Business planning is essential to ensure that any company remains on track with achieving its goals, vision and objectives. The same applies for marketing planning, that theoretically should be revisited each year by a business. Without a solid marketing plan to guide your business throughout the year, your marketing may be adhoc, missing its mark or plainly not achieving your main business or marketing objectives. But surprisingly, there are still many Australian businesses that don’t invest in the time or resources that it takes to create an effective marketing plan, that essentially can lead to increased lead generation, market share and profits. These are some marketing plan benefits that just can’t be ignored.
Tailored marketing strategies that hit the mark
Every business is unique in the way it operates and will provide its customers with a distinct level of service and quality of products/services. By completing a marketing plan for your individual business, it is therefore clear that the suggested marketing ideas will be tailored towards meeting any distinct business needs and current situation. For example a company in the introductory stage of its life cycle will have different marketing objectives and needs to a business that has been operating for some time and has established a recognized brand. Marketing ideas and strategies for each would be considerably distinct, to suit the individual direction and objectives to successfully market and drive the business over a 6 or 12 month period. A marketing plan benefits a business at any stage or age, to offer a tailored approach to marketing.
Identifying hidden opportunities or areas of improvement
Let’s also take a look at how certain aspects of a marketing plan can benefit a business. So what’s included in a traditional marketing plan? The first portion of the document focusses on analysing the business. Its current situation, strengths, weaknesses, opportunities and threats (commonly refered to as a SWOT analysis), as well as its customer base, current branding and marketing strategies, competitive environment and industry in which it operates are closely evaluated. By simply spending time looking at these aspects of the business, previously missed opportunities for growth or any new segments in the market may be uncovered. On the flip side, a business may also find areas that require improvement, or aspects of the product or business that competitors are further ahead. Again these findings can lead to developing new marketing strategies for the business to build its clientele and market share. And when you engage an outside consultant to step back and complete a marketing plan for your business, the plan may highlight aspects of the business that may have previously been too close to see yourself.
Provide focus and direction for marketing
Once the current situation and environment are analysed and any recommendations are provided, the next step is to determine or set clear marketing objectives, that should be constantly referred upon to provide focused direction for any advertising, promotions, campaigns or customer communications. A well developed document should stipulate how each suggested strategy will meet the set objectives and provide measurable methods of success tracking. Having a marketing plan benefits a business by providing a more focused way of marketing. It provides a much more effective approach rather than haphazardly selecting adhoc marketing or advertising campaigns that may be offered to the business by outside advertisers throughout the course of the year.
Schedule marketing to fit trading peaks and troughs
Another marketing plan benefit is creating timed campaigns or marketing strategies that are scheduled to suit the peaks and troughs of your trading period cycle, so that you’re not wasting valuable resources and funds promoting your business during trading times that don’t require an additional boost.
Marketing Wing Consultancy provides various marketing solutions for Perth small to medium sized businesses. Depending on needs, budget and what your business requires from a marketing plan, you can select from three distinct packages; a 12 Month Marketing Plan, a Targeted Marketing Analysis or a Marketing Snapshot. Our experience with businesses over the years indicates that not all companies have the resources or requirements for a comprehensive 12 month marketing plan, and instead may want a more concise document to provide vision, direction and ideas for marketing. A marketing plan benefits businesses of all types and sizes. Find out more about our marketing plan packages.
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