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Every company, no matter what size it is, has a business plan to execute how it will be successful. A marketing plan is also key to that business success. 

According to research, two-thirds of small and medium-sized businesses (SMEs) do not have a marketing plan.

If you have ever watched The Apprentice, you will know that in every task someone is assigned to lead on marketing. One of the tasks is even all about marketing. So if the father of business deems it important, it’s a no-brainer why marketing plans are essential to business success.

Here are some key points on how a marketing plan will help your business:

  1. It helps you to focus on what your objectives are – marketing plans play an important role in achieving business objectives by giving you tangible targets to aim for. Your marketing plan helps you to think about what products or services you need to promote your business. It is essential to regularly review the progress of how you are moving towards achieving these objectives to ensure you’re staying on target. Sometimes you may need to refine objectives as time goes on to meet the ever-changing landscape that you are in. This does not mean you have failed, but if objectives are consistently unachievable then you need to rethink how high the bar is in your goal-setting.
  2. It helps to focus on who your target audience is – every business starts off with a clear target audience in mind for the service or product you’re providing. With your marketing plan, you can ensure that you are reaching them through every means possible – the appropriate social media channels, the right advertising mediums such as online, digital or print, engaging with the right media contacts. This will ensure that you provide a high quality, bespoke service to your target audience to meet their needs. Regardless of what budget you have for marketing, identifying which social media channels or media advertising means are suitable for your target audience, will ensure that you do not spread yourself too thinly. Not every channel will be appropriate for your audience – a TikTok or Instagram audience is very different to a print media audience for example.
  1. Everyone working in the company knows what they are doing – marketing plans ensure that all staff know what the objectives are and what is essentially expected of them. It provides consistency both internally in the company and externally to the clients, which therefore enhances trust in, and the reputation of, your business. 
  1. It’s cost-effective for you – everyone wants to save money as well as make a profit in business. Marketing plans will help you achieve that through mapping out what you need to do to achieve your business objectives. Creating these plans are at no cost to you in monetary terms.
  2. Invest in a customer relationship management system – these systems help you to keep track of who you are engaging with and the conversations that you have had with them. By using social media analytics, email marketing and tracking website traffic, you will able to know where and who to continue conversations with. You can also execute multi-funnel marketing, which helps you capture and maintain customers.
  1. Investment and business success beckons! – in order to get investors’ interest, you need to be able to show them how you envisage your business direction. Without it, investors will not understand how financially viable your business is. Investors don’t mind an element of risk, but at the end of the day they’re interested in making a profit, as are you! Laying everything out in a plan provides reassurance that you have thought through how to achieve business success. 

Marketing plans take time to develop and implement, but the evidence on how it critical to business success is has no bounds. 

Remember, not every marketing avenue will reach your target audience and therefore business needs, but planning and research is key to finding out what does work for you and your clients.

If you would like guidance on a business marketing plan, get in touch to see how we can help.