Think you know your clientele and market? Are you sure about that...

Regrettably, when it comes to marketing, so many businesses fall victim to the sin of over confidence in what they believe their customers want, what they think, and what the competition is up to. The results can be different from one enterprise to the next but if left unchecked for too long, it often means leaving money on the table by letting pass many great opportunities for client loyalty and new revenue sources. The truth comes back to what I have often repeated time and time again: ''If you fail to plan, You plan to fail''.

I maintain that for a company to remain dynamic, it is essential for it to do a serious soul searching every few years. A SWOT analysis needs to be done to review what has changed since the company was started. Are the marketing efforts used currently and in the past still effective? What's happening in the lives of your target market that could potentially involve a change in their buying habits? Can you honestly say you know the answer to that beyond a question of a doubt?

The bottom line is that being in business is a dicey venture even in the best of times. Reviewing or completing a marketing plan is not something that should be reserved solely for new businesses. Every business needs to look inwardly from time to time. The investment of time and money now in preparation for 2007 may seem like a distraction from every day business but isn't a little self-reassurance worth it?

Any thoughts?

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Mark Buzan is the owner of Action Strategies, a public affairs & marketing communications consultancy. Action Strategies has recently expanded its services into professional podcasting for clients looking to leverage electronic PR opportunities for greater publicity. You can subscribe now to his monthly PR & marketing tips newsletter by visiting www.actionstrategies.ca and dropping down the newsletter menu.