How To Create A Marketing Plan For Your Small Business
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Marketing a new or small business can be a complex task to juggle. Not only are you looking to expand your customer base, but you also want to generate high levels of repeat customers.
All businesses are tasked with properly marketing their products and services to run a successful and growing business, making it important to understand the basics and benefits of a marketing plan.
So if you'd like to create a marketing plan for your small business, this article is for you.
What Should A Marketing Plan Cover?
In the modern age of technology, there are a plethora of tools to utilise in planning and executing your marketing plan. Not only are business owners able to reach almost anyone in the world with digital marketing, but data analytics allows businesses to understand exactly how their marketing campaign is performing.
Your marketing plan should answer a few basic questions to be effective, including:
- How is my business, product, service, or offering, unique?
- Who is my target audience?
- What is my customer persona?
- What is the current customer demand?
- What need does my product or service cover for customers?
- What differentiates my product or service from competitors?
Marketing costs money. Your marketing plan should also have a budget to identify how much capital the organisation is willing to spend on marketing to acquire new customers.
A metric or indicator should be chosen and continuously monitored for the organisation to evaluate its return on investment from advertising.
Additionally, not only should the marketing plan identify how to reach new customers, but it should encourage existing customers to continue associating with the organisation. Keeping paying customers within your ecosystem is a great way to ensure long-term success for any business.
What Are The Benefits Of A Marketing Plan?
Before ever releasing a marketing campaign, businesses should conduct market research, develop marketing strategies and goals, create a plan for controlling and monitoring the campaign, and understand what they are trying to accomplish and how they wish to accomplish it. Industries that rely heavily on the services of an individual or employee, such as construction or allied health, can especially benefit from developing and employing a successful marketing plan. Construction and allied health industries are service-based. Many customers reach out to companies in these industries for long-term or high-value projects.
Furthermore, marketing campaigns allow for customers to have prior knowledge of a company and the services they supply. Customers will often choose a service partner based on brand awareness and their previous knowledge of that company. For example, a bad storm rolls through the town and many houses are in need of repairs. Customers reach out to the local construction company because of their ongoing marketing campaign on TV, social media, and at physical locations. The rival local construction company would receive far less business because they did not employ a marketing campaign prior to the storm.
Overall, having an excellent product or service is only the first step to creating a thriving business. Businesses must search for new customers and strengthen relations with existing customers through successful marketing planning and campaigning.
Be sure to check out our articles on marketing for more information:
- How to set up your first Facebook Ad
- How to set up your first TikTok Ad
- How to set up your first Google Ad
- Creative ideas for guerrilla marketing campaigns
- Marketing strategies every Australian small business needs to follow
And this list of marketing articles that is constantly growing!
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