Marketing plan is one of the most vital parts in a business. If you own a relatively new business, you may have to do a trial and error with your marketing scheme to see which strategies work and which don’t. In time, you would find a marketing plan that would do great wonders to your business.
However, some business owners try to change their plan, which is already working for them, in hopes that a new scheme would be better than the existing one. They argue that changing their marketing plan after a while would keep the business from reaching a plateau. This leads us to the important question – when it comes to your plan, is change always good? The answer is a resounding no! There are times when changing your marketing plan will be good for your business, and there are times that it is the worst move you could ever make.
When not to change your marketing plan
As mentioned above, change is not always good when it comes to marketing or business. But how would you know when change is needed, and when to stick to what you are doing?
If it’s not broke, don’t fix it
It may sound cliché, but there is a grain of truth in that saying. For example, you already have a certain marketing plan in place, like a promotional or an advertising ploy that is bringing in money and new customers. Would it make sense to change that into something else? Obviously, the answer is no. However, many business owners fall into this trap. Their marketing plan is creating good returns on investment, but they just decided to change it one day. Their reason? They just wanted to do something new and different. What usually happens is that after a couple of months, they realize that their old marketing plan was better, so they just change it back to how it was before. While this latter change is for the better, they couldn’t deny the fact that they wasted time earning less than they should have if they didn’t mess with their marketing scheme.
It’s time to change that marketing plan
There are times that certain situations warrant some changes in your marketing plan, your way of life, or your habits. This kind of change would be actually good for you and your business, but you have to know when it is the right time to change.
Drastic situations require drastic change
Change in your marketing plan is necessary when your business is stuck in a drastic circumstance. For example, your business is not making any profit and the company is on its way to bankruptcy. Then that is the perfect time to do something. Maybe tweak your marketing strategy, or better yet, do an overhaul to your whole marketing plan.
What if your business is not crashing, but it is experiencing some sort of flat line or plateau? Does that warrant change? The answer is it depends on how long it lasts. Most businesses level off at some point, but they don’t really stay in that plateau stage. Eventually, it would either improve or decline. Many factors could cause this, such as an increase in competition, a change in consumer behavior, or economic inflation. If after a while, you observe that your business starts to take a plunge, then it is high time that you change your marketing plan to adapt to the current situation.
Next time you have this urge to change your marketing scheme, carefully assess your situation first. If your business is making profit, just keep doing what you are doing. However, if it is flat lining or declining, then it would be the perfect time to change your marketing plan – before it’s too late.