Market Research – 3 Reasons to Create a Marketing Plan

If you’ve been in business a while, you may have noticed that customers don’t just come to you while you twiddle your thumbs. Passive strategies rarely work, even if you are doing some market research marketing, more often than not you will be beat out by your competitors who are actively conducting campaigns and implementing marketing techniques that may include promotional giveaways, sponsored reviews and social networking.

Even if you know your competitors like the back of your hand, you are completely aware of your market and have competitive pricing in place, there will come a time when you recognize that marketing is one of the most important functions in a business, they are integrated resource that fuels sales which are the life blood of a business.

The following are 5 reasons why you should create a marketing plan.

Benchmarks –

Benchmarks are the key to reaching success in business. You need to set a goal and create a plan that has milestones so you can monitor your progress. Write it down on paper and try to list the variables and deliverables you will need to produce to reach your goal. Having a written plan is much better than a vague idea of where you want to go. At the end of each week you can look at your results and compare them to your written expectations. If you didn’t reach those goals then you should ask yourself why?

Promotional Purposes -

Marketing and promotions are not quite the same, marketing is centered around preparatory actions for a sale, like preparing ad copy, crafting slogans and increasing brand awareness through product placement and positioning. Promotional strategies are tactics that actively lure potential customers, if the marketing is there; you just need to get the word out. List your promotional strategies in your marketing plan and try your best to do market research to figure out how your competitors are promoting their products and services.

Sales Support -

Think about it, if you were trying to sell something to complete strangers and they didn’t know what it was nor had they ever even heard the brand name before, do you think you would honestly stand a chance? A marketing plan will do a lot to boost the morale of your sales staff, if they had a hard week, you could bust out the marketing plan and let them know that you were implementing strategies on a daily basis designed to make their job easier. Let your sales team participate in the brainstorming sessions for how to effectively market their product or service because after all, they probably know the product better than you do because they are selling it all day long!

The bottom line is that there are a ton of reasons why you need to create a marketing plan for your business. Conducting market research is not enough, you have to go the extra mile and come up with a campaign complete with bells and whistles, if you do your job right, the end product or service will practically sell itself!