1% of company revenue in 2023 – the highest it’s been in 8 years. But that’s just scratching the surface. The latest Deloitte CMO Survey breaks it down even further by business type:
- B2B Product companies invest around 8.4% of revenue
- B2B Services companies allocate 11.8% of revenue
- B2C Product companies spend about 18.9% of revenue
- B2C Services companies dedicate 15.3% of revenue
For smaller businesses, WebStrategies’ 2023 analysis found that companies under $5M in revenue typically spend 7-8%, while mid-sized businesses often range from 6-12%.
In my experience, these percentages are really just conversation starters. I’ve seen businesses succeed with both more and less – what matters is how smartly you use what you’ve got. [One of our smallest-budget clients actually had the highest ROI last year because they were laser-focused on their goals.]
The 24-Month Vision: Think Broad, Act Specific
Planning 24 months ahead might seem daunting, especially when you’re starting late. Here’s the secret: keep it broad. Think of it like painting a landscape – start with broad strokes and add detail as you get closer. Think about the Bob Ross technique of painting! [Happy little marketing campaigns, anyone?]
Your 24-month plan should outline:
- Major marketing initiatives
- Seasonal opportunities
- Product/service launches
- Market expansion plans
You know your business better than anyone. Find the greener grass in the pasture and plan your route towards it. Don’t worry about navigating every tree stump or crevice. Simply chart a course based on your known agility.
Quarterly Triage: Your Immediate Action Plan
While having a long-term vision is crucial, let’s get practical about your immediate needs. You can triage one fiscal quarter at a time, focusing on quick wins while building toward larger goals.
Triaging is actually a lot of fun. You get to launch and get results quickly. Also, it forces you to focus on only one or two tactics. We’ve had a lot of success getting something “out the door and on the street” because you have to go with gut instinct. Usually our guts are right. [And when they’re wrong? Well, that’s what agile planning is for!]
The Revival Strategy: Start with What You Know
Don’t feel pressured to reinvent the wheel. Sometimes the best place to start is with marketing tactics you’ve already mastered. Let’s evaluate your previous marketing efforts using our super-simple Tactical Assessment Framework:
Over the years, I’ve seen companies spend weeks on complex assessments only to reach the same conclusion they got in their first gut reaction. This quick-check system has saved our clients countless hours of overthinking.
Score each tactic from 1-5 on these four simple questions:
- How well did it work before? (Past Success)
- Can you do it now? (Resources)
- Is it still relevant? (Market Fit)
- How fast can you restart it? (Speed)
Add up the scores. If you get 15 or higher, it’s worth reviving right away. [Look at that – math can be fun!]
Starting Small: Focus on Key Tactics
Start with tactics that you feel confident won’t burden your time resources, or those that produce the highest ROI for the time or financial commitment. Also, don’t be afraid to make creative or messaging tweaks to old tactics. Here’s a few ideas that are likely in your quiver of executables:
Blog Content
If you’ve written blogs before, restart your content calendar. Focus on topics that:
- Address current customer pain points
- Showcase your expertise
- Support your SEO strategy
Email Newsletters
These remain one of the most cost-effective marketing tools. Consider:
- Monthly industry updates
- Customer success stories
- Product announcements
- Educational content
Print Advertising
Many publications offer design services with minimal additional cost. This can be particularly effective for:
- Local market penetration
- Industry trade publications
- Event promotion
The Marketing Firm Option: A Strategic Partnership
Considering a marketing firm? While they represent a significant investment, they can provide tremendous value through:
- Specialized expertise
- Efficient execution
- Fresh perspectives
- Scalable resources
However, success requires active participation from your team. Think of your marketing firm as an extension of your internal department, not a replacement. Your role includes:
- Setting clear objectives
- Providing timely feedback
- Sharing industry insights
- Maintaining regular communication
- Pushing for innovative strategies
Building for the Future While Managing the Present
Remember, marketing is a marathon, not a sprint. While you’re implementing these immediate tactics, continue developing your broader strategy. Document what works, what doesn’t, and why. This information becomes invaluable as you refine your approach.
I love this analogy! We got a call from a client on Tuesday for an ad due on Friday. The client forgot about it, but wanted to use the space to promote four new home communities coming soon. We didn’t have any assets so we couldn’t do a traditional “show-a-home” ad. We created a conceptual ad [Image placeholder: Tuesday-to-Friday ad project] that ran one time in a newspaper and produced over $2 billion in potential sales! We say that we created this ad in 3 days, but it actually took about 3 years to create it.
Key Takeaways
- Start with clear business goals
- Allocate an appropriate budget based on your industry and growth needs
- Plan broadly for 24 months while focusing on quarterly execution
- Revive and optimize proven tactics
- Consider professional help for efficient execution
- Stay actively involved in strategy development
Remember, the perfect time to start planning was yesterday, but the next best time is today. Your marketing strategy is a living document that will evolve with your business. The key is to start somewhere and adjust as you learn.
Ready to take the first step? Begin by evaluating your business goals and assessing which of your previous marketing tactics are ready for revival. Your future self will thank you for starting now, even if it feels late in the game. [Trust me, Future You is already smiling!]