Having a marketing plan for your small business makes it easier to organise your marketing efforts and use your capital in the best way possible. It will ensure that your business’ marketing are effective, which will drive growth and increase profits.
Having a marketing plan will also help you track your KPIs and return on investment for each marketing technique. This makes it easier to get the most ‘bang for your buck’ from your marketing efforts.
Despite all of these benefits, many Small to Medium Enterprise (SME) owners don’t bother writing a small business marketing plan. They simply jump right in, which can waste capital and reduce the effectiveness of their marketing efforts. To help you understand the importance of writing a small business marketing plan, this post will share some of the many additional benefits a marketing plan provides.
It will help you find your audience
It’s much easier to sell a product or service if you have identified the people who are interested in it. The more you know about your potential customers, the easier it is to craft a marketing campaign that engages them effectively. Preparing a business marketing plan ensures that your customer research has been completed and you understand how it affects your marketing strategy.
It will help you measure success
Developing a small business marketing plan helps you put the right measures in place to evaluate the success of each marketing strategy. This usually takes the form of various Key Performance Indicators (KPIs) including Sales Qualified Leads (SQL), Return on Investment (ROI), Customer acquisition cost (CAC), Customer engagement, and Brand awareness. Accurately measuring the value that your marketing efforts provide helps you make the most of each advertising dollar.
It will help you define business goals
Most small business owners are so busy running their business that they rarely get time to reflect on the future of their business. Developing a small business marketing plan helps by placing your focus firmly onto your future prospects.
You must decide what you want your marketing efforts to achieve. Do you want to grow the business nationally? Enter into new markets? Attract more buyers from a specific demographic? By reflecting on your core business goals, you are more likely to take action and improve your business in new ways.
It will help you find define your brand
Brand development is a crucial part of any small business marketing plan. You will use your marketing plan to define several techniques that make your brand stand out from the crowd. Having a well-developed brand will provide your business with many incredible advantages including a stronger reputation, enhanced customer trust, and better brand awareness.
It will help you discover more marketing opportunities
One of the best reasons to write a small business marketing plan is that you will discover new ways to promote your business. You may already be aware of traditional forms of advertising like print media, radio, and television. But what about email marketing, social media marketing, viral marketing and CPC advertising? Many of these new forms of marketing are extremely effective, affordable, and easy to implement.
It can help you build business assets
As you identify and implement new marketing strategies, you will also be improving the value of your business. That’s because you will be creating valuable assets like email lists, social media accounts, and blog subscriber lists. If you decide to sell the business in the future, having a list of 10,000 email subscribers or 50,000 twitter followers will dramatically improve its value.
It can help you find a niche
Identifying your business’ unique selling proposition (USP) is another task usually performed when writing a small business marketing plan. Your USP is the unique benefits exhibited by your business, service, product or brand that make it stand out from competitors. After identifying your USP, you will find it much easier to target your sales efforts, find your niche in the market, and reach identify the consumers who want whatever you are selling.
It can help you form partnerships
One of the most useful small business marketing strategies available is the forming of strategic alliances with complementary businesses. Complimentary businesses are enterprises that are in the same market, but offer a different product or service to your business. For example, a gym and an athletic clothing store could partner together to give customers discounts at each other’s stores. You may be able to obtain useful partnerships by using this approach within your small business marketing plan.
It can help you identify opportunities and threats
As you go through the process of creating a marketing plan, you will be looking for new marketing strategies that can help your business grow. However, as you analyse your own business, your target audience, and your competitors, you may also identify threats to your business. This can be very useful as it will help your business take advantage of opportunities and take steps to avoid potential problems.
As you can see, developing a marketing plan can help your small business in many ways. If you want to learn more about creating a small business marketing plan, contact us today