As we approach the end of the year, the development of a business-wide annual plan looms ever closer. Planning for next year is a major stress this time of year; however, at Movéo, we’ve decided not to worry about our annual marketing plan for 2015. In fact, we’re not even going to write one.
Why? Data-driven marketing has changed the operations of marketing departments–so much that it’s rendered the annual plan obsolete. This post will explain how data-driven marketing requires greater flexibility and quicker response times, negating a need for a yearlong marketing plan.
When relying on data-driven insights, you are constantly receiving information. This allows you to analyze, in almost real time, how successful your marketing efforts are. This makes it instantly clear what you’re doing right and what needs to change. Data can help to retarget a marketing campaign to make it more effective in reaching an annual goal, but it can also show that you may not be using the right tactics at all–and if in February it becomes clear that all the tactics outlined in your annual plan back in November are moot, what was the point of doing it in the first place?
Imagine this scenario: your business is a leader in a niche industry. In November, you create an annual marketing plan that says you want to increase your presence in the industry, develop a couple of key partnerships, but nothing big–you’re comfortable where you are. In January, you receive news that one of your main competitors has developed a technology that will allow them to increase their hold in the market by, let’s say, 20%. What are you going to do? Stick to your annual marketing plan? By taking a data and insights-centered approach to your marketing, you can more easily and effectively adapt to the changes in the industry, and allow yourself the freedom to come up with creative solutions.
While we’ve written about the lack of need for an annual marketing plan, going blindly into the next year is not the best idea. You should still develop a document that outlines your high-level strategy for the year, but it should be data-focused, allowing flexibility in tactical execution towards marketing objectives. Mark out quarterly meetings where you can reassess objectives, discuss wins and losses, and retarget your actions.
While it’s still important to have a strategy for 2015, implementing a data and analysis-driven approach to marketing negates the need to have a detailed, tactical marketing plan that will only limit your options for the next year. Instead, prepare yourself with strong objectives and data analytics, and you’ll have the means to a strong, data-driven 2015.
Photo Credit: David Wilson via Flickr Creative Commons
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