March Madness

For most people, the term “March Madness” usually conjures up thoughts of basketball. If you’re not into sports, then maybe your March Madness takes hold as you anxiously await spring weather and wonder if it will ever come. If you are a business owner, your March Madness could be caused by disappointment that first quarter 2010 wasn’t what you had hoped it would be. You put together your marketing plan for the year, filed it away and hoped it would do its job.

A marketing plan is one of the most important documents a business can have. It is your strategic plan to create awareness of your business. Therefore, it needs to focus on how you will attract new customers, showcase your goods and services, and encourage loyalty from new and existing customers.

A marketing plan is a working document — it’s not to be preserved like the Constitution. You should continually review your marketing plan to ensure that the tactics are working and your return on investment (ROI) is where you need it to be. If it’s not, then make adjustments to the plan as needed. Spending time with your plan throughout the year instead of waiting until the end of the year can save you dollars and customers.

How often do you review your marketing plan?