When planning your marketing strategy and activity, it can be challenging to know where to start. In this episode of Digital Marketing Answered™, CEO and Founder of Innovation Visual, Tim Butler interviews Huw Waters, a highly experienced marketing leader, to discuss the essentials for forming your marketing plan. Huw Waters has worked with a diverse range of big-name brands from Panasonic to British Airways and, as a senior marketing leader, he has set the direction and plan for these businesses to position themselves and win against the competition, time and again. In this blog, we will explore key takeaways from their conversation, from top tips like budget allocation to the importance of understanding your current market position.
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Understanding the Essentials of Marketing Planning
One of the primary focuses of this episode is on the essential elements required for effective marketing planning. Huw Waters emphasizes the importance of starting with insight:
"The starting point always for me is with insight. Look at where you are today, look at where you want to go to, what's performing, what's not performing, and more importantly, what do your customers want. Go and talk to them."
Starting with the customer and their needs ensures that your plan is rooted in real-world feedback and data, rather than assumptions or internal biases.
Building the Plan: Strategy and Objectives
Once you have gathered insights, the next step is to build your strategy based on your current and past performance. Waters advises aligning your marketing objectives with your company’s goals:
"Look at your company's goals, what are your corporate goals, and therefore what are your marketing objectives going to be based around that."
This alignment ensures that every marketing effort contributes to the broader business objectives, whether they are revenue-based, focused on brand lift, or market share.
Watch our video to learn how to set SMART goals in Marketing
Importance of Internal Communication
Engaging with stakeholders across the business is another critical component of successful marketing planning. Waters explains:
"Key for me as you're starting to build a plan is stakeholder engagement. Talk to senior leaders, team leads, colleagues, and senior leadership across the business."
Internal communication not only garners buy-in but also ensures that all departments are aligned and can contribute to the marketing plan's success.
Tracking and Flexibility
Effective marketing plans are those that can be tracked and measured. Waters stresses the importance of being able to track everything back to your original objectives:
"Before you look at the data, are you able to track everything back to your original objectives? Whether that's revenue, market share uplift, or brand awareness uplift."
He also highlights the need for flexibility within your plan. Marketing is dynamic, and plans should evolve based on performance data and new opportunities:
"Don't be afraid to change things if things are not working or new things come across your desk that you think - actually that sounds a bit better."
Allocating Budget for Experimentation
Innovation is key in marketing, and this often requires experimentation. Waters recommends setting aside a portion of your budget specifically for trying new things:
"If you could allocate 5 to 10% of your budget to do something a little bit new and experimental, then you're in a good place."
This approach allows for innovation without jeopardising the main marketing activities.
Common Pitfalls to Avoid
While focusing on what to do, it’s also important to understand what not to do in marketing planning. Waters points out a few common pitfalls:
Starting with Tactics
"Starting with your tactics without any objectives in mind, no plan behind it, no reasoning about why you're doing it, and not tying it back to what the customer wants."
Ignoring Insight
Failing to match your channel choice to your audience is another major mistake. Knowing where your customers are and how they prefer to receive information is crucial.
Overemphasising Tactical Marketing
Balancing between brand marketing and sales activation is essential. While driving sales is important, raising awareness of your brand ensures long-term success.
Summing Up: Best Practices
To wrap up, Waters provides a concise summary of best practices for marketing planning:
- Focus on the customer
- Get the insight
- Involve everybody you need to across the business
- Ensure you're able to track and measure as much as possible
- Don't be afraid to change things if they are not working
By following these guidelines, you can develop a marketing plan that is strategic, flexible, and aligned with your business objectives.
Create a Marketing Plan That Drives Results
In the ever-evolving field of digital marketing, a well-thought-out plan can make the difference between success and failure. Insights from experienced leaders like Huw Waters provide valuable guidance on how to navigate this complex process. By focusing on customer insights, aligning with business goals, engaging stakeholders, and being flexible with your strategy, you can create a marketing plan that drives results and helps your business thrive.
Get in Touch
At Innovation Visual, we specialise in helping market leaders craft collaborative marketing strategies that outshine the competition. Our team of experts deliver valuable insights, context, and adaptable ideas that evolve with your business and the dynamic digital landscape. Connect with us today to build a winning digital marketing strategy with just the expertise you need by your side.
To get in touch with Huw Waters, connect with him directly on LinkedIn.
For more interesting discussions, make sure to tune into our next episode of Digital Marketing Answered™, and don’t forget to like, subscribe, and comment on our YouTube channel.
