Creating a marketing plan will provide you with a roadmap of who you need to reach (target audience), how you will reach your target audience, and what you need to do to encourage them to purchase your product or service.
Marketing plans guide you in how to bring business to you. By outlining clear, realistic and measurable objectives, including deadlines, budgets, and the key performance indicators, you are able to understand the success of your efforts.
Marketing plans can include market research, which helps you to identify:
- your key customers, where they are located, their needs and values, and how much they’ll likely pay for your offering
- your key competitors, where they’re located, and how your offering stacks up
- your marketplace issues and how these can impact your business operations.
Regular market research can help you adjust your offering over time in line with your industry.
For more information and to download a marketing plan template, visit How to write your marketing plan.