Challenged with difficult economic times, it is difficult for many small businesses to maintain or increase their sales and revenues. Even in good times, competitor actions and an increasingly well-informed and fickle consumer make it hard to push your enterprise to the next level.
For entrepreneurs and small business owners everywhere, the springboard to better revenues comes through better marketing. And that means having a marketing plan.
Many small business owners and managers overlook the benefits of proactively developing a strategic marketing plan and there are many reasons for this. Some entrepreneurs believe that a marketing plan is used primarily by large corporations with huge budgets; or that their own business or brand is too small to justify the effort.
Not true! Any brand, no matter how small its scope of activities, needs to coalesce a strategic approach to marketing by putting it down on paper. That means you.
It’s simple. Think of your strategic marketing plan as your business roadmap. It’s a comprehensive document that forms the foundation of all of your business activities. Don’t be intimidated: You can develop a solid marketing plan over one or two pages.
Armed with a marketing plan, you’ll get the benefit of a document you can refer to when the need arises to get more traffic to your website or in your front door.
You, your brand and your business will then be in a better position to:
Identify and clarify the objectives you want to achieve
Focus your time, attention and (most importantly) your investment towards efficient business tactics
Direct the development or improvement of your product or service offering
Identify your target customers and potential customers
Align your pricing with the market and your business reality
Organize your distribution strategy to best meet the needs of your customers
Form the basis of your promotional, advertising, and communications activities.
For more detailed information, read up on Wikipedia.
In upcoming posts, I will walk you through the components of your marketing plan – you will see your business in a whole new light!