Updated: Sep 12, 2019
As the owner of a company, you know that running a business isn’t easy. You’re getting constantly pulled in different directions. You have deadlines to meet, clients to please, and products/services to provide. If you don’t have a strategy set in place to run your business, you’re not going to be very successful.
Think of it this way, if you’re planning a trip, you know where you’re headed. Whether it’s a map, directions, or GPS navigation, you know which roads will get you to your destination efficiently.
You have a plan.
When running a business, it’s crucial to have a plan. You can determine what methods and tools will help make your company successful, as well as an idea of how you’re going to achieve your goals. Creating a marketing plan is the first step in growing your company. And that’s where we come in.
What will a marketing plan do for your business?
Determine where you stand in your industry.
Marketing plans can tell you a lot about where your company is, and where it’s headed. It can also help steer your business in the direction that you want, and figure out how you compare to your competition. What strengths does your team have that gives you an advantage over others in your industry? By incorporating those into your marketing plan, you can discover additional benefits that those strengths provide. A marketing plan shows you how you can capitalize on your employees’ unique skills and abilities, and make your marketing strategy more efficient. By looking at your strengths, you also recognize your weaknesses and what issues you need to address to improve.
Set goals and objectives. And figure out how to achieve them.
What do you want to achieve and how are you going to get there? If your goal is to grow your customer base by 20%, what methods are you going to use to make this a reality? With a marketing plan, you can discover what goals you want to accomplish and what strategies you can use to reach those goals. Creating a marketing plan allows you to mix the design process with analytics. Instead of blindly picking and choosing which ads to run, you can see the successes and failures of your marketing strategy, and use that data to make future decisions.
Find your target audience.
Who is your product/service aimed towards? Which gender, age, demographic, etc. fits your business the best? Sometimes it’s not who you think. With a marketing plan, you can figure out who needs your product/service and how to go about getting your ads in front of those consumers. Look at similar statistics from other companies or past customer information to get an idea of who you should be targeting. Having a marketing plan will allow you to look at statistics and help you figure out which methods and strategies will help you reach your targeted audience.
Set your budget.
Little things add up, especially when it comes to spending money. If you’re not careful, you can quickly go over your budget. Creating a marketing plan shows you where your money is going, and what marketing methods are the most efficient for your business. It’s important to know what type of advertising is successful and what is unnecessary spending. Again, it’s not always what you would think. A marketing plan is a great way to break down your budget and figure out where your money will work the best.
Organize and delegate responsibilities.
Who are your team members and what do they bring to the table? By creating a marketing plan, you can set individual responsibilities and designate dates/times for completion. This gives your team a set schedule, and allows them to utilize their time effectively. It also sets the pace for your business, and gives your employees realistic expectations on the how you want to run your company. With a marketing plan, members of your team can develop and expand on their skillset. Showing them appreciation for what they bring to the table and valuing their unique characteristics will go a long way when growing your business. In addition, you can identify the areas you don’t have resources for and find ways to fulfill those needs through outsourcing.
Creating and maintaining a marketing plan is vital to the success of your company. Not sure where to begin? Let us get you started! Leave us a comment below and let us help you grow your business.