Include Marketing in Your Strategic Plan
For many New Hampshire companies, the third and fourth quarters of the fiscal year are often the busiest. This is also the time that many companies start to increase their marketing spend. For most, it represents a list of tasks; a tradeshow or seminar to attend, or a website update. And, although these may be important tactical items, they are often not connected to a company’s strategic plan.
A company’s strategic plan should be the play book for the entire organization including marketing. We recently did some strategy work for a company that was planning to be sold. After some initial interviews, it was clear that the finance and legal teams were busy preparing to sell the company, yet marketing, the one piece of the organization that can impact valuation was not in sync.
By working with the marketing team, we refocused efforts away from traditional marketing tasks and realigned seventy percent of their efforts on positioning the company as an industry leader. This included, ramping up online and lead generation activities to increase the sales pipeline. The company website was revamped and a full court public relations offensive was launched which subsequently landed the company in several national publications. These combined efforts resulted in a higher valuation and a quicker sale. By refocusing your company’s marketing efforts to be synchronized with a strategic plan, you too can realize your goals quicker and more profitably.