Marketing plans aren’t just for big businesses; every organization can benefit from one. But if you are a business owner or part of a small marketing team, it might seem like a luxury - something you’d like to do when you get the time. In fact, only 56% of small businesses with fewer than 50 employees have a marketing plan developed.
Marketing plans aren’t the only thing that organizations are missing -- many admit they don't have specific marketing goals. And outlining specific goals is important -- as the saying goes, if you don’t know where you’re going, how are you going to get there?
5 important reasons why you should take the time and effort to develop a marketing plan:
1. It helps you think through your business strategy and align your marketing efforts effectively.
You’ll then formulate marketing objectives that help your business achieve its mission and become successful.
2. It keeps you – and your team -- focused.
There are many marketing tools and opportunities -- it’s easy to become distracted, losing sight of your intended business goals. The marketing planning process helps focus on your priorities so you’re not spending time and resources on activities that won’t help you attain your goals.
3. It formalizes ideas and concepts.
You may have some great ideas for your business you’d like to try – including them in your marketing plan will help you determine how feasible they are. Once they are in the plan, you’ll be focused to work on them.
4. It helps you establish tasks, timelines and milestones.
A good marketing plan includes clearly defined objectives and tactics, outlining these makes it easier to identify the tasks that need to be done, who should do them, and when they need to be done by. This will help you get the most out of promotions and seasonal or local events.
5. It can help you obtain financing.
A business plan is a must if you want to obtain financing, having a well thought out marketing plan shows that you mean business (pun intended)!
So set aside some time to create a sound marketing plan for your business – chances are you’ll be glad you did.
Need help creating your plan? Get your copy of our market planning ebook to help your business grow!
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Marketing Tips is dedicated to providing busy professionals and local businesses with information on marketing trends, strategy and tactics in a way that is both accurate and easy to read.