Page 5 - Engage -- Fall 2018 -- no.14

INSIGHTS
IT’S NOT HOW YOU START— IT’S HOW YOU FINISH
Deeper into the study, Marketri discovered that 81 percent of respondents said they felt their marketing plans were effective in driving desired results. When asked how these companies knew this, the responses fit into two buckets.
TRACKING METRICS AND DATA
It appears those who responded
with “tracking metrics and data”
set up KPIs to track and measure
their performance and progress. According to Andrews, meaningful measurements are those that show movement through the revenue funnel and include new contacts/leads tracked by source; changes in life cycle status, such as lead to sales-qualified lead (SQL); new opportunities that originated through marketing’s efforts; and closed business.
COLLABORATION
Those who responded with “collaboration” also appeared to be focused on effective cross-team collaboration, as demonstrated by IT working closely with marketing as it relates to technology and marketing plans being reviewed quarterly with executive teams.
Unsurprisingly, ineffective
plans occur in companies on the opposite end of the tracking-and- collaboration spectrum. Without strategic commitment and focus on driving specific numbers, it is difficult
to make real progress. Once again, these answers point to leadership and culture issues. Without leadership commitment and cultural focus
on growth, there’s little context for marketing actions and cross-team collaboration. Alignment is critical to marketing effectiveness, making the difference between stagnancy and real revenue growth.
THE TIME IS NOW
While writing this article, it became abundantly clear that the new year is approaching at what feels like warp speed! According to both Andrews and Jacob, this is the ideal time to sit down and start asking questions such as the following:
What are the company’s strategic goals for 2019?
How should the marketing plan align with those goals?
How can a marketing plan help achieve the overall objectives? When should this plan be rolled
out so that everyone on the team (and perhaps within the company) knows the plan?
 Where will the plan live?
 How often will we review the plan?  What would constitute a good reason
or reasons to modify this plan? All of these initial, up-front
questions and planning will ensure that a company is wisely investing their time and efforts and are set up for marketing success. “But when the rubber meets the road, and all the planning is done and implementation has begun, an even more important question to ask is, How effective was our plan?” says Jacob.
In practice, different types and scales of organizations need different types and scales of marketing plans. “Each plan can have a uniquely defined scope, time frame, purpose, channels, key outputs, and metrics,” explains Andrews. n
bbie Andrews
De
Fall 2018
03
CHECK
OUT
“8 Marketing Plans to Ponder”
on page 16 and download our Marketing Plan Template.
Shares 5 Common
Marketing Plan Failures and How to Fix Them
1 Failing to Start with a Go-to-Market Strategy Midmarket companies need a go-to-market strategy. Where
are your best growth opportunities, based on current market penetration, unique capabilities, and competition? You need a well-defined strategy that spells out which segments present the best growth potential and which products and services will be promoted. Without this information, you will have disconnected activities, talent, and technologies.
2Not Aligning Your Marketing Plan with In-House Talent Companies often attempt to deploy marketing tactics based on trends while failing to execute with experience and confidence.
For example, if one of your goals is to grow digital marketing to better align outreach with how and where buyers engage and buy, you need to have talent knowledgeable about digital marketing approaches and technologies. Consider bolstering your resources with cost-effective outsourced talent to lead the implementation and to assist in-house staff in acquiring new skill sets through on- the-job training.
3Putting the Marketing Budget before the Plan
In many cases, the finance department leads the budgeting process but is disconnected from the creation of the marketing
plan, potentially causing critical parts of the plan to be underfunded. Finance should collaborate with marketing on a budget development timeline, allowing the proposed marketing plan to be created prior to the creation and approval of the budget.
4Lack of Coordination between Marketing and Sales Efforts Buyers don’t distinguish between marketing and sales, and they are squarely in charge of their own buying journeys. Marketing and sales should plan together to align activities and campaigns for building awareness, gaining consideration, and engaging target audiences. Companies should consider a revenue plan that incorporates sales and marketing goals, activities, campaigns, and measures.
5Failure to Get Down to the Details
Marketing plans need to start big picture with goals and strategies but eventually flow down to the most granular level—
who is going to do what and by when. When plans lack this level of specificity, the implementation lacks a healthy pace or veers off course. Marketers should ensure there is a three-month rolling time line throughout the year. The plan should break down larger projects into smaller milestones.