The Importance of a Marketing Plan
A good marketing plan allows you to reach your targeted customers and boost your bottom line. By setting clear, realistic and measurable marketing objectives, you can increase the likelihood of reaching your targeted customers by helping them understand why your product or service is different to that of your competitors. Furthermore, a well written marketing plan helps manage people and resources to get the most value for your marketing efforts.
An effective marketing plan is a critical component of the strategic plan for any business. It allows the organization to think through its targeted markets and customers while identifying the organization’s unique proposition.
There is an old adage “what gets measured gets done”. This is no different in marketing. By identifying upfront key marketing measures, an effective marketing plan helps the organization stay on track. A marketing plan proactively helps ensure success of the sales plan by providing a clear map for the business to follow in promoting its products and services to those customers that have the highest probability of buying.
An effective marketing plan incorporates all aspects of the business, from what products and services customers want, to how they are priced, to what is the potential revenue stream it may generate. Marketing planning plays a vital role in integrating all business processes from operations, finance, sales, legal and marketing.
By developing an effective marketing plan, an organization will have a well thought out marketing strategy, a clear understanding of the markets, customers and competitors, an improved ability to manage scarce resources while improving brand awareness and customer confidence.
Every company, regardless of size and complexity, would be well served by developing a comprehensive marketing plan.
Ken MacQuarrie, P.Ag, MBA