A major purpose of the marketing plan is to set the company on a specific course in marketing. Goals of marketing generally align with broader company objectives. A new company looking to grow, for instance, often has a marketing plan that emphasizes strategies to increase customer base. A low penetration pricing strategy is a common technique in this case. Gaining marketing share, increasing customer awareness and building favorable attitudes are other common objectives. The objectives element of a marketing plan helps companies ensure all marketing investments have a target.
The importance of a detailed marketing plan can’t be overstated. A marketing plan:
- Gives clarity about who your market is. It’s easier to find clients and customers if you know who they are.
- Helps you craft marketing messages that will generate results. Marketing is about knowing what your product or service can do to help a target market. Your marketing messages need to speak directly your market.
- Provides focus and direction. Your choices for marketing are vast including email, social media, advertising, guest blogging, direct mail, publicity, and on and on. With so many marketing choices, you need a plan for determining the best course of action for your business.
- Helps you strategize
- Helps formulate ideas & get creative juices flowing
- Gets you and your team used to working to timescales
- Helps you get investment
- Aligns your marketing priorities to your business strategy
- Attract the right employees to your business
- Find the right marketing initiatives
- Distinguish your unique selling point (USP) better
When to use:
Many business owners create a marketing plan and then set it aside. However, your marketing plan is a road map providing you with direction toward reaching your business objectives. It needs to be referred to and assessed for results frequently.
While some small business owners include their marketing plan as part of their overall business plan, because marketing is crucial to success, having a comprehensive, detailed marketing plan on its own is recommended. If you don’t want to make a mini-plan as part of your business plan, you can attach your full marketing plan to the business plan as an appendix to the business plan.
Many business owners haven’t discovered the importance of a marketing strategy. In fact, having a marketing strategy is so useful that you can think of it as having a road map (or a cheat sheet). It will guide you in just about every business decision that you make.
But what exactly does a marketing strategy entail?
In short, your marketing strategy will highlight the path you’re taking to achieve your specific objectives and goals.
This may sound simple, and it is. But it’s not always easy to ask the hard questions that come with creating a marketing strategy.
And this is the main reason why many businesses don’t recognize the importance of a marketing strategy.
How to use:
The document itself is a guideline of how and what to complete.
If you need assistance writing a marketing plan contact us today!
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