I know you have a lot going on, as a small business and entrepreneur you’re busy in tactical design, closing the sale, increasing lead generation and serving your clients. Most of your day revolves around understanding content marketing, implementing Facebook advertising and segmenting your next email campaign. Even when you’ll do an online search, you’ll read mainly about tactics, benefits of to-do lists or creative ideas instead of understanding strategy and the benefits in developing a marketing plan.
As a young company, you have so much to offer, and yet, your business isn’t based on a marketing strategy.
If this resonates with you, here are three reasons why you don’t need a marketing plan:
- Clear Direction: You never feel you’re the last to know anything. You’re customers and employees tell you what they need before the problem occurs, trending opportunities become lost and competitive forces affect your profits.
- Competitive Advantage: You serve your business in the best way possible. There is no knee-jerk reaction to your business, allowing you to have that competitive edge. And, you will continue to nourish your competitive advantage because you hired the right people who have a clear direction of company growth.
- Brand Vision Is Clear: Your people understands the brand vision and the competitive edge your business brings to the market. Everyone shares the clear path in how to develop the brand vision including defining who is your ideal client, entering which market segment and developing what product features.
Connecting The Dots
As you can see, everything is connected. In addition to the clear path and brand vision, your marketing goals are aligned to social media KPIs. Also, these goals are action oriented, helping to drive your company towards extreme competitive advantage.
The extreme competitive advantage can be either developing an economic system that is unassailable or by developing a relationship with a customer or a supplier that is not available to your competitors, and accomplished by hiring the right people. The right people who need a clear path and brand vision.
More importantly, strategic planning is all about making a series of different decisions to get to a particular goal from a starting point. Without it, you’ll probably be making decisions you’ll regret and lose direction.
Food For Business Thought
- Over three-quarters, (77%) of respondents (marketing teams in companies)who were extremely satisfied with their marketing team had documented marketing plans.
- The idea or plan that your product or service will successfully gain market acceptance through organically-derived, viral activities is out-dated. Companies like Snapchat and Uber don’t just happen and are not over-night success. These companies had financial backing and a marketing plan.
- Your industry is fast-moving and planning is a waste of time. We consider the Market Planning as agile. No longer a 5-year plan rather the planning cycles are relatively short. The longest plan is a year long, some are quarterly planning.
- 34% of Marketers Did Not Have a Documented Plan Last Year, Marketing Profs
- 5 Reasons Why Marketing Planning Is Good For Business, TMB Agency
- What is Strategy, Again? Harvard Business Review
- Strategic Planning: A Roadmap to Success, Ivey Business Journal