WHY A MARKETING PLAN IS SO CRITICAL FOR A BETTER OUTCOME?
Suppose you are planning to start up a business and require investments at an initial stage. In that case, the bank or investors will be looking at your marketing plan to understand how well everything is planned for the future. That is why a marketing plan is one of the most essential tools for a business to have. Investors would be willing to invest only when they received a clear picture of your marketing plan and only if they see that you will be able to make a positive ROI. In the case of selling your business and exiting the game, investors want to see a clearly structured marketing plan and marketing strategy which will be easy to understand and follow.
Whether you are looking for funding or have your own resources to keep your business growing, it is still essential to create a marketing plan and strategy in advance to get a higher chance of receiving positive ROI.
1. It helps you to have a Focus
The marketing plan ensures that the marketing strategy is implemented and executed in the right way, right time and with the right resources.
Entrepreneurs or leaders usually have weak or not at all focus due to easy access to all the opportunities and flexibility of exploring. This makes it hard to go in-depth and explore the properly single direction and makes it almost impossible to find its full potentiality. But high flexibility can become a problem for the business because it does not allow to deeply focus on a single purpose or a goal.
The marketing plan interlinks with business objectives and provides a clear direction of marketing strategy execution.
2. It helps you Effectively Manage your Resources
In many cases, start-up businesses at their initial stage do not have any marketing plan due to the lack of knowledge or limited resources in terms of their budget to either invest in marketing or hire a staff who will focus on marketing separately.
Lack of resources or budget can also be a reason for not knowing what to do, where to start, and how to do it. Marketing plan and marketing strategy, in this case, provides the opportunity for companies to better manage their resources and budget when investing or spending on marketing. A well planned in advance marketing strategy and plan helps to understand how much money should be invested, where it should be invested and on what it should be spent in order to get better results.
Suppose it is difficult for the business to generate a good marketing plan. In that case, there is another option of hiring a marketing consulting agency to prepare it for you. Afterwards, the company will understand whether it is reasonable to hire a marketing expert or occasionally hire a marketing consulting agency. However, a full-time marketing expert, executive, manager or even assistant will better understand business internally and be more loyal in achieving the set business goals.
With the help of a marketing plan or marketing agency, the correct resource management will help businesses save their time investing it into more valuable business tasks.
3. It gives you full Transparency of your strategy
It can be well said that a marketing plan and marketing strategy is created with an aim to get the return on total marketing investments. But it will really depend on initial business goals that can be increasing brand awareness which has nothing to do with financial return. The results for good results of brand awareness relate only to numbers of followers, likes or comments. ROI is a usually long-term goal while companies monitor and record measurable marketing metrics to see if their marketing plan is effective. Another key objective for the companies could be improving their SEO website strategy and the progress measurable through the number of leads, the website traffic and many other metrics.
A marketing plan gives full transparency of every single action and activity which is required to be made for executing marketing strategy and the set goals. Each element is clearly demonstrated and described in terms of steps and stages.
The gathered data enables you to make better business decisions based on the rich data regarding your budget allocation and marketing strategy. It gives you a focus and provides you with a complete roadmap of how to act and behave in terms of marketing.
4. It provides you with Consistent and Continuous results
There is a tendency when the company is looking to increase their sales only then start focusing on marketing.
This quick focus on marketing activities creates a so-called marketing wave, when you get good results, new clients and good statistics. Such waves do not last for long because it misses marketing plan and does not rely on marketing strategy. When this marketing wave is over, the company focuses only on new clients. Therefore, it has no plan in what to do next, thus stopping concentrate on marketing activities because they think the outcome was achieved.
A marketing plan and strategy enables you to manage your business on a regular basis. Improving and upgrading your marketing plan allows you for consistent and continuous client growth, good business results and eventually ROI.
You will end up with consistent monthly figures concerning sales and website leads.
5. It gives you Clarity
The business performs better when it has clarity of what it is doing, as it knows what every employee exactly should be done and how it should be done.
By having a marketing plan and marketing strategy, every single employee will know its tasks and have clarity of how to achieve the set business goals.
Clarity enables employees to stay motivated and not waste time on unnecessary tasks. It allows individuals to understand its contribution to the business.