No longer just an afterthought

Going through the readings this week, it was good to finally get started on how the marketing plan gets broken down.  Just as in all things, its always beneficial to begin by knowing the lay of the land, taking a sniff and see where the wind is blowing.  Doing a quick, where we, who are we, what do we have going for us, what do we have going against us, what can we make use of and what can potentially mess this whole thing up always works wonders in starting off on the right foot.

I did notice that the whole mission-vision process is something that I would have, prior to this class associated with team buildings or annual planning sessions and the like.  Well that was usually where I'd hear those terms so I have to admit it was a bit "new" for me to see it from the point of view of the strategic marketing set of eyes.

I guess one thing that really stuck with me at the beginning of the class was when it was mentioned that in the past, the marketing plan was more of an afterthought.  It was that something that had to be done after all the planning and targets for the year were formulated by top management and oh ya, by the way, what's the marketing plan for that?  Sort of just an addendum to the whole planning session and compiled by the marketing department in the 27th floor of the building.  Nowadays its very different, as the marketing plan is integral to the entire business endeavor, tracing its roots in the mission-vision of the company and moving congruently in unison.  Of course you can't just tack it on like a phone case, its the marketing plan!  Perhaps that's why you got all sorts of advertisements, print, tv, radio, that never really made sense with the product or the company that it represented.  There was no flow and it just wasn't in sync.

For my work as an economist at one of our local banks, we meet every Monday with the top management of the bank to discuss the rates we'll be setting and the products we're going to need to offer or push.  As global interest rates have remained depressed for quite an extended period of time (although this might change all too soon!), banks in our markets have had to fight tooth and nail with the competition to get our clients.  We've resorted to slashing rates, all sorts of ad campaigns, a whole beggar-thy-neighbor attitude that would bring back vivid dark memories of the Lord of the Flies.  Anyways, after I deliver the usual round-up of economic matters I get to listen-in on what they're talking about and what the next product is going to be.  Thus its good to note that the marketing department is represented more so now in these meetings as they need to be consulted as to how we're going to sell the products and who exactly they wanted to target.  I'm sure in the past these finance people would not feel the need to develop the weekly strategy with inputs from the marketing department but things have indeed evolved and things have indeed changed.

Just last week our group conducted a huddle with the entire treasury group because we were getting beaten bloody to a pulp by the market and the competition with all the talk of the Fed taper and the Syrian crisis.  The treasurer ended telling us "Times have indeed change and the writing is on the wall, the sooner we adapt and change, the better for us all".  So i guess this ties up the whole need to develop and evolve as a financial institution and wherever our work will take us, but what is now more apparent is that the marketing plan is no longer a mere afterthought, no longer an addendum, no longer just an add-on.  But rather it forms an integral part of the success of the business as we face stiff challenges, not just from the competition but also from the ever volatile external environment.