What marketing plan? Better have one or you'll get left behind.

• Author: Mason, Ron "Cat"
• Position: Marketing Works

"Dig the well before you are thirsty, not after."--Proverb

My friend "Bill" and I were talking about his business over a cup of coffee last week. I noticed he seemed worried about something. When I asked Bill what was bothering him, he told me his business was consistently losing money. He said even though his regular customers were still using his business, no new clients were showing up, nor did he see any in the foreseeable future.

I asked Bill what type of marketing plan he was using and if I could take a look at it since building marketing plans was a big part of my consulting business. His response to my inquiry was not totally unexpected; Bill said that he has never had one, and that he relies strictly on word-of-mouth alone to bring in customers.

Bill's situation is a common occurrence I encounter when working with businesses, from start-ups to large businesses. Since a marketing plan is a necessary component of a business plan, I am not surprised to find an absence of business plans as well. I have found that many small business owners are not sure what a business plan looks like--not to mention a marketing plan. With the bigger companies, I find the chief marketing officer may not have reviewed the company's marketing plan in more than a year.

NOW IS THE TIME

For a company to be successful, whether it is a small one-person business or a conglomerate, the marketing plan needs to be constantly evaluated and updated. The marketing plan needs to be monitored frequently since the customer market changes so often that it is easy for a business to be left behind.

With the current world economic situation, businesses tend to shy away from spending money on marketing. Now, more than ever, is the time to increase marketing or at least continue marketing to stay in the public's mindshare. When businesses inform me they are unable or unwilling to develop or revise their current marketing plan, I tell them they might as well hang up the "Gone out of Business" sign because I guarantee their competitors are updating and implementing their marketing plans.

The objective of a marketing plan is to act as a roadmap for marketing the business, to assist in management...