It’s not automatic that because you’re a business owner that you enjoy doing marketing. More often than not, your passion lies in doing what you love, and not necessarily marketing it. However, marketing is a core part of your business that you must take seriously. Below we go over the importance of marketing plan.
1. Forces You to Think
When you sit down to compose a marketing plan, it gets you thinking about your products and customers in a whole new way. You can involve your team in the process to make it more inclusive and gather as many ideas as possible. You might just come up with a few gems that might skyrocket your sales.
2. You Get a Set of Measurable Goals
Many business owners don’t really set any measurable goals. All they care about is registering an improvement year on year or even settle for not going broke. This is a horrible way to measure success and guarantees that you’ll stay stuck and stile business growth. Having tangible goals gives you an opportunity to grow at a predictable rate and allows you to evaluate the reasons for not hitting targets. This way, the business is set on a growth trajectory that will pay huge dividends over time.
3. A Source of Motivation
The importance of marketing plan for your business cannot be overstated. The human brain works best when it has a set target. For example, if you have a target to sell 10 products every week, your mind will try to figure out how to achieve this. Without doing this, you set yourself up for failure since everything is on autopilot. A marketing plan motivates you and your team to do better every time.
4. Helps with Time Management and Setting Priorities
We all have only 24 hours in a day, and not a single second more. What you do with your time determines exactly where you end up in terms of business success. Only a few of these hours can be dedicated to marketing which is the most important cog in your business. You have to prioritize what’s important and leave the trivial stuff for later. You can even outsource what’s unimportant stuff. A marketing plan allows you to see what is most important in your business and prioritize activities based on your goals.
5. Gets Everyone on The Team on The Same Page
You need your team to work together in unison to achieve a common goal. Everyone doing their own thing haphazardly won’t yield the kind of business success you want to achieve. When everyone knows what the marketing plan is and have their roles at their fingertips, it becomes much easier to work together and achieve more. This is the importance of marketing plan.
6. Spend Money Wisely
Money just like time is a finite resource, you want to put your money where you will get the most bang for your buck. With a marketing plan in place, your team will be able to prioritize key growth areas of the business that need funding to propel the business to the next level.