I have been coaching an incredible group of entrepreneurs who realize the importance of a marketing plan. It’s an essential business document, to guide you towards your business goals. If you have don’t have a marketing plan, you will be all over the place, doing everything and anything to get your business out there. In the process, you will waste a lot of time and money on tactics that don’t work. You need a marketing plan in place that you can refer to regularly before you execute your tactics.
I remember years ago when I worked at the BBC, the Head of Marketing, Kate Evans, always regularly asked these strategic marketing questions. ‘Where are we NOW? Where are we going? How are we going to get there? How will we know we have achieved it? These questions stuck in my head throughout my time at the BBC and beyond and opened my mind to a new way of thinking strategically in business. A marketing plan sets the direction and goals of the business. It makes both the owner and staff look at the business in a more strategic way.
Keeps Business Focused
A marketing plan helps a business to focuses on the essential 4 P’s of marketing namely Product, Price, Promotion, and Place. Being focused helps you identify what you want to do and when you need to do it. A business will need to identify its target audience and competitive edge. Then communicate this in all marketing channels. In-depth research will be required to make sure you fix your prices accordingly and showcase the value of your products.
Makes You Plan Wisely
Customers don’t necessarily buy because the price is cheaper. They buy because they see the value of what you are selling. For example, if I want to buy a slimming drink, I will be wondering if it can make me look slimmer and youthful rather than just how much it costs. Buying is a mixture of logic and emotion. So you will need to take that into account with your price planning and positioning. You also need to have strong positioning, advertising, and social media strategy.
Great Investment Tool
Developing a marketing plan requires research, time, and commitment, but it is a valuable resource that can greatly contribute to your business growth and success. Remember that your marketing plan should remain an ongoing process throughout the life cycle of your business and not a one-off document that gets filed in your draw.