A common theme has emerged on the question to small business owners on The Marketing Mojo Show about “what keeps you awake at night?” Not surprisingly to us, the answer is: generating new business. Even when business appears to be smooth sailing, small businesses are more susceptible to market changes, client issues and budget woes, creating a constant concern about the next big account. Whether it’s securing leads, making the ideal match between the client’s needs and the goods/services offered, following up on referrals or just being in the right place at the right time, the solution is often a marketing plan away.
The U.S. Small Business Administration (SBA) has this to say on the subject:
Marketing is crucial for small business owners… Think of your marketing plan as a kind of “business plan” for your marketing.
So, as a service to sleep-deprived entrepreneurs, here are 5 reasons to develop and implement a marketing plan.
- A good marketing plan will sync with the goals and objectives of your company and allow you to identify target audiences, reach your marketplace and grow your business. Your organic baby food start-up’s marketing plan, for example, will have a specific customer target and where/how to find these customers.
- Putting things in writing helps give you achievable goals and allows you to focus on important matters and maximize your resources. It also guides you on what not to do. If your business needs are best met by LinkedIn for example and videos are not relevant for your industry, then it won’t make sense to have a YouTube channel and produce videos even if this is a cool thing to do.
- It helps with your budgeting. Marketing should be a thoughtful budgeted item, not a series of random, unaffiliated acts. A plan will allow you adjust your priorities to account for the costs and help determine the pricing structure for your goods/services.
- It serves as a guidebook for everything you do such as branding and helps determine what makes sense to do in all areas such as social media, daily deals and advertising.
- It is an internal roadmap for success. The strategies and timetables give structure and meaning plus provide a source to measure and celebrate achievements. It’s not a coincidence that the most successful companies have ongoing, powerful marketing plans.
Get working on your marketing plan and catch up on your sleep.
Leisa Chester Weir
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