There could be several reasons why someone would need to revisit their marketing plan. Some reasons might be pull factors like a new opportunity or a new discovery. Whereas some factors might push you into developing a marketing plan like emerging threats or change in company leadership.
The Need to Revisit a Marketing Plan
Changes in the Market:
Markets can be unpredictable and can change rapidly, especially after a global disruption in the supply chain like the COVID. Revisiting a marketing plan can help ensure that it remains aligned with current market conditions. During COVID, as much as 97% executives were in favor of Digital Transformation.
New Opportunities:
Sometimes, new opportunities arise that weren't originally included in the marketing plan. For example, a company which was earlier developing AI solutions for others, might create an AI tool which can be better used for their own use. Revisiting the marketing plan can help ensure that these new opportunities are properly incorporated.
New Threats:
Emerging threats and technology disruptions can cause people to reiterate their marketing plan to accommodate for those changes. For example, with the advent of ChatGPT, content writers and copywriters are expected to face lower orders. However, those who adapt with the new landscape, can greatly benefit from it.
Performance Metrics:
Over time, a company may gather new data about the sales or marketing performance through customer feedback, manual inspection, data analysis or sales reports. Revisiting the marketing plan can ensure that these metrics are being properly tracked and accounted for, and that the plan is adjusted accordingly.
Budget Changes:
Budgets can change over time, and a marketing plan may need to be revised to ensure that it remains feasible and effective. Decrease in budget can lead to give more preference to low budget
Internal Changes:
If a company experiences changes in leadership, staffing, or overall strategy, it may be necessary to revisit the marketing plan to ensure that it remains in line with these changes. A new CEO might rely more heavily on advertising. Some executives may still favor old marketing strategies with outreach calls.
External Factors:
External factors, such as changes in regulations or industry standards, can impact a company's marketing plan. Revisiting the plan can help ensure that it remains compliant and effective in light of these changes.
Conclusion
Changing a marketing plan is a tough exercise and requires a lot of coordination with several experts. However, there is an easy way of creating a new marketing strategy.
At Redwood Algorithms, we use AI to create marketing plans within a few days which would otherwise require years of human effort. Book a call immediately to see and experience it in action.