What's the Importance of a Marketing Plan for your Business?
Importance of marketing plan
Marketing is your perfect way to make your business get a chunk of the market. In other words, business couldn’t survive without marketing! This short introduction may give us an indication of the importance of a marketing plan, and why you should prepare a strong one for your brand.
What is the marketing plan?
Marketing plan is like a detailed procedural document that outlines the marketing efforts that will be done to achieve business goals, including marketing strategies and tactics to be followed, defining target market, target audiences and segmentation, budget and estimated results.
It’s the roadmap that business could follow to execute the marketing strategy that has been done in the previous step, to encourage customers to buy your products and services.
Your marketing plan could be your guidelines that keep you away from being distracted or confused regarding your business goals and what are the real steps you should take to achieve them. You can always get back on the right track with a well-structured marketing plan, having your defined KPIs which could help you assess your chosen route to attain goals.
Benefits of Marketing Plan
1- Marketing plan helps you study your competitors
Competitive analysis is an important part of a marketing plan, it’s the process of not just understanding your competitors, but studying what they do, their strengths and weaknesses, and their position in the market. This will help you to know more about the market, find new opportunities, understand your competitors’ strategies to exceed what they do, and stand out from the crowd with your brand.
2- Marketing plan helps you identify your target audience
You can’t sell to everyone, even if your business serves a wide range of customers, you still have to define your target audience, and that is what an effective marketing plan should include.
Your marketing plan will help you figure out who your ideal target customers are, how they live and where, what are their preferences, values, needs, demands and problems? How do they look? What is their lifestyle? And so on.
Identifying your target audience in detail will make it much easier for you to choose the right tone of voice in your marketing campaigns, the suitable language, the appropriate channels, to make a successful marketing campaign which addresses your target customers who really care about your brand.
3- Marketing plan provides you with a clear action plan
Market plan works as a guidebook for your business, you could always get back to it to find answers for your questions. An effective marketing plan is a well-studied action plan that could guide you to the next steps, even when you decide to change your chosen route to cope with new trends and changes.
4- Marketing plan helps you measure your effort
One of the most important benefits of a marketing plan is that it provides you with KPIs and metrics that help you measure your marketing effort and evaluate your marketing performance.
When you check if your website’s ranking on SEO and social media insights are compatible with your business goals, and work in alignment with each other to improve your business, your marketing plan becomes like a reference point that you can get back to.
5- Marketing plan helps your measure marketing ROI
ROI which refers to Return on Investment is the backbone of any business to continue, costs should be translated into profit. That’s why your marketing plan should include 3 main points, specific marketing goals that could be measured, the activities that would achieve it, and time table for these activities to be done. These 3 elements guarantee you to spend on marketing activities that will make you gain positive ROI.