A well-crafted marketing plan is the foundation of a successful business. This blog will explain why it’s imperative to plan your marketing strategy before implementing to see success. This can be the difference between a successful business and a flop.
What’s a comprehensive marketing plan and why should I have one?
A comprehensive marketing plan is a strategic outline and strategy of a business that serves as a guide to improving its marketing performance. Many businesses, especially small businesses, don’t put the time and effort into improving their business brand which can hurt them in the long run. Popular companies (we all have heard of) take the time to put together a plan that identifies their market and target audience, sets goals and objectives, allocates budget and resources, tracks performance, and so much more. These companies have a huge advantage over competitors that do not put a plan together.
How does it work?
1.) Market Research: There are a million different ways to put together a marketing plan. But typically it’s best to start with doing market research on your business’s industry. See what competitors are doing, how you are positioned in the market, and what opportunities you see to stand out. Defining who your target audience is can also be done in this step. For example, a company that installs high-end backyard pools may want to focus on people between the ages of 35 – 75 with a home value of $500,000+ and have a backyard large enough to fit a pool.
2.) Identify Goals: Once you’re done with your market research, identify what you would like to achieve and set optimistic, yet realistic, goals. A brand new company may have a simple goal of increasing its online presence within the next year. While more mature companies may focus on getting +25% more sales this year versus last.
3.) Implement Marketing Strategies: Once goals have been established, put together a plan on what marketing strategies you need to implement to meet your expectations. The brand-new company that wants to increase its online presence may simply need a website, directory management, SEO, and a social media presence. While the more mature company may put together a more sophisticated advertising plan across multiple channels and spend thousands of dollars.
4.) Track Goals & Adjust: Once a plan is set in action, you need to measure performance and adjust accordingly to reach your goals. Every business’s goals are a little bit different so there are many different ways to track your progress and even more ways to adjust/optimize your plan. This step can be very challenging if you do not work in the marketing field, but is extremely important. Hiring a marketing professional saves a lot of time and money.
The best way to put a plan together:
Every business is different and there is no “one size fits all” marketing strategy so it’s not a simple task. Let’s face it, not every business owner/manager has a marketing education background. That’s where our team steps in. Hiring a marketing expert saves you time, money, and a lot of headaches. Our team has the experience, knowledge, and access to the latest tools to ensure your business gets the best possible results. Contact us to set up a free consultation on how we can help you plan your marketing success story.
