The importance of having a marketing plan

When working with businesses that first thing I ask is do you have a marketing plan? Or have you created a marketing strategy to help guide you? Usually, the answer is no. As small businesses owners our time is so limited, we often jump in and start ‘doing’ rather than ‘planning’. It’s hard to find the time sit back and reflect on what you want to achieve with your marketing. This article aims to illustrate why it is important to have a marketing plan, the time taken out to create this will in the long-term save you time and money.

Some reasons why it is important to have a marketing plan are shown below.

Creates a roadmap: Hopefully you will have a business plan which states your vision, values and what you plan to each year with regards sales. Your marketing plan should align with your business plan and serves as a roadmap that guides decision-making. It helps businesses set clear objectives and outlines the strategies to achieve them through your marketing.

Identifies your Target Audience: You will be clear about the products/services you want to offer. The next step is to identify who would be interested in purchasing these. Understanding the needs, preferences, and behaviors of your target audience allows for more effective and targeted marketing efforts, leading to higher chances of success.

Gain a Competitive Edge: Do you know who your competitors are? If not do some research and find out as this will help you. A well-thought-out marketing plan will help you to understand the competitive landscape you are operating in. It allows you to identify your unique selling propositions (USPs) and helps you to differentiate from your competitors.

Consistent Branding: Branding is not just about your logo. It’s about your tone of voice, the type of content you create and what you say. A marketing plan ensures consistency in your branding and messaging across various channels. Consistent branding will help you to build brand recognition and trust among your target audience. As you build trust and credibility this should translate over time into generating a pipeline of leads.

Internal Communication Alignment: If you have several people within the business responsible for marketing then you need to ensure that they are involved in developing the marketing plan. Your marketing plan will serve as a communication tool within your business. It ensures that everyone on your team understands the marketing strategies and their roles in achieving the overall objectives. This alignment is crucial for a coordinated and effective marketing effort. Plus, as mentioned above it helps you to convey a consistent brand.

Measuring Performance: Your marketing plan should include key performance indicators (KPIs) and metrics to measure the success of marketing campaigns. This may be around increasing brand awareness or generating leads. By tracking the performance of your marketing efforts, you can identify areas of improvement, and make data-driven decisions for future marketing campaigns.

Allocate your Resources: A marketing plan helps you to efficiently allocate your resources, both financial and human. Often small businesses manage their own marketing, this is fine, but remember the time you spend marketing you are not operating your business. By outlining the marketing strategies and tactics, you can allocate your time more effectively, maximising the return on investment.

An annual review will help you to check what you have accomplished and what else you want to add for the year ahead. There may be other reasons to review your marketing plan, for example as your business grows or if you change your products/services.

A well-crafted marketing plan will provide a roadmap for your business's marketing efforts. It will help you to make informed decisions, adapt to changes, and ultimately achieve sustainable growth and success in a competitive market.

If you would like some help with creating a marketing plan, then get in touch. An external perspective can help, especially if you operate as a sole trader. You can contact Shamshad by email on [email protected] or call 0115 880 0247.?

To find out about The Marketing Club which is being launched to help businesses come together and create a marketing plan and learn more marketing skills have a look at this link – The Marketing Club – starting October 2024

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