A good marketing plan is vital to achieving the objectives set out in your business plan.
Like with a business plan a marketing plan requires time, effort and some research, but is well worth it.
Setting targets, making sure they are met and then setting new ones will keep your business on track.
Focusing on the tasks that promote and help sell your product or service will be time well spent.
Many small business owners are wary of marketing as they presume it will be time-consuming and expensive. However, if you plan well and use the resources and opportunities you have available then you will be able to see a return on your investment.
A good basic marketing plan will look at:
- Your product(s) or services
- Your customers, their requirements and needs, plus, why they are buying your product
- How you can retain customers and encourage return business. (It’s a lot less effort to keep current customers than have to cold sell to new ones!)
- Where do you sit within the market place
- Your goals and objectives
- A schedule of tasks to meet your objectives
- How to measure your success
No matter what you are trying to achieve, whether it be improve your turnover by 20%, attract more high-end clients or sell your products aboard, the principle is still the same.
Do you have products or services you are developing? A marketing plan will help you decide the best and most cost-effective way to bring these to the market.
Marketing plans are also valuable if you want to apply for grants and funding as it shows how you plan to drive the business forward with the investment you’re asking for.
What is the different between a Business Plan and a Marketing Plan?
In short, a business plan is your strategy and your marketing plan is how you are going to make it happen.
If you are a small business looking to create your first marketing plan or refine the one you have then give us a call.