Why You Need a Marketing Plan

Marketing is the key to a successful business and you need a marketing plan whether you run an online business, a laundry mat or a lemonade stand.

Do you think McDonald’s is the most popular fast food restaurant because it serves the highest quality of burgers or because it has extremely effective marketing? A marketing plan is designed to make your marketing more effective so that your products or services reach more people, in turn making your business more successful.

Your plan will help you identify your target audience and niche market so you know exactly who to direct your marketing towards. Knowing this information alone will save you time and money by focusing on the people who are most likely to purchase your product or service.

It will also help you to stay consistent. You will lay out a schedule and steps for each marketing tactic so that each time you do it, it becomes simpler, faster and part of your regular routine. This makes it less overwhelming and easy to stay on top of.

Most importantly your plan will set out a marketing goal so that you can stay focused on tactics that will help you reach your goal instead of wasting time on ones that won’t bring you any closer to it.

Because your plan helps you stay focused and saves time, you can direct more of your attention to building client relationships and improving and producing new products and services. This way your business maintains a high level of quality while you attract new prospects and clients through your existing marketing. Positive mouth to mouth feedback is not something you want to miss out on.

Another aspect of a marketing plan is competitor analysis, which will enable you to identify your place in your industry and arm you with marketing ideas that work for businesses similar to yours. As your industry and niche market change you’ll want to tweak your marketing plan accordingly so not to fall behind the competition.

Taking the time to create a well thought-out marketing plan will definitely help your business grow faster in the direction you want, and will ultimately save you both time and money to spend doing the things you love in life.

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This entry was posted on Friday, May 15th, 2009 at 3:30 pm and is filed under Home Based Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

 

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