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Why is a marketing plan so important for business success?

Marketing plans are a CRITICAL tool for any SIZE business. It doesn’t matter if you are a solopreneur or a big corporation.

Many people say to me “What is the difference between a business plan and a marketing plan and do I need both?”

The answer is yes, you do need both. A business plan provides an overview of the business, including information on staff, operations, locations,  financials, as well as clearly outlined missions and goals. There is also a section on marketing but this is at a broad level.  Business plans are often used as a financial tool to provide lenders with the necessary information to determine if the business is viable with the ability to repay loans.

A marketing plan provides a blueprint for your business’s success.

It will define your objectives and provide you with a road map with strategies to achieve those objectives.

Investing in a great marketing plan is a must for every small business owner and here are some reasons why.

A well thought out Marketing plan will:

  • Formalise ideas you have in your head
  • Keep you focused and on track
  • Establish tasks and timelines
  • Identify how to ATTRACT and WIN new customers
  • Maximise GROWTH and PROFITABILITY
  • Help you stay ahead of the competition
  • Identify your positioning and value proposition
  • Set out clear S.M.A.R.T (Specific, Measurable, Achievable, Realistic,Timebound) objectives
  • Identify your ideal customer’s needs, wants and desires
  • Provide a detailed strategy on how objectives will be achieved
  • Create a Marketing Activity Plan Calendar and action plan
  • Determine measurement and ROI on campaigns

It’s a good idea to invest in help when creating your marketing plan from a marketing expert. If you are interested, check our marketing planning and strategy packages here.

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