Many companies develop a business plan when they first start out, and update it regularly as a way of setting their vision and goals for the future. However, few businesses translate this into a more focused marketing effort through the creation of a well thought out marketing plan. Unfortunately, many of these businesses are doing so at their own peril.
Why is a marketing plan so important? And wouldn’t a detailed business plan suffice, especially since it usually includes a section on marketing? This is a question we often get. Simply put, while most business plans include a fairly detailed marketing section, they’re primarily a tactical overview of the marketing initiatives for the business with emphasis on where the marketing budget will be spent.
This plan rarely looks at marketing from a strategic perspective, and even when it does, it’s usually only in a cursory manner. A solid marketing plan takes the ideas and concepts developed in a solid marketing strategy and outline what and how the company will be doing them from a marketing perspective.
If you’re contemplating investing your time and money in a marketing plan for your business, here are four things you can expect to get out of it:
1) Prioritized marketing activities: A plan would be pointless unless it indicated what are the most, and even the least important marketing tactics the business should undertake.
2) Budget allocation: One of the true benefits of a marketing plan is its ability to allocate finite financial resources against competing priorities, and get buy-in from all interested parties.
3) Heightened focus: This plan provides a roadmap for the business’ marketing activities, and helps to get everyone focused on the key objectives.
4) Provides a tangible link to marketing strategy: Many businesses don’t see the value of a comprehensive marketing strategy if it can’t be translated into something tangible. A marketing plan does just that since the key elements of the plan are identified directly from the conclusions derived from the marketing strategy itself.
Any business that wants to become more deliberate, cost-effective and strategic with their marketing efforts should consider developing a marketing plan. It will help you leverage your marketing strategy to deliver superior marketing efforts that will resonate with your target market while delivering real, bottom-line results. Contact us today to learn more.