It is important to take a thoughtful, step-by-step approach to marketing planning for your business. If done right, it can yield a number of valuable benefits that can kickstart success, here are the benefits:
It encourages you to revisit old habits and assumptions
In a world that is constantly changing, you have to learn to adapt – doing things the way you’ve always done is not a winner’s strategy. A good marketing plan should take you, to some degree, out of your comfort zone and question everything you’ve done to date and why you think it will work. Just because you “always do things that way” doesn’t mean it’s effective in different cases.
It reduces risk by adding new facts
The process of developing a marketing plan forces you to re-examine your market, your competitors, your target audience, and your value proposition to prospects. This type of focused research reduces risk because it forces you to evaluate your business model and marketing program before you allocate time and money to marketing strategies any further. Companies that conduct systematic research on their target audience grow faster and are more profitable.
Providing accountability
A good marketing plan allows your marketing and business development team to set specific targets and measure their progress towards them. Management is responsible for providing sufficient resources to ensure the marketing plan has a reasonable chance of success.
Will be more proactive than reactive
Planning ahead gives you control over your marketing so you can maximize its impact. However, it is important to be agile enough to react to changing circumstances. Having a well-documented plan makes it easier to change it.
Can be a competitive advantage
High-growth companies use their marketing strategy as a differentiator. By thinking about what makes your company unique, you should be able to develop a compelling differentiator – one or more obvious reasons for choosing your company over a seemingly similar company.
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