POV

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:

• Sales, marketing, and revenue data: Review historical sales and revenue data to understand past performance and identify trends. Evaluate the performance of past marketing campaigns across different channels and tactics. 
• Budget and resource allocation: Collect financial data related to marketing expenditures and allocate budget based on performance and priorities. 
• Customer data: Gather information about your customers, including demographics, psychographics, purchasing behavior, and preferences. To generate thoughtful customer insights, customer data will be necessary.
• Market research: Conduct in-depth market research to gain insights into industry trends, market size, customer demands, and the competitive landscape. Industry reports, studies, and benchmarks will also help you understand broader market trends, consumer behavior, and best practices. 
• Competitive analysis: Analyze your competitors' marketing tactics, product offerings, pricing, and positioning. Understand their engagement and reputation by reviewing their online presence, social media activities, and customer feedback. What actionable data can you gather to learn from others’ successes and failures? 
• Website and social media analytics: Utilize web analytics tools to track website traffic, user behavior, conversions, and engagement metrics.
• Customer feedback and surveys: Gather feedback from customers through surveys, interviews, or online reviews.
• Internal stakeholder input: Seek input from key stakeholders within your organization, such as sales teams, product managers, and executives. Make sure everyone understands the data at hand. Make it digestible and relevant. What’s important to a sales leader is different from what’s important to your CEO.