Not all B2B marketing plans are successful. As a marketer, you should be aware of the potential traps that cause your seemingly well-written marketing plan to bite the dust.
Here are top 5 reasons why some marketing plans fail.
1. Absence of written, documented plan
Businesses must devote time and effort to creating a formal marketing plan that must be shared with all concerned. Casual discussions with your team members or a hurriedly put together document cannot replace a well-thought-out strategy – one that is decided on after research, analysis and deliberation, and documented in a manner that is easy to understand and implement.
2.Absence of well-defined goals
A marketing plan must clearly define the marketing goals of the business. And the marketing goals must be aligned with the overall business objectives of the company and its mission and vision. If it doesn’t, the marketing plan is doomed to fail.
3.Unrealistic goals
Many new businesses make the mistake of setting goals that are almost impossible to achieve. A marketing plan will fail if the business concentrates solely only on making quick money without recognizing the resource constraints. Hence, it is important to set realistic goals that can be achieved using the available resources.
4.Lack of accountability
The responsibility of executing the marketing plan must be entrusted, preferably, to one person who can implement the plan and monitor its progress. This coordinator should be responsible for the success of the plan. The coordinator delegates specific tasks to the members of his team and makes the team members accountable for the success of the tasks. Lack of accountability at the helm as well as at the lower levels is a major reason why some marketing plans fail.
5.Lack of capital
Marketing requires money. A marketing plan will never get off the ground unless adequate funds are available. For example, if a marketing plan calls for buying expensive air time and the business is unable to release the funds in time, then the plan will never be successful.