Why is a Marketing Plan Essential?

10 11 2009

A Marketing Plan is essential in much the same way as a Business Plan is essential; they both give you an upper hand when you start your business. A Marketing plan needs to be detailed and in-depth. When you are writing your plan, make sure that you have a copy of your predicted finances for the year. You will then be able to see how much you can spend on marketing.

Marketing plans make sure that the whole company knows what the marketing efforts are going to be, and also helps you to monitor how well your marketing is doing. They are also useful because it helps you to stay on track.

If you have outlined a certain budget for marketing, you stick to it, unless your finances are in a better position than you expected. Effective marketing plans are based on thorough research and strategic analysis of your marketplace, competitors, and your product. It is also based on strategic objectives.

If you haven’t carried out strategic analysis and business planning, your marketing plan could fail. In addition, marketing plans must be based on clearly stated vision, missions, and goals for your company. If you don’t have a clear vision, your marketing plan could take you in a direction completely different from your intentions, and will almost certainly fail. The more time you spend on planning and managing your plan, the greater your growth will be, with lower marketing expenditure, and a more proactive, healthier work environment.

I hope you found this post helpful. Please leave a comment if you know any other reasons why a marketing plan is essential.

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