Using a marketing plan can help you and your employees work together toward a common set of marketing goals.
A marketing plan is a written document that outlines your company's marketing and promotion strategy. It communicates your marketing objectives and describes how you will accomplish each of those objectives. Using a marketing plan comes with a variety of benefits, allowing you to analyze and identify several important aspects of your business.
Understand Your Competitors
Marketing plans include a market analysis section. Here, you describe the target market for your company and identify your competitors as uncovered through market research. Understanding the unique value propositions for each of your competitors can be an advantage for your company because it provides insights into the strategies your competition uses to position their products and services. Knowing this allows you to determine where you can differentiate your company from your competitors.
Identify Your Strengths, Weaknesses, Opportunities and Threats
The situation analysis section of your marketing plan should include a SWOT analysis, which stands for the "strengths," "weaknesses," "opportunities" and "threats" for your company, according to Peter Viliamu, writing on the Eige Consulting Services website. Creating a SWOT analysis is another advantage of using a marketing plan because it can help you determine where to strategically focus your marketing efforts.
Refine Your Focus
Another benefit of using a marketing plan is it allows you to focus your company's efforts on achieving a set of specific, measurable goals and objectives. This lets your employees unite for a common goal, and will provide them with a shared vision for what you are hoping to accomplish with your marketing efforts. It also provides a framework for your company to follow during the upcoming year.
Bring in New Business
Your marketing plan can help you identify the market segments that are best suited for your products or services. This can lead to more leads and prospects in your business development pipeline as well as new business opportunities.
Measure Your Results
Your marketing plan should describe how you will measure success for your marketing and promotion efforts. Identifying how you will track and measure your marketing campaigns will help you determine what types of marketing materials are most effective at reaching your key audiences in the future. You can then use the tactics that bring the best return on investment and get rid of the ones that aren't producing results.
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