Marketing Plan is used by almost all companies and businesses to set their goals. It is a business document where you plan your strategy and tactics. It is prepared for a specific period of time. This helps you and your customers to understand why your product or service is different from your competitors. This basically covers all the varieties of marketing-related details, such as costs, goals, and action steps.
You need to tailor your offer so that your target customers believe that your offer is superior to what is being offered by your competitors – this is your “competitive advantage”. Competitive advantage comes down to understanding what your customer values, delivering it and doing it better than your competitor.
Purpose of Marketing Plan:
- It is the road map in providing you with directions toward reaching your business goals.
- It helps you to analyze which markets are accessible to your company and define target markets.
- This helps you to develop products or services in your business.
- It Helps Company to get good value for the money you spend on promoting your products.
- It gives you outline how to promote your business.
- A good Marketing Plan will help you to improve your probabilities against your competitors.
Benefits of Marketing Plan:
Marketing is as important as the product or service you provide. Without marketing, consumers and clients can’t find out. Marketing help you to create awareness among the clients about your product or services. If your marketing plan is not effective, than it will directly hit your sales.
Some of the reasons why a marketing plan is essential to your business success:
- It gives you brief description about your products or services.
- Defined target market: If you don’t know for which segments you are targeting for, than it is pointless to prepare marketing plan and to market your product or services. It’s make you easier to find clients and customers if you know who they are.
- Marketing plan helps you to know what your product or service can do to help a target market. Your messages need to speak directly to your targeted clients.
- Email, social media, advertising, blogging, direct mail, publicity, advertisement on TV, radio etc. You have so many marketing choices, you need a plan for determining the best course of action for your business.