Costs of a marketing plan

A CEO I know seeks to quintuple her revenues by 2025, but has no written plan for doing so.

Oh yeah…I want a pony and a choo-choo, and my goals are just as realistic.

So shall we ignore my childhood yearnings and focus on my friend?

She’s always making choices, but somehow can’t accept that there’s a significant cost attached to this particular objective. Her choices?

  1. Invest $15-$20,000 hiring a professional to research logistics and tactics, turning objectives, markets, and workloads into a realistic strategy.
  2. Dedicate 150+ hours with her in-house team to internally create the strategic plan. This saves a bundle of cash, but demands four solid weeks of working on nothing else but the company’s marketing plan.

True, she could proceed without a plan. After all, she’s grown her business so far without it, so why argue with success?

Only she’s not growing anywhere NEAR the 50% annual growth rate needed to reach her goal in five years. And without a plan, firm milestones, and a ready bag of tricks to reach into, either the objective or the timeline may have to give.

Which brings us back to her choices, which basically boil down to hiring someone, doing it herself, or dealing with the cost of potential lost opportunity.

Any architect will tell you to never build a house without a blueprint. The same applies to trying to build a company without a strategic marketing plan.

As you’re looking down the throat of a new year, you too should be considering your approaches for reaching your sales targets. Now’s the time to examine your customer profile, offerings, pricing, locations, marketing strategies, budgets…the whole bit.

Because you face the same choices: Hire someone to help develop your strategy, do it yourself, or recognize the potential cost of lost opportunity.

If you’re happy with the way things have worked for you until now and have no major growth ambitions, then do as you’ve done and you’ll probably be fine.

However, if you want insurance against the vagaries of the marketplace, or want to go far and go fast, you’re going to need that roadmap.

And know going in that you’re going to pay for it one way or another.

With that said, I wish you a week of profitable marketing.

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Make the most of your marketing opportunities at www.askmrmarketing.com.