A marketing plan is a guide for you to promote and grow your products and services effectively. It enables you to boost your customer base, reach your target audience and ultimately increase your profits. It’s also a way of making you become different from your competitors.
An effective marketing plan will assist you in ensuring you’re using the correct marketing tools in the best way. With a plan you can create an understanding of what marketing techniques have the most successful results in your business.
The four key benefits of a marketing plan to your business
- To help you plan business growth
Having a developed marketing plan can enable you to plan for growth of your business and understand the different factors that may affect it. Not only can you compare yourself to your competitors and understand your target market, but you can also set specific goals and timeframes for your marketing techniques and create a strategy to reach your target market – including the channels and tools you will use.
- To understand what makes your business unique
Building your brand and promoting your USPs is vital in business. Think about what’s different in your business from your competitors – maybe you’re a construction company who specialise in being sustainable and eco-friendly? Not only do you need to know your USPs, but you need to be able to market them effectively through your brand.
- To help you take control of your business
A marketing plan isn’t just about the future of your business, but the day-to-day running of it as well. It will enable you to motivate your team in the workplace, manage their performance, and allocate your resources and budget.
After determining the factors that affect your marketing, you are closer to making business decisions. Should you be developing new products? Are your prices right? Can you provide any promotions? Do you need an advertising campaign? The questions that you may often consider will become much easier to answer if you have a marketing plan with clear objectives and timescales.
- To keep you focussed
With everything going on in your business it can be so easy to lose sight of your initial business goals and why you started in the first place. With a well-written marketing plan, you can stay focussed on exactly what you need to do in your business and what targets and goals you need to meet, so that time isn’t wasted on what you don’t need to do.
Remember a marketing plan isn’t something that you just put together once and store away. It’s a constant living guide that you should always be developing as your business grows and changes. Set yourself reminders to review your marketing plan regularly.
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