November 02, 2023
The science behind a winning marketing plan is about harnessing data for a results-driven strategy. Big data has changed the way the world works. This has been true for years, of course, but the speed at which unprecedented volumes of information are being collected and analyzed requires organizations to constantly evolve their best practices.
Consider that as of 2012, 2.5 exabytes of data were being created daily ― more data every second than the entire internet contained in 1992. Flash forward 10 years. As of 2022, 329 exabytes of data were being created daily. Filtering, analyzing, and utilizing this data has become a precise science. Marketing and advertising is no different.
The key ingredients for a successful marketing plan have in fact not changed much. We begin by establishing the overarching goals and objectives of your company for the upcoming year. Next, we identify and gain a deep understanding of audience and customer segments; conduct a comprehensive analysis of the market landscape, including industry trends, competitive insights, and market opportunities. And from there, we determine the marketing budget for the year and allocate resources accordingly, outlining the strategies and tactics to employ to achieve marketing objectives. In this data-defined world, preparing for a marketing plan now involves crucial groundwork: collecting and analyzing relevant data to drive informed strategies and decision-making. With leadership expecting the draft plan by the third quarter of each year, it's never too early to start the process. Often, feedback on the plan isn't received until fourth quarter, and final approval may not come until December. This typical planning cycle underscores the importance of initiating data gathering and trend analysis early on to stay ahead. Start by breaking down data into categories:
JoAnne Gritter is the Chief Operations Officer with ddm marketing + communications, a leading marketing agency for highly complex and highly regulated industries. She is responsible for overseeing and facilitating collaboration between all major functional areas at ddm, including Finance, Human Resources, IT, Operations, Sales and Marketing. She has been with ddm since 2013 and has found success tackling creative, technical, and workflow challenges for clients and internal teams with a data-minded and curious approach.
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