As we approach 2024, it’s crucial for businesses to start thinking about their marketing strategies for the upcoming year. This involves considering various factors such as business growth, marketing channels, growth timelines, and changes in the competitive landscape. Every business is unique, therefore, it’s impossible to have a one-size-fits-all strategy. However, there are key questions that CMOs and founders can ask themselves to guide their planning process.
The first question to ask is how much the company grew in the previous year and if similar growth is expected in the upcoming year. If the competitive landscape hasn’t changed much, then the previous year’s marketing strategy could be largely replicated. The second question revolves around identifying the marketing channels that drove the most value in the previous year. It’s recommended to categorize these channels into marketing qualified leads (MQLs) and sales qualified leads (SQLs), as both are essential for long-term growth.
The third question to consider is the company’s growth timeline. If consistent growth is needed in the short term, pay-per-click (PPC) advertising could be a good investment. However, for long-term exponential growth and lower customer acquisition costs, investing in search engine optimization (SEO) and content marketing is recommended. The fourth question is about the changes in the competitive landscape. A competitor analysis can help identify how competitors have evolved and how they might impact your business in the upcoming year.
Key Takeaways:
- When creating an annual marketing plan, it’s important to consider factors such as the company’s growth in the previous year, the effectiveness of different marketing channels, and the desired timeline for growth.
- The competitive landscape and changes in it should be taken into account when formulating a marketing strategy, as should the company’s specific business goals.
- While short-term strategies like pay-per-click advertising can yield quick results, long-term strategies like search engine optimization and content marketing are crucial for sustained, exponential growth.
“We’ve helped 100+ businesses review their marketing performance and build their annual marketing strategies. Today, we’re going to talk about how to create the right annual plan to help your business have a successful 2024.”
More details: https://intergrowth.com/strategic-marketing-plan/
