Recently one of my clients has debated the benefit of having a marketing plan. His idea was to get an action plan that would override and replace the marketing plan in his business to get immediate results.Here are five key benefits of a marketing plan for your business in addition to the business plan you need it created to become accountable.
Key Benefits Of A Marketing Plan
1. A marketing plan makes sense of your business environment to take account of your customers, your competitors, and all the factors that could affect your ability to operate effectively in the marketplace.
2. A marketing plan enables clear decision making to determine what factors will affect your business, and are your products really meeting your customers’ needs, or should you be developing new products.
3. A marketing plan integrates long term planning and short term implementation. Your strategic marketing plan should reach 3-5 years ahead, giving you the ability to look ahead and to be prepared to meet any changes as and when they occur.
4. A marketing plan prevents panic decisions. Sometimes there will be occasions when you want to change course – for sound business purposes.
5. A marketing plan is a working document, is no substitute for a crystal ball – but who has one of those? A regular review of your plan, to ensure that you are following it, and to check that what you are following has not been rendered redundant by market changes, is essential.
Bill Gates displays unbeatable Business Marketing Management. Although he built his fortune on highly technical products, his business marketing mastery is even more important than his technical skills. By using his basic marketing strategy you can emulate Microsoft’s success in your business and yourself.
6. Concentrate your efforts on a market with large potential but few competitors 2. Get in early and big 3. Establish a proprietary position 4. Protect that position in every way possible 5. Aim for high gross margin 6. Plan strategically
7. Be different but better
Apply a strategy, build your brand.
