One critical area of planning that is overlooked by many business owners is their marketing plan.
Sadly 29% of small businesses don’t have a marketing plan for their business, and that is probably a huge factor in the high failure rate of small businesses.
Do you have a marketing plan in your small business?
Do you update it annually? How about when major events occur in your business and/or industry? Do you spend the time to updated it to reflect those changes?
If you don’t have an updated plan, how can you expect to succeed? And for that matter how do you even know when you have succeeded if you don’t have a plan to define what success even is?
I’m sure a part of the problem is that when most people think of marketing the first and last thing that comes to mind is advertising, but advertising isn’t anywhere close to the whole marketing picture.
Advertising is just a slice of the marketing pie. When you are in business you need to utilize the whole pie.
You Need A Marketing Plan
You need to advertise, but you also need to market in other ways as well, and you need to have a plan as to how you are going to go about doing that marketing.
The your marketing plan should entail most or all of the following components:
- Market Research
- Customer Research
- Product Research
- Competition Research
- Social Media
- Banner & Text Ads
- Radio & TV
Even if you aren’t going to utilize a particular component or set of components, your plan should still address those components, just so you can know that it was a conscious decision not to included them in your plan for this year.
Your marketing plan needs to spell out what it is that you are trying to accomplish with all your marketing efforts as well as how you are going to go about accomplishing those goals.
And remember, as I’ve said before a goal need to be SMART (Specific, Measurable, Attainable, Relevant, Time Bound) in order to be a legitimate goal. Otherwise it is just a dream.
There you go that is why you need a marketing plan for your business, and you need to be updating it on a regular basis. At least annually, but also any time there is a major event within your business or even your industry.
I’d love to hear your thought in the comments below, and as always, please don’t forget to Like this post so your friends can benefit too.
Have a Prosperous Day!