B2B marketing leaders frequently miss some crucial feedback when they begin their annual planning. This prevents their strategies from being as effective as they may be, and it often results in marketing initiatives that do not serve corporate goals.
Many marketers overlook that excellent marketing involves two essential preparatory tools: a strategic marketing plan and a Tactical Marketing Plan (TMP). There is a lot more that goes into producing marketing campaigns that see genuine results.
Here are a few essential factors that every marketer should take into account while developing their B2B marketing planning.
The business revenue plan serves as a planning tool for marketing
Marketers are operating in the dark without knowledge of the revenue strategy. Understanding the percentages of income that will come from prospective customers and current customers, as well as retention, upselling, and cross-selling, is crucial. For the marketing initiatives that result from the marketing strategy to be targeted at the appropriate areas as well as the appropriate sales teams, partners, and markets, it is critical to comprehend how expected income will be distributed by route and location.
Setting expectations for senior leadership around what marketing will do to support the revenue plan is also crucial. A rough estimate would be making a commitment to contribution levels without a good understanding of the entire revenue plan.
Choosing what to do with all of this data is the next stage in marketing strategy. (Hint: Marketers use it to get agreement on goals, establish a general strategy for communicating with the many audiences they are targeting, establish priorities and quantifiable goals, choose action plans and pinpoint risks.)
The providing portfolio and target audiences are factors in marketing planning
A marketing strategy should take into account the target market for the company’s products and services as well as how those products will change throughout the course of the plan’s duration. Marketing must be ready if there are plans for new product offers or aggressive competition.
Working with the teams responsible for product management and product marketing as well as the business unit leaders is often how the audience and offering data is discovered. A timeframe for new product releases, target buyer profiles, clarity regarding customer demands, and knowledge of the buyer’s journey is all ideal. It can be challenging for marketing to get access to this data at times, but making it clear how it will help guide short- and long-term marketing initiatives can make it simpler.
The business plan is input into marketing planning
When creating a plan, marketers must comprehend the company’s strategy and how it relates to the goals, plans, and methods for achieving those goals. The strategy specifies what has to be in place for the coming years, which may necessitate marketing effort in the current year and alignment with the strategy in the plan year.
The C-suite frequently provides this data. In an immaculate world, it would be a component of a plan that has been defined, recorded, and coordinated across the sales, marketing, and product departments in terms of vision, growth, routes to market, and operational realities. However, this information is frequently not shared outside of the executive team. It is aspirational, covers several years, and could be too imprecise to be used for planning, making it even more difficult.
To understand how this strategy information will affect marketing priorities, team alignment, marketing yearly goals, and resource requirements over the next year or two, marketing executives must convert it into the brand, audience, value, and operational terms.