Why is Having a Marketing Plan Important to Your Business

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Your Marketing Plan for your businessMarketing is one of the key components of a successful business, and without question, most entrepreneurs and small business owners are not marketing nearly enough. Marketing is often confused with Sales, but they’re really two different things. For sales to be realized, effective marketing must take place first.

What is Marketing?

The American Marketing Association defines Marketing as:

“… the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”

The definition by Wikipedia is a little more complex, but really sums up, in a few short sentences, what you need to know about marketing your business, and how it can be done effectively to meet the needs of your target market and your business.

Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service.

Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and customer relationship management that also benefits the organization. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer behavior and providing superior customer value. From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships.”

Why You Need Marketing Plan

Whether you’re just starting a business or have been in business for a while, it takes an investment in time, energy, and financial resources. These are basically your most important resources, and you would not want to squander them by approaching your business without a goal, a plan and strategies to achieve those goals.

Your marketing plan, not to be confused with a business plan, is a roadmap or path for one of the key components of your business – marketing. It helps you refine your strategies and maximize your efforts to get your products and services in front of the right people who will then want to buy what you have to offer.

Frankly, when I started my online business, I did not have a marketing plan. I only knew I wanted to get more visibility for the business I did at the time, and as a result I wasted a lot of time and money. I don’t want that to happen to you, or if it has already happened, you can put an end to it.

What are the Components of a Successful Marketing Plan?

In order to complete a successful marketing plan, there are three essential components you must get right. You have to do your research, know what’s involved in your marketing mix – the strategies and tactics you will implement, and always, always monitor your results. This is the only way you’ll know if you’re achieving the desired results; if not, where you need to make changes.

I’ll go into more details about those essential components in upcoming blog posts. In the meantime, if you have questions or need help with your marketing plan, you’re invited to send me an email through my contact form.

 

 

 

 

 


Comments

Why is Having a Marketing Plan Important to Your Business — 8 Comments

    • Yvonne A Jones on said:

      Many of us fall into that trap, Victoria, where we’re just flying by the seat of our pants, as it were, yet with just a little planning and organization, for example creating a Marketing Plan, we would achieve our goals much faster and know what works and what we need to change. Thanks for your honesty, Victoria…and thanks for reading. 🙂

  1. Marquita Herald on said:

    Well said Yvonne. Marketing plans are important to businesses of all sizes and industries. I’ve coached small business start ups and mentored quite a few new authors and while the details and needs assessment will vary, the fundamental purpose remains the same. Plus as someone who’s a bit obsessive about planning, I can’t imagine attempting to manage let alone grow a business with out proper planning. Thanks for the great article!
    Marquita Herald recently posted…Stepping Stones: RiskMy Profile

    • Yvonne A Jones on said:

      You’re welcome, Marquita, and thank you for leaving your detailed comment. Love the points you mentioned, especially the fact that regardless of your business or niche, it’s important to have a Marketing Plan, whether we call it that or not.

  2. Yvonne, marketing is so much easier when it’s not about your own business! I did very well in my corporate career in marketing. But when I started my own business, it was like I lost all that knowledge! I’m better at it now – and reaching out to the Women of Facebook to expand my reach is part of my marketing plan!

    • Yvonne A Jones on said:

      Diane, I think that’s a general problem we small business owners and entrepreneurs have. We can help others much more easily than we can help ourselves, and that is why even the best coaches have coaches. I’m glad you’re seizing opportunities to expand your reach through the Facebook group. Thanks for sharing.

    • Yvonne A Jones on said:

      Spot on, Shaun. It’s just easier said than done for most business owners because it takes time to do the research and then put a Marketing Plan together effectively.

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