No business operating in any market can survive without its customers. The question is, how do you draw new customers to your company and keep them coming back?
While there’s no surefire formula for instant success, having the right marketing and strategy can take you there faster and most cost-effectively. Although all established companies spend considerable time and resources to study their markets and craft the proper strategies, many small firms have an impromptu approach to business, functioning without a marketing strategy.
A marketing plan is a key strategic document that clearly defines the marketing efforts you need to make to meet your business goals, budgets, target audience, branding, and communication style.
A thorough marketing strategy and plan requires skill, time, and research to develop and perfect. For this reason, it is easily overlooked, but the evidence shows that you’re unlikely to make your sales and business goals without one.
“Building a successful business requires strategic focus and a solid understanding of what your clients need and how they spend their money. A good marketing strategy doesn’t happen by itself and should be built around meeting your business goals. Different marketing activities will take your business in different directions, and you need a proper strategy before you invest your time and money in marketing.” Anna Stella, CEO of global marketing agency BBSA.
Key benefits of writing a good marketing strategy and plan include:
1. Get new clients, and retain your current customer base
Writing a good marketing strategy and plan is undoubtedly not an easy task; however, it remains essential as it further offers the opportunity to research, reflect and develop your business’s vision, goals, and everyday working practices as a reference point. The marketing strategy and plan should be grounded on a good understanding of the needs of your target audience and how to effectively communicate with them.
2. Increase your profitability
A company will not perform optimally without a strategy to engage new customers and markets. Your marketing strategy and plan provide momentum and a route to growth. It gives any company the focus it needs to succeed quickly, profitably, and sustainably. Since we’ve put in the groundwork upfront, there’s a clear plan of action and a clear goal to work toward. Using the information gathered in the plan, you’ll avoid decision paralysis and constant strategic changes when companies aren’t working towards a professional marketing plan.
3. Get new investors on board
Not only is your marketing plan the primary document in your business strategy, but when it is thorough and well-researched, it can assist you in drawing investors and raising funds for your business.
Simply put, a marketing plan is an indispensable part of every business plan. Organizations or individuals willing to fund your business will use your marketing strategy plan as a benchmark to gauge the viability of your business.
Should you need help writing your marketing strategy and plan or need help auditing your current marketing activities, you can get professional help from our chamber member BBSA – the outsourcing marketing experts. They offer a special rate to chamber members, so feel free to book a free marketing consultation at www.bbsa-marketing.com.