Small and medium business owners on the Gold Coast and across Australia, often think that a marketing plan is something that only large corporations and businesses should bother with. However, nothing is further from the truth! A successful business, no matter what the scale, always has a marketing plan.
What Is a Marketing Plan?
A marketing plan is not your business plan – they are separate documents, although the marketing plan should be part of your overall business plan.
A marketing plan is where you outline your marketing and advertising goals, along with the different strategies and necessary data that you need in order to reach those goals and objectives. A general guide would be composed of the following segments:
Your marketing goals. These are the specific objectives that you want to accomplish in the coming months or years. For instance, increase lead generation and customer acquisition by 50% in the next 12 months. This is a sample of a clearly stated marketing goal since it can be easily measured and is time-bound.
Your target market. List down the people that your business will be catering to. Are they individuals or businesses? Is your online store, for instance, catering to teenagers or the employed young adults?
Your marketing strategies. After identifying the demographics of your customers, you need to list down the different methods that you will implement in order to reach them. Are you going to use advertising methods like print, radio, or TV? What about social media marketing?
Perhaps Facebook, Instagram, or even PPC ads.
Your marketing budget. You should set yourself a marketing budget, or you could find yourself spending unnecessarily. If you are planning to use flyers, how many flyers will you need and how much does one cost? If you are planning to advertise on Facebook, how much money will you need?
Why Do You Need A Marketing Plan?
Developing a marketing plan takes time and can be challenging when trying to do it yourself. It is, however, crucial if you are serious about growing your business.
One reason you need a marketing plan is that it helps to give your business direction. For instance, if you have a business goal to improve sales by 200% in the next year, then a marketing plan will identify how you can achieve that. When your business and marketing plan are aligned, coupled with a well-laid out strategy, you’ll have a clearer route to reach your goals.
Aside from that, a marketing plan will also help to save your business money. How so? Well, one of the things that can drain a business’ capital is marketing incorrectly. You can spend tons of cash on a great website, billboards and print, TV and radio ads and so on. However, if you are marketing your products and services incorrectly, it doesn’t matter how great your ads are.
On another note, a solid marketing plan can also help add value to your business. When seeking investors or looking at an exist strategy, investors nowadays not only look at the company’s business plan, but also in their marketing plan. They will want to know who your target market is and how you are already marketing to them. When they see that you have a clear process of reaching prospects and clients then your business gains credibility.
There is no denying that a Marketing Plan is crucial for any business. If you still don’t have one, then now is the time to start. Please speak to us if you need help. We have created dozens of Marketing Plans for Gold Coast and National clients and would be happy to assist – [email protected]