A marketing plan is a crucial resource for any small business.
To keep it simple, a marketing plan helps you capture what market needs your product or service meets, how your product is different from competitors and who your product or service is being marketed to.
Marketing plans serve as a road map for sales strategy, branding direction and building your overall business. A major benefit of drafting a marketing plan for your business is taking the time to think carefully about your business, its goals and how you can achieve them.
A marketing plan targets who your buyers are, it establishes the service or product you are offering and determines your unique selling proposition. From here, the rest is planning and developing the best way to get your product in front of buyers who want your product or service.
A good marketing plan can help you reach your target audience, boost your customer base, and ultimately, increase your bottom line. Developing a marketing plan can set your business up for continued success – it allows you to prepare for the unexpected and establish your brand in the lives of your target audience.
A plan may be required when seeking funding and helps you set clear, realistic and measurable objectives for your business.
One of the greatest benefits of developing a marketing plan is that it helps you to focus your resources and plan for your business growth.
The planning process helps you to understand the different factors that may affect your success. Instead of worrying about the future, you can actually have a sense of control over your business and livelihood.
Writing and researching for your marketing plan gives you the chance to:
- identify your target market and understand how your product or service meets their needs
- identify your competitors and what your target customers think about your competitors’ strengths and weaknesses
- position your brand, products and services so that your target market sees your business as better than, or different from, the competition
- set specific, measurable goals and timeframes for your marketing activities
- map out a strategy to reach your target audience, including the messages, channels and tools you will use.
Developing a marketing plan requires research, time and commitment, but is a very valuable process that can greatly contribute to your business success.
To write an effective marketing plan you’ll need discipline, time and focus. The process can seem challenging, but it’s also rewarding, creative and even fun! If you need help pulling this together, please let us know, we would be happy to discuss your needs.