A well-thought-out marketing plan should be the number one priority for a business since it acts as a roadmap for a business’s success.
There is a misconception that marketing plans are only for large businesses. Whether it is a neighborhood cake shop or a multi-billion dollar company, a marketing plan is a must.
“If You Fail to Plan, You Are Planning to Fail”
Benjamin Franklin
Marketing drives traffic which in turn leads to sales and profit. But none of these is possible without a marketing plan. A powerful marketing plan clarifies the marketing goals of a business which in turn makes people involved in the business motivated and focused.
Many business owners are confused as to why a marketing plan is so important. These are the 5 reasons to make a powerful marketing plan and why it’s worth investing your time.
1. To Identify The Target Market
When you sell to everyone, you’re selling to no one. A powerful marketing plan will allow you to have a clear image of your target audience.
Without knowing your target market all your marketing efforts will go down the drain. You will never reach the people you want to reach, the people that actually value your product.
Knowing your ideal customer early on will help you make powerful and cost-effective marketing campaigns that will connect with them and encourage them to buy from you. A marketing plan gives you a proper understanding of your customer’s problems and how to address them in an effective way.
2. To Find Your USP
A unique selling proposition (USP) is the differential factor that sets you apart and gives you an edge over your competitors.
USP is very important for a business. In this saturated market where consumers are full of options, why should they choose you?
A proper marketing plan involves finding the USP of your business and using it to market your product. USP of your business should be specific and easy to understand but hard to mimic.
Every successful business has a USP. The major USP of Amazon is its customer service, a large selection of products, and fast delivery. Netflix has a core USP, variety, and the best selection of movies and shows.
USP allows businesses to create a distinct image and position their products in the market.
3. To Set Goals And Objectives
A business without goals lacks vision and focus. Goals motivate the employees, give a proper direction to the company, and sustain momentum in a business.
A marketing plan is a roadmap to where you want to be and how you can get there. It clarifies your marketing goals and keeps everyone on the same page.
Setting SMART(specific, measurable, achievable, relevant, and time-bound) goals will help your company achieve its strategic objectives. For example, a goal to achieve a 5% rise in sales is a SMART goal but a goal to increase sales or get more customers is not a SMART goal.
4. To Keep Track Of Success And Minimize Blunders
When you write down your marketing plan, it is easy to find how far you have come and how far is the road ahead. This motivates your employees to achieve the marketing goals.
You can figure out the effectiveness of your marketing strategy and campaigns. At some time in the future, you can compare your plan and the actual progress. See what worked and what didn’t. This way in the future you can minimize blunders in your marketing campaigns and get higher ROI(Return On Investment) on marketing campaigns.
5. For Competitive Analysis
Competitive analysis is research to identify your competitors and their products, marketing strategy, and business strategy. This part of the marketing plan will help businesses to have a detailed knowledge of the offerings, strengths, and weaknesses of their competitors.
With knowledge of your competitor, you can try to emulate their success, avoid mistakes and come up with better strategies to increase your market share.
Often identifying your competitors will help you determine the correct competitive pricing, the needs of your target audience, and the differential factor. Overall, a marketing plan with good competitive analysis will step up your marketing game.
Bottom Line
Hopefully, you now know why making a marketing plan can make a huge difference in your business and what it brings to the table. Every business regardless of its scale, and profitability needs a marketing plan to thrive in this competitive market.