A goal without a plan is just a wish. There is no such thing as a finished marketing strategy – it’s an evolving process that is adapted to your changing business needs, customer demands and lessons from your market.
Setting measurable objectives for your marketing activity will enable you to focus your time, budget, and effort on what brings you the most return on your investment.
Here are 5 Reasons Why You Need A Marketing Plan
A plan creates a set of measurable goals.
Far too often, small businesses settle for “sell more next year than last year” and “don’t go broke” as metrics for gauging their success. SMART, measurable goals create tangible targets for you and your people to work towards. Tangible targets increase performance far more than “just don’t fail” hopes.
A plan puts everybody on the same page.
The importance of consistency in marketing cannot be overemphasized. When you have a marketing plan, then everyone on your team knows what the plan is. It’s not just a set of concepts in your brain that is difficult to communicate. Letting everyone know what the plan is makes it possible for everyone to follow the plan.
A good plan will help you get financing.
Marketing savvy will help you identify areas in which you’ll require financial assistance. No bank manager or investor will hand over penny if you can’t present a plan that details exactly what you intend to do with their money. With a marketing plan, you can do just that.
You’ll spend your money more wisely.
Like your time, your marketing budget is finite. Deciding what your priorities are in advance lets you assign your resources accordingly. In addition, having a plan means that when a great deal or new strategy comes onto the scene, you can immediately direct resources to it.
It provides a reality check between your overall objectives and your marketing strategy.
There are a lot of different objectives your business might be pursuing. Maybe you want to be the industry leader in your field, maybe you want to have the highest growth rate, maybe you want to have the best-compensated employee base. Whatever your objectives are, your company’s marketing is what’s going to finance them.
Those two components of your overall strategy have to be in sync. Without a plan, it’s very easy to convince yourself that your overall objectives are being worked on, when in fact you may be getting further away from them every quarter. A written marketing plan ensures that there’s coordination between these potentially conflicting elements of your overall strategy.
Because knowing where to start can be challenging, Idiya has tools to help make writing a business plan less intimidating and time consuming. Our small business resource academy offers a free module for a business plan that helps simplify the process.
If you want a more hands-on approach, you can get assistance from a coach to help complete your business plan. Working with a coach can help with all aspects of starting, growing or expanding your business.
"Leadership is a series of behaviors rather than a role for heroes." -Margaret Wheatley