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What is a marketing plan and why is it important?
Before you spend a cent on marketing, you first have to understand the market and your customers.
Companies of all sizes have one thing in common: They all began as small businesses. Starting small is the corner for those just getting off the ground. Learn about how to make that first hire, deal with all things administrative, and set yourself up for success.
A marketing plan is a blueprint for launching new products, understanding the intricacies of your market, growing your audience, and promoting your company to customers who want what you’re selling.
With a well-designed marketing plan, you can design more effective promotions and impactful campaigns, reach your customers with targeted advertising, and track your business success with analytics. Without one, you might as well throw your marketing budget down a well and hope for the best.
If you’ve been tasked with creating a marketing plan for your company, there are some basic elements to keep in mind. Though every marketing plan will reflect the specific business and industry it’s been created for, most share a few common features and can be boiled down to just one or two simple objectives. In this article, we’ll outline some of the basic elements of a marketing plan and how to write one.
When you’re ready to put the plan into action, WeWork All Access and WeWork On Demand are there to support you with hundreds of dedicated workspaces around the world, so you can seamlessly collaborate on marketing strategy in a professional and stylish office space.
What is a marketing plan?
A marketing plan is a document outlining a company’s future marketing efforts and goals. It can be as short as a single page or made up of many smaller campaign plans from different marketing teams.
However large and complex those plans are, the idea remains the same: A marketing plan is created to organize, execute, and eventually measure the success of a business’s marketing strategy .
Types of marketing plans
Marketing plans come in as many different shapes and sizes as there are different kinds of business, but they can be broadly placed into one (or more) of a few different categories. Here are some of the most common you’ll encounter.
- Annual marketing plans. These types of marketing plans arrange campaigns according to when they’re expected to launch, rather than the content of the campaigns themselves. It’s a useful way to get an overview of a marketing strategy for the upcoming year, and to measure success continuously as time passes.
- Content marketing plans. This is a more content-focused way of approaching a marketing strategy, and highlights the specific channels and audiences you want to reach. Content marketing plans can look very similar to annual marketing plans, but are less concerned with the “when” and more with the “what” and the “how.”
- Product launch plans. Launching a new product or service requires a specific kind of marketing plan. The main goal is to successfully introduce the new product to the market. But these plans also include the strategies, tactics, and content needed in the buildup to the launch itself.
- Social media marketing plans. Social media channels are such a vital part of a company’s marketing goals that it’s often wise to create a separate social media marketing plan dedicated to creating advertising and promotional content on these platforms.
What is the purpose of a marketing plan?
A marketing plan lays out your business strategy for acquiring new customers and selling more products and services. But it also serves as a way of analyzing exactly how successful your marketing efforts have been so far. Knowing this information helps steer ongoing campaigns in the right direction, aligns your marketing with your company’s values, and ensures that future campaigns are better targeted and more effective.
To understand why a marketing plan is important, just consider what would happen without one. Your advertising budget would be spent based entirely on guesswork about where your potential customers can be found and what they’re looking for. You’d have no idea which of your campaigns contributed to increased sales figures. And you’d have no baselines from which to build more effective campaigns in the future.
How to create a marketing plan
Elements of a marketing plan.
The basic building blocks of any good marketing plan are focused on objectives, research, competitors, and content. These objectives should be clearly defined and easily measurable goals —ideally no more than two or three—and informed by as much consumer research as you can reasonably gather.
Whether your goal is increasing your Instagram followers, driving traffic to your site, or attracting more cheese fans to your cheese store, set a specific target by which to monitor the performance of any campaign. As you develop your marketing plan and learn what’s effective and what’s not, you can set more accurate targets and begin to hone in on the strategies that really work for your company.
A marketing plan should also describe your brand’s biggest competitors and the campaigns they’re running, as well as identify any openings in the market that would allow your company to grab market share. This is where SWOT (strengths, weaknesses, opportunities, and threats) analysis comes into its own, enabling a company to shape its marketing plan around its own strengths and weaknesses.
Lastly, a marketing plan should outline the content of each campaign. Will your pre-roll video content use animation or live actors? Can you offer discounts and voucher codes to new customers? Will you leverage your mailing list to notify existing customers of a new product launch?
Define a marketing plan strategy
If your marketing plan is a roadmap, then your marketing strategy is the road. The strategy describes which tools you’ll use to hit the targets laid out by the main marketing plan document, and how they’ll be applied.
Here’s where you get down to the fundamentals of selling. Depending on who you ask, there are as many as seven P’s of marketing, though most agree on four core elements: price, product, place, and promotion.
What are you selling? How much are you charging? Where will your customers see it? And how will you promote it to them? Marketing gurus will promise you that if you can answer all of these questions correctly, you’ll be guaranteed boundless success.
Of course, in the real world it’s not quite so straightforward. But the four main P’s are an ideal starting point for anyone creating a market plan from scratch.
How to measure the success of a marketing plan
An enormous amount of effort and investment is poured into monitoring the effectiveness of advertising campaigns, but at some level, consumer behavior becomes what’s known as a black box. You can measure what goes into it and what comes out the other end, but what happens inside the mind of a consumer can ultimately only be guessed at based on outcomes. Even the shoppers themselves can’t reliably report on why they choose certain products over others.
That’s why tracking a marketing plan’s performance alongside more specific KPIs (key performance indicators) is crucial. Advertising spend and sales figures aren’t linked in a simple or obvious way, so measuring success on a more granular level—such as increasing conversions or returning customers—helps create a much clearer picture of how well your marketing plan is doing.
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Final thoughts on creating a marketing plan
Marketing plans need to be squarely outlined and adhered to, but they shouldn’t be set in stone. You need to be able to course-correct when something isn’t landing, or lean more into campaigns when they’re working well.
Quick aside: This is particularly true when it comes to the content of social media marketing plans, which are truly effective only when they’re timely and topical. Memes are a perfect example of this: How often have you seen a promoted tweet deploy some forgotten joke from months ago, presumably because it had been left in somebody’s annual marketing plan?
But while it’s useful to have a flexible approach , it’s important that your marketing plan is resilient and doesn’t flip-flop or bounce wildly between ideas. Move the goalposts too much and your plan will quickly fall apart, leaving your campaign in chaos. Allow your strategies some time to settle in, and even if you don’t reach success, you will gain invaluable performance data for future projects.
Steve Hogarty is a writer and journalist based in London. He is the travel editor of City AM newspaper and the deputy editor of City AM Magazine , where his work focuses on technology, travel, and entertainment.
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Marketing & Branding
Why is a marketing plan so important for a business.
Although it may just be one segment of your wider business strategy, your marketing plan is perhaps the single most vital element of it. Not only does it enable you to establish clear marketing objectives, but it also provides you with the opportunity to develop a well-researched, intelligent marketing outlay.
Without one, you will be approaching your lead generation and conversion efforts blind, which means that you will see poor results, a reduced return on your investments, and, subsequently, a lack of new customers for your enterprise.
The Importance of a Marketing Plan
To illustrate the benefits of having and implementing such a plan , we've taken a closer look at how it directly impacts the central goals and targets of your organisation. Here are the four most significant advantages of strategic marketing:
1. It's a Declaration of What Makes Your Business Unique
First and foremost, you want to expose your business to potential customers and clients alike, as well as nurture ongoing relationships with existing patrons. After all, this is what will keep your company flourishing and continually growing.
Setting out a marketing plan means contemplating the qualities and characteristics of your specific business, as well as what sets it apart from every other company in your niche. It also forces you to consider all the positive aspects of your business that you can use as a selling point, such as the high quality of your products or services, your focus on customer service, or your commitment to social responsibility .
By making yourself impossible to forget, you remain in the conscience of customers – not only those who have already interacted with you in person, but those who have had the opportunity to view or listen to your publicised marketing campaigns, too. Even this latter group will have a desire to try your products or services if you appeal to them in the correct manner. It's impossible to achieve any of this without a well thought through marketing plan.
2. It Enables a Greater Sense of Focus
In addition to formalising your ideas, a marketing plan also identifies a set of clear marketing objectives that will define your success and ensure that you are not adopting a scattergun approach to your company's advertising and promotion . Of course, this involves a great deal of market research ; before you outline your goals, you first need to identify who your target audience is, what they want , and the trends and patterns that surround their consumer behaviour. Once you have laid out your ideal customer profile , a marketing plan ensures that you can identify and understand how to reach them.
Companies who have created a clear sense of what they need to focus on are also able to implement a timeframe in which these goals must be accomplished. Typically, your plan should be segmented into short and long-term goals that enable review and reflection as you go; for example, have you been too ambitious with your targets, or, conversely, have you not been ambitious enough? By outlining such metrics in a marketing plan, you get a much clearer sense of whether or not your approach is actually working, while allowing you to tweak certain objectives and methods along the way.
Within this context, your marketing plan can also enable better time management and organisation, as well as a more accurate financial approach (both spending and earnings). After all, marketing campaigns can be notoriously expensive – especially if they spiral out of control; within the parameters of a plan, you will be more goal-driven and less inclined to just "see what works".
3. It's Robust
In business, things will not always go to plan. Whether it's the result of external factors , such as legislation changes, political upheaval or economic disruption, or even internal complications, such as a key member of staff leaving, your marketing plan will always remain as a blueprint for how to react.
In this sense, your plan is a form of proactive business management, ensuring that, should any future dilemmas arise, you will be able to react calmly and effectively. A robust and thorough plan offers contingency solutions for external factors, while if one of your marketing personnel decides to go elsewhere, a replacement can come in and seamlessly adapt to the existing strategy. Essentially, you are ensuring that short-term issues do not affect the long-term mission, and that you – and everyone within your company – are all on the same page moving forward.
4. It Gives You an Edge Over Your Competitors
All of these reasons ultimately add up to one thing: it increases the chances of success for your business. In turn, this means that you are attracting customers and, by definition, taking them away from your competitors. As a result, you strengthen your position while simultaneously weakening theirs, which is a healthy place to be in.
It also gives you an advantage during the early stages of your venture, where most small businesses are likely to adopt the cheapest marketing option without sufficiently understanding the bigger picture. For example, whereas you might have clear definitions of your budget and the clarity of a purposeful, multi-platform approach, your rivals may simply be throwing money at Google or Facebook Ads in the hope that something will stick. Inexperienced entrepreneurs are often guilty of short-sightedness, whereas a marketing plan ensures that you are always aware of how your actions impact your longer-term goals.
When you create your marketing strategy, you also ensure that you don't get tunnel vision or fall into the trap of putting all your eggs in one basket. Aside from adopting conventional strategies that are in line with the trends of your target segment, a plan also forces you to think outside of the box; this could mean combining your existing efforts with other tactics, such as guerrilla marketing , magazine advertisements and any other form of creative promotion that can help you to stand out from the crowd.
Overall, the benefits of having a marketing plan are evident. By establishing clear marketing objectives, you are less likely to see financial wastage and can instead expect to cultivate better value on your returns and higher levels of exposure. It also ensures continuity and robustness as your business evolves and changes, as well as a definitive advantage over your competitors.
Do you agree? Is a marketing plan a vital component of a company's strategy, or has the fast-moving world of digital advertising made it a redundant feature? Let us know your thoughts and opinions in the comment section below!
Marketing Strategies
Business Plan
Marketing Plan
A document that lays out the marketing efforts of a business in an upcoming period
What is a Marketing Plan?
A marketing plan is a document that lays out the marketing efforts of a business in an upcoming period, which is usually a year. It outlines the marketing strategy, promotional, and advertising activities planned for the period.
Elements of a Marketing Plan
A marketing plan will typically include the following elements:
Marketing objectives of the business : The objectives should be attainable and measurable – two goals associated with SMART, which stands for Specific, Measurable, Attainable, Relevant, and Time-bound.
Current business marketing positioning : An analysis of the current state of the organization concerning its marketing positioning.
Market research : Detailed research about current market trends, customer needs, industry sales volumes, and expected direction.
Outline of the business target market : Business target market demographics.
Marketing activities : A list of any actions concerning marketing goals that are scheduled for the period and the indicated timelines.
Key performance indicators (KPIs) to be tracked
Marketing mix : A combination of factors that may influence customers to purchase products. It should be appropriate for the organization and will largely be centered on the 4Ps of marketing – i.e., product, price, promotion, and place.
Competition : Identify the organization’s competitors and their strategies, along with ways to counter competition and gain market share .
Marketing strategies : The development of marketing strategies to be employed in the coming period. These strategies will include promotional strategies, advertising, and other marketing tools at the disposal of the organization.
Marketing budget : A detailed outline of the organization’s allocation of financial resources to marketing activities. The activities will need to be carried out within the marketing budget .
Monitoring and performance mechanism : A plan should be in place to identify if the marketing tools in place are bearing fruit or need to be revised based on the past, current, and expected future state of the organization, industry, and the overall business environment.
A marketing plan should observe the 80:20 rule – i.e., for maximum impact, it should focus on the 20% of products and services that account for 80% of volumes and the 20% of customers that bring in 80% of revenue.
Purpose of a Marketing Plan
The purpose of a marketing plan includes the following:
- To clearly define the marketing objectives of the business that align with the corporate mission and vision of the organization. The marketing objectives indicate where the organization wishes to be at any specific period in the future.
- The marketing plan usually assists in the growth of the business by stating appropriate marketing strategies, such as plans for increasing the customer base.
- State and review the marketing mix in terms of the 8Ps of marketing – Product, Price, Place, Promotion, People, Process, Physical Evidence, and Performance.
- Strategies to increase market share, enter new niche markets, and increase brand awareness are also encompassed within the marketing plan.
- The marketing plan will contain a detailed budget for the funds and resources required to carry out activities indicated in the marketing plan.
- The assignment of tasks and responsibilities of marketing activities is well enunciated in the marketing plan.
- The identification of business opportunities and any strategies crafted to exploit them is important.
- A marketing plan fosters the review and analysis of the marketing environment, which entails market research, customer needs assessment, competitor analysis, PEST analysis , studying new business trends, and continuous environmental scanning.
- A marketing plan integrates business functions to operate with consistency – notably sales, production, finance, human resources, and marketing.
Structure of a Marketing Plan
The structure of a marketing plan can include the following sections:
Marketing Plan Objectives
This section outlines the expected outcome of the marketing plan with clear, concise, realistic, and attainable objectives. It contains specific targets and time frames.
Metrics, such as target market share, the target number of customers to be attained, penetration rate, usage rate, sales volumes targeted, etc. should be used.
Market Research – Market Analysis/Consumer Analysis
Market analysis includes topics such as market definition, market size, industry structure, market share and trends, and competitor analysis. Consumer analysis includes the target market demographics and what influences their buying decisions – e.g., loyalty, motivation, and expectations.
Target Market
This defines the target customers by their demographic profile, such as gender, race, age, and psychographic profile, such as their interests. This will assist in the correct marketing mix for the target market segments.
SWOT Analysis
A SWOT analysis will look at the organization’s internal strengths and weaknesses and external opportunities and threats. SWOT analysis includes the following:
- Strengths are the organization’s competitive advantages that are not easily duplicated. They represent the skills, expertise, and efficiencies that an organization possesses over its competitors.
- Weaknesses are impediments found in the operations of an organization, and they stifle growth. These can include outdated machinery, inadequate working capital, and inefficient production methods.
- Opportunities are prospects for growth in the business through the adoption of ways to take advantage of the chances. They could include entry into new markets, adopting digital marketing strategies, or following new trends.
- Threats are external factors that can affect the business negatively, such as a new powerful competitor, legislative changes, natural disasters, or political situations.
Marketing Strategy
The marketing strategy section covers actual strategies to be included according to the marketing mix. The strategy centers on the 8Ps of marketing. However, firms are also at liberty to use the traditional 4 P’s of marketing – product, price, place, and promotion. The 8 P’s are illustrated below.
The correct marketing mix is determined by the target market. The most expensive options are advertising, sales promotions, and PR campaigns. Networking and referrals are less costly.
Marketers also need to pay attention to digital marketing strategies that make use of technology to reach a wider market and have also proven to be cost-effective.
Digital marketing channels, which became popular in the early 21 st century, may eventually overtake traditional marketing methods. Digital marketing encompasses trending methods, such as the use of social media for business.
Other strategies within the marketing strategy include pricing and positioning strategy, distribution strategy, conversion strategy, and retention strategy.
Marketing Budget
The marketing budget or projection outlines the budgeted expenditure for the marketing activities documented in the marketing plan. The marketing budget consists of revenues and costs stated in the marketing plan in one document.
It balances expenditures on marketing activities and what the organization can afford. It’s a financial plan of marketing activities to be carried out – e.g., promotional activities, cost of marketing materials and advertising, and so on. Other considerations include expected product volume and price, production and delivery costs, and operating and financing costs.
The effectiveness of the marketing plan depends on the budget allocated for marketing expenditure. The cost of marketing should be able to make the company break even and make profits.
Performance Analysis
Performance analysis aims to look at the variances of metrics or components documented in the marketing plan. These include:
Revenue variance analysis : An analysis of positive or negative variance of revenue. A negative variance is worrisome, and reasons should be available to explain the cause of deviations.
Market share analysis : An analysis of whether the organization attained its target market share. Sales may be increasing whilst the organization’s share of the market is decreasing; hence, it is paramount to track this metric.
Expense analysis : An analysis of marketing expense to sales ratio . This ratio needs to be compared to industry standards to make informed comparisons.
The ratio enables the organization to track actual expenditures versus the budget. It is also compared to other metrics, such as revenue analysis and market share analysis. It can be dissected into individual expenditures to sales to get a clearer picture.
Administration of a Marketing Plan
The marketing plan should be revised and adapted to changes in the environment periodically. The use of metrics, budgets, and schedules to measure progress towards the goals set in the marketing plan is a continuous process by marketing personnel.
There should be a continuous assessment to verify that the goals of the marketing plan are being achieved. The marketing manager should be able to review if the strategies documented are being effective, given the operating environment.
It is irrational for the marketing manager to notice anomalies and wait to review at year-end when the situation might have already deteriorated.
Changes in the environment may necessitate a review of plans, projections, strategies, and targets. Therefore, a formal periodical review – such as monthly or quarterly – may need to be in place. This may mean preparing an annual marketing plan but reviewing the plan quarterly to keep targets and plans aligned closely to environmental changes. It goes without saying that plans are as good as their feasibility to succeed in the given environment.
More Resources
Thank you for reading CFI’s guide to Marketing Plan. To keep learning and advancing your career, the additional CFI resources below will be useful:
- 4 P’s of Marketing
- Market Research
- Return on Ad Spend (ROAS)
- Competitive Advantage
- See all management & strategy resources
- Share this article
Why a marketing plan is important for growing your business
- Marketing Planning
- Marketing Strategy
- business growth
I often get asked, why is a marketing plan important?
And I respond by saying that it will help you to grow your business in a much faster and more cost-effective way than if you didn’t have one.
- It will ensure that you aren’t wasting time and money on activities that don’t align with your goals.
- It will provide a more strategic approach to the way you implement your marketing activities.
- And, it will help you to get unstuck, build momentum, and move your business forward to the next level.
Now those are just a few reasons to start. There are many other important reasons, as well.
So, why is a marketing plan important for growing your business?
Well, here’s a list of 7 reasons why you need to develop a marketing plan for your service-based small business:
1. provides clarity and direction.
A marketing plan is a brilliant tool for providing clarity and direction, which is why it’s so important when it comes to growing your service business.
You may know where you want to go and what you want to achieve…
However, without that clarity and direction for how you’re going to get there, it just won’t happen in the fastest and most efficient way.
When you have clarity and direction, you’ll also find that all your marketing decisions become so much easier to make.
2. Aligns your goals and activities
There are so many different marketing strategies and tactics that you can implement to grow your business.
So many in fact that it can become overwhelming and confusing to know which ones to choose.
However, with a marketing plan, you’ll have set the marketing objectives or goals that you want to achieve first.
And be able to align these goals with the specific activities that will help you achieve them.
With aligned goals and activities, you’re likely to achieve that growth much sooner than you would have without a marketing plan.
RELATED: 7 Steps to setting marketing goals you’ll actually achieve
3. Improves your marketing performance
One of the main reasons why a marketing plan is important is because it will help you to improve your marketing performance.
And an improvement in your performance means more leads and growth for your business.
A key feature of your marketing plan is your sales targets and marketing metrics, which will provide the numbers for you to track against and measure your performance.
It will also help you to determine where you have some gaps and could focus more energy to improve the marketing results.
Now sure where to start when it comes to marketing your service-based small business? That’s where I can help. Get started by downloading my free Ultimate Marketing Checklist by clicking the button below:
4. Supports your strategy and sustainability
Why is a marketing plan important for sustainability?
Well, to write a marketing plan, you’ll need to take the time out to ‘work on your business’ and not ‘in your business’.
You’ll also have to take a more strategic view of your business and identify the steps you’ll need to take to achieve sustainability.
One of the main benefits is that you’ll be putting together a marketing budget that is appropriate for your business and will ensure you have a solid return on your marketing investment.
This budgeting will also ensure you aren’t wasting money in areas that won’t deliver business growth.
RELATED: 5 Ways I invested my marketing budget when starting my small business
5. Creates efficiency and saves time
It’s quite easy to get distracted by the latest marketing tool or the new feature that’s just launched on your favourite social media platform.
However, when you do, it’s taking you away from working on the strategic steps that you need to follow to achieve business growth.
It’s also quite easy to spin around in circles when you haven’t spent the time to consider what you should be doing, and in what order.
But, when you have a marketing plan, you’ll know the exact steps to take to achieve your goals.
And, you’ll build that critical marketing momentum that will push your business forward to the next level much sooner.
RELATED: How to write a marketing plan for a service-based business
6. Communicates your goals
It’s incredible how something becomes so much more ‘real’ when it’s written down or shared aloud.
Which is why it’s important to write down your marketing plan and communicate it with your team if you have one.
A written document also removes any potential confusion and communicates the steps you’re going to take to attract more clients and grow.
7. Holds you accountable
By sharing your goals and documenting your marketing plan, you’re also committing to achieving the goals and results contained within.
It provides a reference document that you can come back and review at specific intervals.
And it provides a reminder for what steps you need to follow and the actions you need to take to achieve your business goals.
RELATED: How to develop a marketing strategy and plan for a service business
So, there you have seven reasons why it’s important to write a marketing plan for your service business.
If you need a marketing plan for your service business, but you’re not sure where to start…
What you need is a step-by-step guide for developing a marketing strategy and plan.
And that’s where my free marketing masterclass will help: How to Master your Marketing Strategy
In this Free Marketing Masterclass , you’ll learn:
- The 3 BIGGEST marketing mistakes I see service businesses make that leave you stuck and spinning around in circles in your business, and…
- My simple 5-step Marketing Framework for mastering the marketing strategy, systems, and structure you’ll need to attract consistent clients and grow your business WITHOUT overwhelm and complexity!
Get started with this free marketing masterclass now by clicking the button below to register:
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Hayley Robertson
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Marketing Plan
Why is a Marketing Plan Important for a Small Business?
Author: Debra Murphy
Published: September 22, 2021
A marketing plan outlines all the important pieces needed to successfully and consistently market your business. A marketing plan does not have to be lengthy or complicated. Creating a simple marketing plan is something every small business should have to guide your efforts and keep you focused on your goals.
Whether you want to focus solely on inbound marketing or you want to integrate online with off-line marketing activities, there reasons why your small business needs a realistic but simple marketing plan.
A marketing plan is important to your small business because it enables you to:
- Specify a vision for your business
- Define and communicate your mission
Outline what you want to accomplish
- Describe your ideal client
- Identify what makes you different
- Create a road map for achieving your goals
- Create an action plan for what you need to do and when
Focus on what is important
Track your progress.
- Remind you that this is your business and not a hobby
Let’s take a look at the key parts of your marketing plan that needs your attention:
Create a vision for your business
Your vision statement is a vivid description about what you want your business to be so that it inspires and motivates you. A well-defined vision creates a mental picture of the business that you are striving to build.
A clear vision statement benefits your business by:
- Serving as a compass to keep you heading in the right direction.
- Enabling you to assess the many opportunities that are presented to you and make decisions based on whether the opportunity helps you get closer to your vision.
- Helping you measure your progress, set goals, establish priorities, and know when to say no.
- Enabling you to focus on what needs to be done to get there and eliminate anything that wastes time and takes energy away from what is valuable to achieving your dream.
Define your mission statement
Your mission is a concise statement of what your business does, developed from the customer’s perspective , and aligned with the vision for the business. It should answer these three questions:
- What do we do? Specifies what you deliver to your customers, not in terms of process, but by the real needs that are fulfilled for your customers when they do business with you.
- How do we do it? Defines the type of products and services you sell and deliver to your customers.
- For whom? Identifies the target market that is most likely to buy your products and services.
Knowing the answers to these questions provides focus for your business and helps you move from the present into the future.
Research has shown a direct link between setting goals and the probability of success. By setting goals and writing them down you are forced to be specific about what you want to achieve, how you will get there and by when. Your marketing goals should be:
- Focused on achieving your vision.
- Prioritized and tackled 1 or 2 at a time.
- Monitored and measured.
It’s common to reassess goals quarterly and adjust the time frames and priorities based on what is happening around you. Life happens and you need to give yourself room to change.
Describe your ideal target client
Never underestimate the importance of defining your ideal target audience. Understanding the needs of the unique group of people or businesses that you want to work with, who want or need what you have to offer and are willing to spend money to satisfy that need allows your business to provide tremendous value to those who need it the most.
Intimately understanding your ideal client means you know with certainty what problem they are trying to solve or what need they wish to satisfy. With this information, you can then:
- Clearly communicate the value you offer and why they should work with you.
- Discover opportunities to provide additional services that have been overlooked by others.
- Establish yourself as an expert in serving that market.
Being focused on one particular market enables you to make better choices for all of your marketing efforts, saving you time and money on activities that don’t make sense for your business and the clients you serve.
Identify what makes you different
The Internet levels the playing field for small businesses, but in turn, it creates a very crowded market place. Those who can describe how they are different have a competitive advantage over those who cannot.
So how do you make your business stand out from the rest?
The secret to defining what makes your business different is to understand what your ideal client really wants and make sure you deliver it better than anyone else. What do you uniquely offer that your clients find amazing? Do you:
- Find simpler ways of doing things?
- Serve a niche market better than anyone else?
- Bring a new perspective to challenges that offer unique solutions?
- Package your services in a way that appeals to your ideal client?
- Create systems that help clients learn how to do things more effectively?
Usually what makes us different need not be a complicated process or service. In many cases, you may offer something that is simple but has extreme value to your clients. We are taught to believe that things of value have to be hard or complex. Just because these things we do are easy for us does not mean they are easy for others. You need to become consciously aware of this value you provide and use it to your benefit.
Create a road map for achieving your goals
You wouldn’t take a trip without planning your route. Marketing your business is no different – you need an action plan to guide you towards your destination . This plan defines the marketing strategies and the tactics within each strategy that you will use to achieve a particular goal. Marketing strategies and their associated tactics to consider are:
- Social media marketing – Determine which social networks are relevant to your business then develop a plan to build your visibility and expert reputation
- Content Marketing – Define your content marketing plan for topics then use email marketing or blogging to communicate your expertise and message to your target audience. Re-purpose your content using different media – eBook, podcast, video, presentation, infographics
- Search engine marketing – Define your top keywords and optimize your website, directory listings, and social media profiles to increase visibility in the search engines.
- Event marketing – Host webinars or virtual conferences. Publicize the event through your blog and social media outposts. Consider advertising these events on Facebook, Twitter
- News / media /public relations – Become an expert resource for the media, gain visibility through newsworthy activities. Send out press releases, write bylined articles, write and publicize a book
- Advertising – Create and manage pay-per-click advertising on Google, Bing, or on social media as appropriate.
For example if your goal is to grow your email list, then you need a lead generation campaign that would include search, social and content marketing strategies to attract inbound leads.
Create an action plan to ensure successful execution
Your marketing action plan eliminates random activities that create haphazard results. It defines each marketing campaign project in detail and assigns resources, dates and topics to each activity so that it eliminates the guess work.
You would need to create a lead magnet , a landing page and possibly use Facebook advertising to promote your lead magnet to the right audience. Once you get people to sign up for your email list, you then want a series of emails that can nurture each lead with valuable information.
With a detailed marketing action plan, you always know what you’re doing and when you’re doing it.
Having a marketing action plan reminds you of what you need to do to keep moving forward. It prevents you from getting distracted by all the opportunities that are constantly coming your way. When you have that 2-week action plan guiding you, you can make an informed decision on whether something will help you get to your goal or not. If the opportunity:
- Can help you and you have the resources, you can add it to the action plan.
- Can help you but you don’t have the resources, you can decide whether you want it to replace something else in your plan
- Won’t help you achieve your current goal, you can add it to a list for future consideration.
Just because something looks good, it may not be the right thing for you to focus on right now.
Your 90 day marketing action plan keeps your progress visible. If you are accomplishing tasks and finishing performance-based projects, you can better measure whether what you are doing is working or not. Your action plan will also tell you if you are trying to do too much in a short period of time or if what you are working on is not helping.
Working on the right projects and focusing on what is important can help you get to your goals faster and with less stress. Having a plan that you review every two weeks, tracking completed tasks and adding new tasks to projects as needed, ensures you know quickly if you need to pivot or stay on your current path.
To remind you that this is your business and not a hobby
Most of us built our businesses around our passion and in doing so enjoy our work every day. However, if you are in business to be successful, then you need to view marketing as an investment and take the proper steps to ensure you are maximizing your resources. A simple marketing plan with an action plan to help you be consistent ensures you are focusing on the success of your business.
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Related Posts
Whether you are a new business or one that’s been around for a while, a simple marketing plan customized for your small business can help you make intelligent decisions on where you should spend your time and resources.
A simple marketing plan is your road map for achieving your goals and guiding your decisions throughout the year. It consists of both a marketing strategy and an action plan. Learn how to create a plan for your business.
3 thoughts on “Why is a Marketing Plan Important for a Small Business?”
A marketing plan is what we have really needed in order to successfully market our products. These tips are very helpful to make us more understands the importance of having a guide on every effort to keep us focused on our certain goal. This is what we need to grow our business.
The point are really helpful. I have been reading articles on how to start an online business and got inspired to start one. This article has now given me tips on how to do a business plan. Thank you for sharing.
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Why a marketing plan is important?
A marketing plan is a report that outlines your marketing strategy for the coming year, quarter or month. Typically, a marketing plan will include these elements: An overview of your business’s marketing and advertising goals. A description of your business’s current marketing position. A Marketing Plan should be an integral part and related to your overall Business Plan.
Types of marketing planning
There are many reasons why marketing plans are created, each has a specific purpose and is designed to achieve a specific outcome.
Elements of a Full Marketing Plan
As with a Business Plan your Marketing Plan is a flexible document that requires updating and amendment to adapt to changing market conditions as well as monitoring your company’s performance against the Marketing Plan goals you have established.
A marketing plan can be adjusted at any point based on the results from the metrics. If digital ads are performing better than expected, for example, the budget for a campaign can be adjusted to fund a higher performing platform or the company can initiate a new budget. The challenge for marketing leaders is to ensure that every platform has enough time to show results.
Bear in mind that your Marketing Plan will be viewed by potential investors if you are raising funds to expand your business. The following plan contains some details that investors will require.
Marketing Plans should include the following elements:
In conclusion.
A Marketing Plan details the strategy that a company will use to market its products to customers.
The plan identifies the target market, the value proposition of the brand or the product, the campaigns to be initiated, and the metrics to be used to assess the effectiveness of marketing initiatives.
The marketing plan should be adjusted on an ongoing basis based on the findings from the metrics that show which efforts are having an impact and which are not.
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Why Is a Marketing Plan Important for a New Business?
Clear strategies written down keeps you focused on success
A marketing plan is an essential tool for business.
Developing one will help you think about what makes your business unique and how to get the message out to desired audiences through a variety of channels.
A marketing plan is strategic
Just as you plan for other aspects of your business, such as inventory, production and billing, thinking ahead about your marketing efforts is key to staying competitive. By plotting your marketing strategies ahead of time, your business will run more smoothly and your efforts are more likely to pay off.
A marketing plan helps you stay focused
Your marketing plan is a map to guide you toward your goals—one that will get you there on time and with minimum stress. A plan will help you coordinate your efforts and be proactive. With it, you are more likely to be realistic about your time and energy. A plan will help you stay organized and on track throughout the year. Your marketing is more likely to get done when you take the time to identify what you want to do and when you want to do it.
Write it down
Plan your efforts by first identifying your market and then letting it determine how to proceed. Which events and opportunities will help you accomplish your goals? Is it in your best interest to attend an association meeting that your clients are involved with? Think strategically about where you need to be. Consider what business you’re in and the natural cycles of your industry. A marketing plan may include marketing objectives, strategies, brand positioning, messaging and public relations activities.
Use a calendar to keep on top of your marketing efforts
Once you have identified the events and activities to target, incorporate your marketing plan into your current time management system. Some people find it easiest to use a wall calendar. Others like a desk calendar or a computerized program.
Set goals & assess your efforts
Think about the marketing ideas you want to implement. Determine how to implement ideas, assign each a date for completion, then work backward from your deadline. Also, be sure to examine your ideas to see whether any can be used to achieve more than one goal. Think about whom you want to reach when you want to reach them and how you’re going to do it. Then mark it on your calendar. When you plan your marketing efforts and merge them smoothly with your other responsibilities and commitments, they are more likely to pay off.
Successwise
8 Reasons Why You Need a Marketing Plan For Your Business
Every business has one ultimate goal: to gain more customers and close more sales. You need marketing to do that consistently.
And though there are millions of strategies and tactics you can use, the starting point remains the same: have a well-crafted marketing plan.
After all, marketing is what drives your target audience to buy your product or service, bringing in the cash. But without a marketing strategy, it’s like going to war without your weapons.
The Marketing Plan Explained
A marketing plan is basically a blueprint that outlines the methods you’re going to implement to make your customers buy your products and services. It acts as a roadmap that walks through your marketing strategies, tactics, marketing activities, costs, and expected results.
It has to be detailed enough to contain the actions that small businesses need to do to accomplish their goals.
A marketing plan ensures you don’t get sidetracked and start chasing shiny objects (ooh, look, TikTok!)
You can create a marketing strategy good for a month, quarter, or the whole year.
Want to know what are the best marketing strategies for 2022 ? Click the link.
DO YOU KNOW YOUR MARKETING IQ
Marketing plan vs. marketing strategy: what's the difference.
Marketing strategy is the overall big-picture. It answers what you hope to achieve with your marketing and why. Knowing this makes getting buy-in from stakeholders and business owners much easier.
The marketing plan lays out exactly how you’ll achieve those strategic goals. It maps out the tactics you’ll implement ( inbound and outbound marketing ), the assets you need, and the processes and systems you’ll develop to help you level up your marketing game.
4 Purposes of a Marketing Plan
Every business needs a marketing plan because:
- It coordinates company goals and objectives.
- It defines the target market, allowing you to segment them according to your needs.
- It defines the marketing mix.
- It systematizes each activity for every marketing strategy.
Why Do Businesses Need Marketing Plans?
It doesn’t matter whether you’re running a small business or scaling a huge one — you still need to create a marketing plan.
After all, it comes with a whole bevy of benefits like the following:
1. It can help you create measurable business goals.
Clarity is super important when setting your business goals. It shouldn’t be as simple as ‘not going broke’ or ‘meeting annual sales KPIs .’ Otherwise, you’re just setting yourself up for marketing failure.
If you don’t have a clear target, you can’t implement marketing activities to help you reach what you want to achieve.
With a marketing plan, you can focus on tangible targets, improving your sales and business performance throughout the year.
2. A Plan provides consistency.
Whether you have a small team or a big one, a marketing plan makes sure you’re all on the same page. Everyone is given the exact instructions on what to do to meet the company’s business goals.
Without a marketing strategy, your plan will end up fractured and ineffective.
For example, some of your employees might work on social media, online content, or email marketing, while the other half uses print and radio ads.
3. It pushes you to stick with your budget.
Even a big business has to work on a set budget.
With a marketing plan, you can place importance on activities that yield the best results. It can save you from the headache of creating strategies that are not worth pursuing.
4. It helps you provide better service to your customers.
The importance of a marketing plan goes beyond the process. You can also use it as a guide in dealing with your clients.
When you understand what you need to do, you can address your audience better.
5. It gives your company the reality check it needs.
Businesses often have multiple objectives, and it can get confusing real fast if you don’t have a marketing plan to guide you.
It serves as a benchmark that reminds you if you’re hitting your marketing targets. You can make sure that your strategies are aligned and aren’t veering away from the business goals you had from the start.
6. It can serve as an excellent motivator to your marketing team.
Say you want to start your business by marketing ten items per day.
When your employees know the exact marketing strategies to employ to achieve that goal, they waste less time in brainstorming sessions and follow-up meetings. All they need to do is follow your marketing plan, and everything will fall into place.
7. A plan is the key to getting more investors.
Let’s face it: Building and running a business involves a sizable investment. If you want yours to grow in people, products, and income, you need to invest more capital.
One way to do so is to get different entities to invest in the product you’re marketing. But you won’t get the funding you need if you can’t present a marketing strategy that outlines your business direction. It’s massively important if you want to level up your company.
8. It can make you think and be proactive rather than reactive.
Planning lets you understand not just your target market and products but also the process of how you can bridge these two to achieve your business needs.
Teams with marketing plans are also more proactive. So you think about things in advance rather than just dealing with them when they occur. You’re able to pre-empt and solve issues immediately.
DO YOU WANT TO GROW YOUR BUSINESS RAPIDLY
How to create a simple but effective plan in 5 steps.
Step 1: Prepare all the documents you need for your marketing plan. You’ve probably heard of the saying, “If you fail to plan, you plan to fail.” The same goes for creating a good marketing plan — you can’t come up with many promising marketing ideas without much preparation.
For a seamless planning process, make sure to have the following marketing documents at hand:
- Latest financial reports, including operating budgets and profit and loss activity
- Sales figures by product and location for at least the last three years
- A list of new products or services, as well as their target customers
- Different marketplace documents, such as the list of competitors, regional boundaries, intended customers, current distribution channels, demographic data, and market trends
Step 2: Write about the market situation, as well as the threats and opportunities. When you create your marketing plan, it’s absolutely essential to consider the current trends in the marketplace, like your market’s dollar size, selling and distribution setup, target audience, and even how much you’ve sold throughout the years.
Remember, you’ll also need to take note of the threats and opportunities your business faces. These include the customers’ demographics and the new trends that might be against you. And don’t forget to focus on exploiting the ones that work in your favor.
Step 3: List down your marketing plan objectives. The focus here should be the business goal you wish to achieve in a specific time frame.
Each objective needs to be clear. It must describe what you want to accomplish in, say, a week or a month, even six months. So be sure to jot down the numbers you want to get.
If you have a hard time creating different objectives for your marketing plan, you can always refer to your old records.
If your business has managed to keep an 80% in gross revenues from customers this year, gunning for a simple 20% to 25% increase in activity is a pretty achievable target, in my opinion.
Again, your marketing plan must also include the tactics and activities you’re planning to do to achieve your targets.
For example: Goal: Introduce the new X item to Roseville and sell 10,000 units for total revenue of $50,000.
Objectives:
- Promote the item and reach more customers online using email marketing or social media
- Run marketing ads in the local newspaper
- Get a radio ad in a local station.
- Obtain email addresses of Roseville residents by offering freebies on the website
- Create Facebook marketing ads targeting the Roseville market
- Contact newspaper people regarding ad rates and reserve an ad spot if you can
- Contact the station manager and inquire about placing an ad.
Step 4: Set a marketing budget. Now that you have your marketing strategy in place, it’s time to talk numbers. I like to tell my clients that as long as you’re making a return on investment, why wouldn’t you keep plugging dollars back into your marketing activities?
But initially, you want to assign a specific budget so your team knows how much they can allocate for every promotion. The golden rule here is to add 25% more to your current estimate.
When establishing a budget, be sure to plan with the people who will be executing these activities. Their input will help you get a ballpark figure of the amount you want for each strategy. It also allows you to determine a point person who will keep a close eye on the budget and ensure it’s put to good use.
Step 5: Create an executive business summary. Although this should be placed at the top of your marketing plan, the executive summary should be the last thing you do in your marketing plan. It serves as an overview of the content you have inside.
For easier reading, make sure your plan is written in simple sentences. Bold the most critical points, and list them down in bullets as needed.
Monitoring Your Plan's Performance
Successful marketing comes down to knowing your numbers.
- How are your marketing campaigns performing?
- Is your lead nurturing sequence converting?
- What messages work and which don’t?
- Does your target audience engage with your social content?
- Is your advertising effective?
- Are you tracking Google Analytics, and what do your results reveal?
- What resources are most popular?
Marketing isn’t just about putting a piece of content out there and hoping it sticks. You need to gather as much data and information as you can and analyze it to be sure you’re getting results and not wasting your money.
So add KPIs to each and every marketing activity.
Types of Marketing Strategies
A clear marketing strategy identifies which tactics your company will use to get your customers to know, like, trust, and buy from you.
If you’ve built an in-house marketing team, they may wish to create separate plans for each tactic, for example:
- Content marketing plans outline the articles you’ll write and post on your blog to rank in search engines. These can be built month to month or yearly in advance. SEO is one of the best ways to attract organic traffic and grow your audience.
- Media marketing plans outline which media you’ll use to reach your audience. This could be social media, PR, SEO, PPC, television, radio, podcasting, or Ted Talks, to name a few. In advertising agencies, you’ll be given a media plan that lists dates go-live/publisher dates, costs, and timelines.
- Social media marketing plans or a social content calendar break down the types of posts you’ll share across any given month.
A lot of big companies have annual marketing plans. That’s why I wrote the 1-page marketing plan. It’s something you can review every six months and only update when necessary.
Business Success Starts With A Sound Marketing Plan Strategy
As mentioned, there are many good reasons why your business must have a marketing plan . As the business owner, you need to own your marketing strategy. So it’s vital that you’re involved in the writing of your marketing plan. Although it can be challenging to build out, it’s essential to your business’s success. So, make it a priority.
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What Is a Marketing Plan?
Understanding marketing plans, how to write a marketing plan, marketing plan vs. business plan.
- Marketing Plan FAQs
The Bottom Line
Marketing Essentials
What Is a Marketing Plan? Types and How to Write One
James Chen, CMT is an expert trader, investment adviser, and global market strategist.
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Investopedia / Zoe Hansen
A marketing plan is an operational document that outlines an advertising strategy that an organization will implement to generate leads and reach its target market . A marketing plan details the outreach and PR campaigns to be undertaken over a period, including how the company will measure the effect of these initiatives. The functions and components of a marketing plan include the following:
- Market research to support pricing decisions and new market entries
- Tailored messaging that targets certain demographics and geographic areas
- Platform selection for product and service promotion: digital, radio, Internet, trade magazines, and the mix of those platforms for each campaign
- Metrics that measure the results of marketing efforts and their reporting timelines
A marketing plan is based on a company’s overall marketing strategy.
Key Takeaways
- The marketing plan details the strategy that a company will use to market its products to customers.
- The plan identifies the target market, the value proposition of the brand or the product, the campaigns to be initiated, and the metrics to be used to assess the effectiveness of marketing initiatives.
- The marketing plan should be adjusted on an ongoing basis based on the findings from the metrics that show which efforts are having an impact and which are not.
- Digital marketing shows results in near real-time, whereas TV ads require rotation to realize any level of market penetration.
- A marketing plan is part of a business plan, which describes all of the important aspects of a business, such as its goals, values, mission statement, budget, and strategies.
The terms marketing plan and marketing strategy are often used interchangeably because a marketing plan is developed based on an overarching strategic framework. In some cases, the strategy and the plan may be incorporated into one document, particularly for smaller companies that may only run one or two major campaigns in a year. The plan outlines marketing activities on a monthly, quarterly, or annual basis while the marketing strategy outlines the overall value proposition.
Types of Marketing Plans
There are a variety of different marketing plans that suit different businesses and different business needs.
New Product Launch: This is a marketing plan that outlines how a new product will enter the market, who it will target, and in what way advertising will be done.
Social Media: A social media marketing plan focuses on the advertising strategies on different social media platforms and how to engage with the users on these platforms.
Time-Based: Time-based marketing plans, such as those that are executed quarterly or annually, focus on the time of the year, the current condition of the business, and the best strategies in that period.
Mission and Value Proposition
A marketing plan considers the value proposition of a business. The value proposition is the overall promise of value to be delivered to the customer and is a statement that appears front and center of the company website or any branding materials.
The value proposition should state how a product or brand solves the customer's problem, the benefits of the product or brand, and why the customer should buy from this company and not another. The marketing plan is based on this value proposition to the customer.
Establishing your key performance indicators (KPIs) will allow you to measure the success of your marketing plan in relation to your company's value proposition. For example, if your goal is to engage with a certain demographic in a certain region, you can track social media and website visits.
The most effective digital marketing techniques in 2020 according to marketers are content marketing and marketing automation.
Identify Your Target Market
The marketing plan identifies the target market for a product or brand. Market research is often the basis for a target market and marketing channel decisions. For example, whether the company will advertise on the radio, on social media, through online ads, or on regional TV.
Knowing who you want to sell to and why is an extremely critical component of any business plan. It allows you to focus your business and measure its success. Different demographics have different tastes and needs, knowing what your target market is will help you market to them.
Strategy and Execution
The marketing plan includes the rationale for these decisions. The plan should focus on the creation, timing, and placement of specific campaigns and include the metrics that will measure the outcomes of marketing efforts. For example, will you advertise on the radio or on social media? What time will you air advertisements if they are on the radio or TV?
Set Your Budget
A marketing plan costs money. Knowing your budget for a marketing plan will allow you to create a suitable plan within that context, stick to it, and prevent runaway costs. It will also help you allocate to different areas of your marketing plan.
Adjust Your Plan
A marketing plan can be adjusted at any point based on the results from the metrics. If digital ads are performing better than expected, for example, the budget for a campaign can be adjusted to fund a higher-performing platform or the company can initiate a new budget. The challenge for marketing leaders is to ensure that every platform has sufficient time to show results.
Without the correct metrics to assess the impact of outreach and marketing efforts, an organization will not know which campaigns to repeat and which ones to drop; maintaining ineffective initiatives will unnecessarily increase marketing costs.
Digital marketing shows results in near real-time, whereas TV ads require rotation to realize any level of market penetration. In the traditional marketing mix model, a marketing plan would fall under the category of "promotion," which is one of the four Ps , a term coined by Neil Borden to describe the marketing mix of product, price, promotion, and place.
A business plan details how a business will operate and function in its entirety. A business plan is a roadmap for a business. It will cover the goals, missions , values, financials, and strategies that the business will use in day-to-day operations and in the achievement of its objectives.
A business plan will include an executive summary, the products and services sold, a marketing analysis, a marketing strategy, financial planning, and a budget , to name but a few items.
As mentioned, a business plan will include a marketing plan, which focuses on creating a marketing strategy on how to bring awareness to the public of the company's product or service, how to reach the target market, and generate sales.
Example of a Marketing Plan
John came up with a new business idea that he believes is a niche offering in the market. He decides to start a business and his first step is creating a business plan that outlines all of the objectives, goals, values, pitfalls, and finances of his company.
John is able to raise enough capital from friends and family to get started, hires a few employees, and eventually creates his product. He now has to start selling his product and generate sales to keep his business operating.
To achieve this, John, with the help of a marketing company, creates a marketing plan. The marketing plan consists of market research that details the target market for John's product, which is recently retired men.
The marketing plan then comes up with the best methods of reaching this target market. The marketing plan stresses radio and television as opposed to social media as older, retired men use social media less than traditional forms of media, according to the market research that was conducted.
The ads are tailored to the target market, showing how John's product will benefit their lives, particularly when compared to market alternatives. Once the marketing plan has been executed, the marketing team analyzes how the efforts translate into sales.
What Is a Marketing Plan Template?
A marketing plan template is a document that an individual can use to create a marketing plan. The marketing plan template will contain all the important elements and the various needed language with blank sections. A user can insert their own information related to their business in the blank sections to ultimately create their own marketing plan.
What Is an Executive Summary in a Marketing Plan?
The executive summary of a marketing plan provides a brief overview of the entire marketing plan. The executive summary will contain the key findings of the market research, the company's objectives, marketing goals, an overview of the marketing trends, the description of the product or service being marketed, information on the target market, and how to financially plan for the marketing plan.
What Is a Top-Down Marketing Strategy?
A top-down marketing strategy is a traditional marketing strategy. This is where a business determines who it should sell to and how, and the customer base is largely passive and spurred to take action once they hear the advertisement. For example, a top-down marketing strategy would include ads on radio or television. Top-down marketing strategies are usually determined by the executives of a firm. It usually consists of what a firm desires to do and then determining a way to do it.
What Is a Bottom-Up Marketing Strategy?
A bottom-up marketing strategy focuses on discovering a workable strategy and then building on that strategy to create an impactful advertising campaign. Today's consumer wants to relate to a product or service in a meaningful way and a bottom-up marketing strategy is better suited to this. A bottom-up marketing strategy should focus on the target market and how better to create value for them.
How Much Does a Marketing Plan Cost?
The cost of a marketing plan will vary based on the company, the complexity, and the length of the overall strategy. The cost can range anywhere from $10,000 to $40,000.
A marketing plan is the advertising strategy that a business will implement to sell its product or service. The marketing plan will help determine who the target market is, how best to reach them, at what price point the product or service should be sold, and how the company will measure its efforts.
Constantly monitoring and adjusting a market plan is an important part of running a business as it shows what are the best and worst ways to generate sales. Without a successful marketing plan, a business may not be able to continue operating for very long.
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6 Reasons You Really Need to Write A Business Plan
Published: October 14, 2020
Starting a busine ss can be a daunting task, especially if you’re starting from square one.
It’s easy to feel stuck in the whirlwind of things you’ll need to do, like registering your company, building a team, advertising, the list goes on. Not to mention, a business idea with no foundation can make the process seem incredibly intimidating.
Thankfully, business plans are an antidote for the new business woes that many entrepreneurs feel. Some may shy away from the idea, as they are lengthy documents that require a significant amount of attention and care.
However, there’s a reason why those who take the time to write out a business plan are 16% more likely to be successful than those who don’t. In other words, business plans work.
What is a business plan, and why does it matter?
In brief, a business plan is a roadmap to success. It's a blueprint for entrepreneurs to follow that helps them outline, understand, and cohesively achieve their goals.
Writing a business plan involves defining critical aspects of your business, like brand messaging, conducting market research, and creating pricing strategies — all before starting the company.
A business plan can also increase your confidence. You’ll get a holistic view of your idea and understand whether it's worth pursuing.
So, why not take the time to create a blueprint that will make your job easier? Let’s take a look at six reasons why you should write a business plan before doing anything else.
Six Reasons You Really Need To Write a Business Plan
- Legitimize your business idea.
- Give your business a foundation for success.
- Obtain funding and investments.
- Hire the right people.
- Communicate your needs.
- It makes it easier to sell your business.
1. Legitimize your business idea.
Pursuing business ideas that stem from passions you’ve had for years can be exciting, but that doesn’t necessarily mean it’s a sound venture.
One of the first things a business plan requires you to do is research your target market. You’ll gain a nuanced understanding of industry trends and what your competitors have done, or not, to succeed. You may find that the idea you have when you start is not likely to be successful.
That may feel disheartening, but you can always modify your original idea to better fit market needs. The more you understand about the industry, your future competitors, and your prospective customers, the greater the likelihood of success. If you identify issues early on, you can develop strategies to deal with them rather than troubleshooting as they happen.
It’s better to know sooner rather than later if your business will be successful before investing time and money.
2. Give your business a foundation for success.
Let's say you’re looking to start a clean beauty company. There are thousands of directions you can go in, so just saying, “I’m starting a clean beauty company!” isn’t enough.
You need to know what specific products you want to make, and why you’re deciding to create them. The Pricing and Product Line style="color: #33475b;"> section of a business plan requires you to identify these elements, making it easier to plan for other components of your business strategy.
You’ll also use your initial market research to outline financial projections, goals, objectives, and operational needs. Identifying these factors ahead of time creates a strong foundation, as you’ll be making critical business decisions early on.
You can refer back to the goals you’ve set within your business plan to track your progress over time and prioritize areas that need extra attention.
All in all, every section of your business plan requires you to go in-depth into your future business strategy before even acting on any of those plans. Having a plan at the ready gives your business a solid foundation for growth.
When you start your company, and your product reaches the market, you’ll spend less time troubleshooting and more time focusing on your target audiences and generating revenue.
3. Obtain funding and investments.
Every new business needs capital to get off the ground. Although it would be nice, banks won’t finance loans just because you request one. They want to know what the money is for, where it’s going, and if you’ll eventually be able to pay it back.
If you want investors to be part of your financing plan, they’ll have questions about your business’ pricing strategies and revenue models. Investors can also back out if they feel like their money isn’t put to fair use. They’ll want something to refer back to track your progress over time and understand if you’re meeting the goals you told them you’d meet. They want to know if their investment was worthwhile.
The Financial Considerations section of a business plan will prompt you to estimate costs ahead of time and establish revenue objectives before applying for loans or speaking to investors.
You’ll secure and finalize your strategy in advance to avoid showing up unprepared for meetings with potential investors.
4. Hire the right people.
After you’ve completed your business plan and you have a clear view of your strategies, goals, and financial needs, there may be milestones you need to meet that require skills you don’t yet have. You may need to hire new people to fill in the gaps.
Having a strategic plan to share with prospective partners and employees can prove that they aren’t signing on to a sinking ship.
If your plans are summarized and feasible, they’ll understand why you want them on your team, and why they should agree to work with you.
5. Communicate your needs.
If you don’t understand how your business will run, it’ll be hard to communicate your business’s legitimacy to all involved parties.
Your plan will give you a well-rounded view of how your business will work, and make it easier for you to communicate this to others.
You may have already secured financing from banks and made deals with investors, but a business’ needs are always changing. While your business grows, you’ll likely need more financial support, more partners, or just expand your services and product offers. Using your business plan as a measure of how you’ve met your goals can make it easier to bring people onto your team at all stages of the process.
6. It makes it easier to sell your business.
A buyer won’t want to purchase a business that will run into the ground after signing the papers. They want a successful, established company.
A business plan that details milestones you can prove you’ve already met can be used to show prospective buyers how you’ve generated success within your market. You can use your accomplishments to negotiate higher price points aligned with your business’ value.
A Business Plan Is Essential
Ultimately, having a business plan can increase your confidence in your new venture. You’ll understand what your business needs to succeed, and outline the tactics you’ll use to achieve those goals.
Some people have a lifetime goal of turning their passions into successful business ventures, and a well-crafted business plan can make those dreams come true.
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What is a business plan?
- Types of business plans
- How to write a business plan
- Business planning tips
- Industry business plans
What is a Business Plan and Why is it Important?
Tim Berry | Mar 8, 2023
If you’ve ever jotted down a business idea on a napkin with a few tasks you need to accomplish, you’ve written a business plan—or at least the very basic components of one. Let’s go over what a business plan is and why you need one to prepare you to successfully write and use it for your business needs.
A business plan is a strategic roadmap for any new or growing business or startup venture. It captures the opportunity see for your company: it describes your product or service and your business model, the target market you’ll serve. It also includes details on how you’ll execute your plan: how you’ll price and market your solution, and your financial projections.
Why do you need a business plan?
What is the purpose of a business plan? Should you really spend your time writing one? While it may seem like a daunting exercise or waste of time, there are plenty of tangible benefits to consider.
The scientific benefits of business planning
What does scientific research have to say about the impact of business planning on small business success? We’ve tracked down and compiled all relevant information to answer that very question.
How long should your business plan be?
The length of a business plan can range from a short napkin-sized list, a single page, or a detailed 40+ page overview of your business. The point is, there’s no standard size and it depends on your needs.
The main components of a business plan
What are the key elements that make a good business plan? Start by reviewing a standard business plan outline to understand the primary and optional components to include.
Business vs operational vs strategic plan
There are many types of goal-oriented documents to create for your business. While business, operational, and strategic plans have similar names and are often used interchangeably—they serve wildly different purposes.
Business plan vs business model
One common misconception is that the business model and business plan are the same things. While one should be covered by the other, they are vastly different parts of the startup and management process.
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What is a Business Plan and Why is it Important?
What is a business plan.
Whether you’re starting a small business or exploring ways to expand an existing one, a business plan is an important tool to help guide your decisions. Think of it as a roadmap to success, providing greater clarity on all aspects of your business, from marketing and finance to operations and product/service details.
While some owners may be tempted to jump directly into startup mode, writing a business plan is a crucial first step for budding entrepreneurs to check the viability of a business before investing too much time or money. The purpose of a business plan is to help articulate a strategy for starting your business. It also provides insight on steps to be taken, resources required for achieving your business goals and a timeline of anticipated results.
In fact, businesses that plan grow 30% faster than those that don’t. 1
For existing small businesses, a business plan should be updated annually as a way to guide growth and navigate the expansion into new markets.
Studies show that nearly 71% of the fastest-growing businesses have business plans, indicating that even existing businesses can benefit from updating their plans. 2
Your plan should include explicit objectives for hiring new employees , market analysis, financial projections, and potential investors. The objectives should indicate how they’ll help your business prosper and grow.
Building an asset management business plan
Committing resources to capital improvements and new assets such as computers, software or cars/trucks is never an easy decision for budget-conscious small business owners. But a business plan can bring clarity to the process of whether to buy or lease and help determine the optimal amount allocated to those assets. A good business plan can also help you decide if it’s feasible to take on additional office, retail or work space.
Creating a marketing strategy
Marketing and market potential are important aspects of a plan for aspiring small businesses.
Getting your business in front of customers on a consistent basis is one of the keys to ensuring your business not only stays afloat but also thrives.
Marketing strategies can be simple, but before you decide on how you will get the word out, getting clear on your target audience and why your business solves their problem can make sticking to your marketing plan easier.
Knowing your unique market positioning can help you determine your messaging. Your marketing strategy should include who your target audience is, the platforms or methods you will connect with them on, and a measurement framework to determine if your efforts are working.
Take entrepreneur Scott Sultzer, who opened Sandwich Joint restaurant in downtown Los Angeles in 2009. “I included the potential marketing demographic of all those who lived in a certain area of the city,” he said of his marketing strategy. “My goal was to capture a certain percentage of all those people who lived and worked nearby.” 4
Created primarily as a marketing tool, Sulzer’s 10-page plan included such topics as target market breakdown, marketing strategy and market penetration. “My business plan was mostly about market projections,” he said. “How are we going to get those people that lead to an increase in our daily sales? And how are we going to reach them to let them know we’re here?” 4
Depending on your business, it’s important to have both brick-and-mortar marketing strategies as well as a plan for marketing your business online .
Seeking investment for your business
In addition to providing a roadmap for progress and a marketing plan , your business plan could also be important in securing funding .
Whether you’re seeking a credit line from a bank or an influx of capital from investors, a business plan that answers questions about profitability and revenue generation can make the difference between whether someone decides to invest – or how much they might choose to invest.
In fact, a study showed that businesses with a plan were more likely to receive formal financial support, such as funding, than businesses without one. 3
Hiring the right talent
A business plan may also be needed to retain other professional services as well, such as attorneys, landlords, consultants or accountants. Sulzer used his business plan to secure a lease.
“I had to have a viable document that they could trust,” said Sulzer, who leased from one of the largest landowners in downtown Los Angeles. 4
“With a corporate landlord, they wouldn’t deal with me unless I had a business plan. I had to submit all my information and a plan that presented what I wanted to do, with financial breakdowns and percentages, demographics, and how I was going to get customers.” 4
For a small business to succeed, attracting talented workers and partners is of vital importance. A part of a business plan for hiring employees is to help bring in the right talent, from the executive level to skilled staff, by showing them the direction and growth potential of the business. It can also help secure vendor accounts, especially with exclusive suppliers.
Setting business plan objectives for management
Finally, a business plan can be important in providing structure and management objectives to a small business. It can become a reference tool to keep management on track with sales targets and operational milestones. When used properly and consulted regularly, it can help you measure and manage what you’re working so hard to create.
Ready to take the next step? Learn how to write a business plan .
Don’t forget to consider insurance coverage in your business plan. When the unexpected happens, you want to make sure your small business is covered. Customized insurance solutions are crucial to protecting and keeping your operation going.
Find out how small business insurance from Nationwide can help you build and protect your business whether you are just starting up or already established.
1 https://www.effectuation.org/wp-content/uploads/2017/06/The-Multiple-Effects-of-Business-Planning-onNew-Venture-Performance-1.pdf , Accessed October 2021. 2 https://onlinelibrary.wiley.com/doi/abs/10.1111/0447-2778.00006 , Accessed October 2021. 3 https://www.tandfonline.com/doi/abs/10.1080/13504851.2014.967377 , Accessed October 2021. 4 Nationwide Interview with Scott Sultzer, 2016.
Disclaimer: The information included is designed for informational purposes only. It is not legal, tax, financial or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts. It is the reader’s responsibility to comply with any applicable local, state, or federal regulations. Nationwide Mutual Insurance Company, its affiliates and their employees make no warranties about the information nor guarantee of results, and they assume no liability in connection with the information provided. Nationwide, Nationwide is on your side, and the Nationwide N and Eagle are services marks of Nationwide Mutual Insurance Company. © 2021 Nationwide.
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Business Plan: What It Is + How to Write One
- Blog Details
- Posted On: Mon Mar 13 2023
- Posted By: Rajendra Joshi
A business plan is essential for any entrepreneur or business owner looking to start, grow or expand their business. It is a roadmap that outlines the goals, objectives, strategies, and tactics that will be used to achieve success.
A well-written business plan can help entrepreneurs secure financing, attract investors, and guide the growth and development of their businesses.
In this article, we will discuss what a business plan is and how to write one that will help you achieve your goals.
What is a Business Plan?
A business plan is a dynamic document that is subject to change as the business grows and evolves. A business plan is a document that outlines a company's goals and objectives and the strategies and tactics it will use to achieve them. It is a written roadmap that helps business owners and entrepreneurs define their business concept, target audience, market analysis, marketing strategies, financial projections, and operations plan.
Why is a Business Plan Important?
A business plan is a critical tool for entrepreneurs and business owners for several reasons:
- It Helps Define the Business Concept: A business plan helps entrepreneurs clarify and define their business concept, including the products or services they offer, the target audience, and the value proposition they provide.
- It Identifies the Target Audience: A business plan helps entrepreneurs identify their target audience, including demographics, psychographics, and buying habits.
- It Guides Marketing Strategies: A business plan outlines the marketing strategies that will be used to reach the target audience, including advertising, promotions, public relations, and sales tactics.
- It Assesses Market Opportunities: A business plan assesses the market opportunities and potential for growth, including the market size, the competition, and the demand for the product or service.
- It Determines Financial Projections: A business plan determines the financial projections for the business, including revenue, expenses, and profits.
- It Helps Secure Financing: A well-written business plan can help entrepreneurs secure financing from investors, banks, or other sources.
- It Guides Operations: A business plan guides the business's operations, including the management team, organisational structure, and workflow.
How to Write a Business Plan
Writing a business plan can be daunting, but it doesn't have to be. By breaking down the process into smaller steps, you can create a comprehensive plan to help you achieve your business goals. Here are the steps to writing a business plan:
Executive Summary
The executive summary is the first section of the business plan and provides an overview of the entire document. It should include a brief description of the business, the products or services offered, the target audience, the market opportunity, the management team, and the financial projections. The executive summary should be concise, no more than two pages, and should entice the reader to continue reading the rest of the plan.
Company Description
The company description provides a more detailed business overview, including the history, mission statement, and goals. It should also include the legal structure of the business, the management team, and the organisational structure. The company description should be compelling and informative and help the reader understand the business's value proposition.
Market Analysis
The market analysis section provides an overview of the market opportunity, including the size of the market, the competition, and the demand for the product or service. It should also include a description of the target audience, including their demographics, psychographics, and buying habits. The market analysis should be supported by data and research and help the reader understand the potential for growth in the market.
Products or Services
The products or services section describes the business's products or services, including the features and benefits. This section should highlight the unique value proposition of the product or service and how it solves a problem or meets a need in the market. It should also include information about the production process, the materials used, and the pricing strategy.
Marketing Strategies
The marketing strategies section outlines the tactics that will be used to reach the target audience and promote the products or services. It should include an analysis of the competition, the positioning of the business in the market, and the promotional channels that will be used, such as advertising, social media, content marketing, or email marketing. The marketing strategies should be tailored to the target audience and aligned with the business goals.
Operations Plan
The operations plan outlines the business's day-to-day activities, including the production process, distribution channels, and workforce management. It should include information about the organisational structure, the workflow, and the roles and responsibilities of each team member. The operations plan should be clear and concise and provide a roadmap for efficient and effective business management.
Financial Projections
The financial projections section overviews the business's financial performance, including revenue, expenses, and profits. It should include a detailed financial plan, including income statements, balance sheets, cash flow statements, and projections for the next three to five years. The economic forecast should be based on realistic assumptions and supported by data and research.
The appendices section includes any additional information that supports the business plan, such as market research reports, legal documents, resumes of key team members, or product specifications. The appendices should be organised and labelled to make it easy for the reader to access the information.
Tips for Writing a Business Plan
Writing a business plan can be challenging but an enjoyable and rewarding experience with the right approach.
- Know Your Audience: Before writing your business plan, you should clearly understand your audience and what they seek. Are you writing the outline for investors, lenders, or potential partners? Each audience may have different priorities and expectations, so tailor your program to their needs. Here are some tips to help you write a successful business plan:
- Be Concise and Clear: Your business plan should be clear and concise, with no unnecessary jargon or technical language. Use simple language and avoid ambiguity. Ensure the reader can easily understand the plan's key points.
- Be Realistic: Your financial projections should be based on realistic assumptions and supported by data and research. Avoid overly optimistic projections or unrealistic expectations. Investors and lenders want to see that you have a real plan for the future.
- Use Visuals: Visuals such as charts, graphs, or tables can help illustrate your points and make your business plan more engaging. Use visuals sparingly and make sure they are relevant to the information you are presenting.
- Revise and Edit: A business plan is a dynamic document that will change over time. Revise and edit your project regularly to reflect changes in the market, the competition, or the business's goals.
A business plan is essential for any entrepreneur or business owner looking to start, grow, or expand their business.
It provides a roadmap for success and helps entrepreneurs clarify their business concept, target audience, marketing strategies, financial projections, and operations plan.
Writing a business plan can be challenging, but it can be a rewarding and enjoyable experience with the right approach.
Following the steps outlined in this article and using the tips provided, you can write a comprehensive business plan to help you achieve your goals.
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The importance of a business plan
Business plans are like road maps: it’s possible to travel without one, but that will only increase the odds of getting lost along the way.
Owners with a business plan see growth 30% faster than those without one, and 71% of the fast-growing companies have business plans . Before we get into the thick of it, let’s define and go over what a business plan actually is.
What is a business plan?
A business plan is a 15-20 page document that outlines how you will achieve your business objectives and includes information about your product, marketing strategies, and finances. You should create one when you’re starting a new business and keep updating it as your business grows.
Rather than putting yourself in a position where you may have to stop and ask for directions or even circle back and start over, small business owners often use business plans to help guide them. That’s because they help them see the bigger picture, plan ahead, make important decisions, and improve the overall likelihood of success.
Why is a business plan important?
A well-written business plan is an important tool because it gives entrepreneurs and small business owners, as well as their employees, the ability to lay out their goals and track their progress as their business begins to grow. Business planning should be the first thing done when starting a new business. Business plans are also important for attracting investors so they can determine if your business is on the right path and worth putting money into.
Business plans typically include detailed information that can help improve your business’s chances of success, like:
- A market analysis : gathering information about factors and conditions that affect your industry
- Competitive analysis : evaluating the strengths and weaknesses of your competitors
- Customer segmentation : divide your customers into different groups based on specific characteristics to improve your marketing
- Marketing: using your research to advertise your business
- Logistics and operations plans : planning and executing the most efficient production process
- Cash flow projection : being prepared for how much money is going into and out of your business
- An overall path to long-term growth
10 reasons why you need a business plan
I know what you’re thinking: “Do I really need a business plan? It sounds like a lot of work, plus I heard they’re outdated and I like figuring things out as I go...”.
The answer is: yes, you really do need a business plan! As entrepreneur Kevin J. Donaldson said, “Going into business without a business plan is like going on a mountain trek without a map or GPS support—you’ll eventually get lost and starve! Though it may sound tedious and time-consuming, business plans are critical to starting your business and setting yourself up for success.
To outline the importance of business plans and make the process sound less daunting, here are 10 reasons why you need one for your small business.
1. To help you with critical decisions
The primary importance of a business plan is that they help you make better decisions. Entrepreneurship is often an endless exercise in decision making and crisis management. Sitting down and considering all the ramifications of any given decision is a luxury that small businesses can’t always afford. That’s where a business plan comes in.
Building a business plan allows you to determine the answer to some of the most critical business decisions ahead of time.
Creating a robust business plan is a forcing function—you have to sit down and think about major components of your business before you get started, like your marketing strategy and what products you’ll sell. You answer many tough questions before they arise. And thinking deeply about your core strategies can also help you understand how those decisions will impact your broader strategy.
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2. To iron out the kinks
Putting together a business plan requires entrepreneurs to ask themselves a lot of hard questions and take the time to come up with well-researched and insightful answers. Even if the document itself were to disappear as soon as it’s completed, the practice of writing it helps to articulate your vision in realistic terms and better determine if there are any gaps in your strategy.
3. To avoid the big mistakes
Only about half of small businesses are still around to celebrate their fifth birthday . While there are many reasons why small businesses fail, many of the most common are purposefully addressed in business plans.
According to data from CB Insights , some of the most common reasons businesses fail include:
- No market need : No one wants what you’re selling.
- Lack of capital : Cash flow issues or businesses simply run out of money.
- Inadequate team : This underscores the importance of hiring the right people to help you run your business.
- Stiff competition : It’s tough to generate a steady profit when you have a lot of competitors in your space.
- Pricing : Some entrepreneurs price their products or services too high or too low—both scenarios can be a recipe for disaster.
The exercise of creating a business plan can help you avoid these major mistakes. Whether it’s cash flow forecasts or a product-market fit analysis , every piece of a business plan can help spot some of those potentially critical mistakes before they arise. For example, don’t be afraid to scrap an idea you really loved if it turns out there’s no market need. Be honest with yourself!
Get a jumpstart on your business plan by creating your own cash flow projection .
4. To prove the viability of the business
Many businesses are created out of passion, and while passion can be a great motivator, it’s not a great proof point.
Planning out exactly how you’re going to turn that vision into a successful business is perhaps the most important step between concept and reality. Business plans can help you confirm that your grand idea makes sound business sense.
A critical component of your business plan is the market research section. Market research can offer deep insight into your customers, your competitors, and your chosen industry. Not only can it enlighten entrepreneurs who are starting up a new business, but it can also better inform existing businesses on activities like marketing, advertising, and releasing new products or services.
Want to prove there’s a market gap? Here’s how you can get started with market research.
5. To set better objectives and benchmarks
Without a business plan, objectives often become arbitrary, without much rhyme or reason behind them. Having a business plan can help make those benchmarks more intentional and consequential. They can also help keep you accountable to your long-term vision and strategy, and gain insights into how your strategy is (or isn’t) coming together over time.
6. To communicate objectives and benchmarks
Whether you’re managing a team of 100 or a team of two, you can’t always be there to make every decision yourself. Think of the business plan like a substitute teacher, ready to answer questions any time there’s an absence. Let your staff know that when in doubt, they can always consult the business plan to understand the next steps in the event that they can’t get an answer from you directly.
Sharing your business plan with team members also helps ensure that all members are aligned with what you’re doing, why, and share the same understanding of long-term objectives.
7. To provide a guide for service providers
Small businesses typically employ contractors , freelancers, and other professionals to help them with tasks like accounting , marketing, legal assistance, and as consultants. Having a business plan in place allows you to easily share relevant sections with those you rely on to support the organization, while ensuring everyone is on the same page.
8. To secure financing
Did you know you’re 2.5x more likely to get funded if you have a business plan?If you’re planning on pitching to venture capitalists, borrowing from a bank, or are considering selling your company in the future, you’re likely going to need a business plan. After all, anyone that’s interested in putting money into your company is going to want to know it’s in good hands and that it’s viable in the long run. Business plans are the most effective ways of proving that and are typically a requirement for anyone seeking outside financing.
Learn what you need to get a small business loan.
9. To better understand the broader landscape
No business is an island, and while you might have a strong handle on everything happening under your own roof, it’s equally important to understand the market terrain as well. Writing a business plan can go a long way in helping you better understand your competition and the market you’re operating in more broadly, illuminate consumer trends and preferences, potential disruptions and other insights that aren’t always plainly visible.
10. To reduce risk
Entrepreneurship is a risky business, but that risk becomes significantly more manageable once tested against a well-crafted business plan. Drawing up revenue and expense projections, devising logistics and operational plans, and understanding the market and competitive landscape can all help reduce the risk factor from an inherently precarious way to make a living. Having a business plan allows you to leave less up to chance, make better decisions, and enjoy the clearest possible view of the future of your company.
Understanding the importance of a business plan
Now that you have a solid grasp on the “why” behind business plans, you can confidently move forward with creating your own.
Remember that a business plan will grow and evolve along with your business, so it’s an important part of your whole journey—not just the beginning.
Related Posts
Now that you’ve read up on the purpose of a business plan, check out our guide to help you get started.
The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.
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The importance of business plan: 5 key reasons.
A key part of any business is its business plan. They can help define the goals of your business and help it reach success. A good business plan can also help you develop an adequate marketing strategy. There are a number of reasons all business owners need business plans, keep reading to learn more!
Here’s What We’ll Cover:
What Is a Business Plan?
5 reasons you need a well-written business plan, how do i make a business plan, key takeaways.
A business plan contains detailed information that can help determine its success. Some of this information can include the following:
- Market analysis
- Cash flow projection
- Competitive analysis
- Financial statements and financial projections
- An operating plan
A solid business plan is a good way to attract potential investors. It can also help you display to business partners that you have a successful business growing. In a competitive landscape, a formal business plan is your key to success.
Check out all of the biggest reasons you need a good business plan below.
1. To Secure Funding
Whether you’re seeking funding from a venture capitalist or a bank, you’ll need a business plan. Business plans are the foundation of a business. They tell the parties that you’re seeking funding from whether or not you’re worth investing in. If you need any sort of outside financing, you’ll need a good business plan to secure it.
2. Set and Communicate Goals
A business plan gives you a tangible way of reviewing your business goals. Business plans revolve around the present and the future. When you establish your goals and put them in writing, you’re more likely to reach them. A strong business plan includes these goals, and allows you to communicate them to investors and employees alike.
3. Prove Viability in the Market
While many businesses are born from passion, not many will last without an effective business plan. While a business concept may seem sound, things may change once the specifics are written down. Often, people who attempt to start a business without a plan will fail. This is because they don’t take into account all of the planning and funds needed to get a business off of the ground.
Market research is a large part of the business planning process. It lets you review your potential customers, as well as the competition, in your field. By understanding both you can set price points for products or services. Sometimes, it may not make sense to start a business based on the existing competition. Other times, market research can guide you to effective marketing strategies that others lack. To have a successful business, it has to be viable. A business plan will help you determine that.
4. They Help Owners Avoid Failure
Far too often, small businesses fail. Many times, this is due to the lack of a strong business plan. There are many reasons that small businesses fail, most of which can be avoided by developing a business plan. Some of them are listed below, which can be avoided by having a business plan:
- The market doesn’t need the business’s product or service
- The business didn’t take into account the amount of capital needed
- The market is oversaturated
- The prices set by the business are too high, pushing potential customers away
Any good business plan includes information to help business owners avoid these issues.
5. Business Plans Reduce Risk
Related to the last reason, business plans help reduce risk. A well-thought-out business plan helps reduce risky decisions. They help business owners make informed decisions based on the research they conduct. Any business owner can tell you that the most important part of their job is making critical decisions. A business plan that factors in all possible situations helps make those decisions.
Luckily, there are plenty of tools available to help you create a business plan. A simple search can lead you to helpful tools, like a business plan template . These are helpful, as they let you fill in the information as you go. Many of them provide basic instructions on how to create the business plan, as well.
If you plan on starting a business, you’ll need a business plan. They’re good for a vast number of things. Business plans help owners make informed decisions, as well as set goals and secure funding. Don’t put off putting together your business plan!
If you’re in the planning stages of your business, be sure to check out our resource hub . We have plenty of valuable resources and articles for you when you’re just getting started. Check it out today!
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What Business Size Are You?
How to develop a healthcare marketing plan [2023].
As mentioned in a previous blog, healthcare remains the top industry to watch regarding growth potential in 2023 . Where other industries contest with the challenges of inflation and a possible recession, healthcare marketing can help your business capture market share, while facilitating new avenues for business growth.
What Is Healthcare Marketing?
Marketing in healthcare, also known as healthcare marketing, is a strategic methodology designed to attract, engage, and convert potential patrons of healthcare businesses such as hospitals, drug treatment centers, managed healthcare, recovery centers, and even hospice care centers.
Healthcare marketing is different from marketing used for health and fitness businesses because building trust and authority online is a necessity for organizations in the healthcare space. Although patients often do not research online for an emergency, healthcare marketing gives patients a reason to become long-term advocates for the healthcare facility.
Additionally, the healthcare industry is highly regulated. As a result, marketing for healthcare requires patient and treatment confidentiality – limiting certain types of advertising and service advertising channels.
Why Is Healthcare Marketing Important?
In 2023, nearly one million businesses exist in the healthcare space. Meaning that although the industry expands year after year, so do competition and options for patients in the healthcare space. By 2025, the profit for healthcare businesses is expected to exceed $696 billion . However, a lion’s share of this business will be capitalized upon by industry giants who have spent years unifying their brand image and creating long-term relationships with their patients.
As a result, the only way to compete with these industry leaders who have already developed their authority is to build your own through healthcare marketing. As the old Chinese proverb states, “The best time to plant a tree was 20 years ago. The second best time is now.”
Healthcare marketing enables your business to grow as an authority in your niche or space. Through time-tested strategies and the use of modern tactics, you can accelerate your authority-building and take market share — as well as new business opportunities — from those who don’t proactively cater to their patients’ needs.
The Three Points of Emphasis in Healthcare Marketing
In healthcare marketing, there are three specific focal points that you need to plan around. These three points of emphasis can be the difference maker between having a patient that is an advocate and a patient that never returns to your healthcare facility.
1. Patient Experience
The patient experience should be vital when creating your healthcare marketing plan. In 2023, patients are more empowered than ever to leave feedback, receive individualized care, or shop around for healthcare providers that best match their needs and style.
If you do not know what patients think of your services and treatment, how can you expect to improve? Repeatedly delivering positive experiences in the long term can help you increase the number of patients who become brand advocates. If you do not currently have a system in place to audit the patient experience, consider developing one.
2. Brand Reputation
What does your healthcare business stand for? Does your response to that question feel a bit too vague or difficult to put into words? Don’t worry. Many healthcare businesses do not have a clear understanding of what they want to be known for, so they instead leave their reputation in the hands of the public.
While that may be commendable in certain regards, it can be confusing when you want to actually be known for your mission. Consider solidifying your purpose, vision, and mission into concrete statements. Following that, consider integrating your brand goals into how your healthcare organization is run.
If you’re clear on this mission, both internal and external stakeholders can understand what is most important to your organization, and you can address when there are shortcomings in matching your brand’s reputation. In turn, your marketing plans can complement your vision.
3. Service Authority
When was the last time that you went to a business or bought a service without looking it up online? Probably rarely, if ever. In the Internet Age, we are conditioned to do our own research and are only satisfied once we are fully informed. That means if someone goes to your healthcare website and you have not produced enough content to appear as an authority on the service, they will continue to scroll to businesses that match their research conditions.
Becoming an authority on your relevant topics is not only a necessity for long-term business success — it also helps to solidify a patient’s trust in their healthcare provider. From topics that are socially relevant to authority building for SEO-relevant searches, your healthcare marketing plan should emphasize thought leadership on any and all of your relevant service lines and niche topics.
How to Develop a Healthcare Marketing Plan
Now that we understand the points of emphasis any healthcare organization needs to understand to become successful, we can identify the specific steps you need to increase your reach and build your authority.
Step 1: Understand Your Goals
Before you get too far into creating a healthcare marketing plan, it’s important for you to understand your goals. You can and should have more than one — both short-term and long-term goals are essential to developing your marketing strategy.
You can often understand your short-term goals by understanding what you want to achieve in the long term. Want to become the go-to authority for oncology in your city? Define what that means and what’s going to lead you there. Determine the key performance indicators, or KPIs, that will quantify your idea of success. Then outline the types of campaigns you want to pursue to hit those KPIs and work towards actionable, measurable change using SMART goals.
SMART goals are an essential element of ensuring your marketing strategies are implemented as tactics
SMART goals can be both short- and long-term, but shorter SMART goals should feed into larger ones. Let’s return to our above example and say you want to become an authority in oncology. What does that look like, and how would you do that? Break it down into achievable pieces that you can mark off on a to-do list.
Step 2: Conduct a SWOT Analysis
To compete in any industry, you also need to understand what those around you are doing. One method of fully understanding what works and what doesn’t is conducting a SWOT ( strengths, weaknesses, opportunities, and threats) analysis. Through this analysis, you can understand internal strengths and weaknesses as well as external opportunities and threats.
A SWOT analysis is an essential step in understanding your business’s landscape
Armed with a SWOT analysis, you can get a fuller understanding of your competition, your capabilities, and how to plan for successful short- and long-term marketing plans. The analysis also forces you to define variables that may change and account for mitigating factors.
Continuing with the oncology example, you may find that your competitor has fully fleshed out a billboard advertising and print campaign to capture market share with a much higher budget than you have. However, through the SWOT, you may also discover that their online presence is lackluster, and no one has created any type of content cluster around the three major areas of treatment: medical oncology, radiation oncology, and surgical oncology.
Here, you’ve found your opportunity.
Step 3: Create Your Buyer Persona
You may have found your opportunity, but finding out how your audience buys is the next essential step for long-term success. A buyer persona can help you get your new avenue of opportunity over the finish line by revealing who will see your message and where.
In healthcare, buyer personas are somewhat already predefined for you. For example, those who are looking for oncology services have probably been referred by a doctor and are looking for additional information.
While scare tactics may work, we highly advise against exploiting a vulnerable group. Instead, map out your buyer’s marketing cycle and offer educational content along their journey to help them reach informed decisions that build long-term trust.
Step 4: Determine Effective Channels for Reach
Armed with your goals and audience insights, you now must decide how you plan to connect with potential customers. Different channels will put your messaging in front of different people, so try to find those with the biggest overlap with your audience. For example, when leveraging social media to connect with an older audience, you’ll probably have better luck on Facebook than on channels that skew younger, like Snapchat. In this case, you want to focus your time and energy on the channels with the highest likelihood of return.
Once you’ve narrowed down your channels for communication, all you have to do is ensure the pieces of content you’re delivering are informative and be there for a potential patient when they do want to reach out.
Step 5: Implement Your Marketing Plan
Don’t just create your marketing plan. Research, develop, and execute your strategies. A healthcare marketing plan helps your healthcare business understand where to find potential for growth and how to build your authority in a highly competitive industry.
Healthcare marketing shows no sign of slowing down. While the giants of the industry have spent their time building cohesive authority, improving the patient experience, or solidifying brand reputation, many healthcare organizations remain stagnant in their approach. Though these healthcare organizations still believe ad-hoc solutions are enough, you can instead increase your revenue potential with a comprehensive healthcare marketing plan.
Collaborate with Joseph Studios to Implement an Effective Marketing Plan
You can write a great plan, but wouldn’t it be better to have industry experts to help you implement your strategies? Instead of limiting your bandwidth, work collaboratively with Joseph Studios to capture market share, increase your authority, and become a healthcare industry leader.
Don’t know where to start? Schedule your free expert consultation .
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The Importance of Branding: Why Does it Matter for Businesses?
When starting your own business, you’ll want to consider how you plan to market your company to consumers..
But, before you’re able to successfully market your business, you’ll need to create a brand that suits it. The term “brand” refers to how consumers will come to recognize your company, and the values that they associate with it. Branding is how companies differentiate themselves from one another. By coming up with a specific and unique branding strategy for your company, you can help your business stand out more from competitors to consumers. The more consistent your branding, the more customers will come to trust your company. However, coming up with a brand is no easy feat. If you’re wondering how to create a successful branding strategy, read on for a breakdown of what branding is and why it’s so essential for businesses.
What Is Branding?
Branding refers to the cumulative efforts of a company to differentiate itself from other competing businesses in its field. Branding isn’t just your company name and logo – though those are important factors – it’s every piece of content that your company produces, from product launches to advertisements to social media posts to customer interactions. When you maintain a consistent brand, you make your business more easily recognizable to consumers, which can help to drive sales and customer interaction. There are several different types of branding that you can utilize as a business owner, depending on the type of company that you run.
Personal Branding
As professional influencers from TikTok and Instagram have risen in popularity in recent years, many individuals have placed their focus on personal branding . This form of branding allows professionals who make a business off of personal content creation to come up with a unique personal image that sets them apart from others in their field. Personal branding is essential for those who are the name and face of their company and is used by artists, actors, influencers, musicians, and other freelancers.
Retail Branding
This form of branding is utilized by businesses within the world of commerce to differentiate themselves from other companies that offer similar products. Retail branding can pertain to a company having a similar layout and inventory in all of its stores, as well as the look and tone of a company’s website and social media presence.
Service Branding
Popular within the restaurant industry, service branding helps to make a brand synonymous with a specific service that they offer. A big portion of service branding relies on customer interaction. You want your customers to trust that your company can provide the services you claim to offer. As such, it’s essential to have a staff that upholds your company’s values and positively engages with customers.
How Do You Create a Successful Brand?
To successfully brand your business, there are many factors that you’ll want to consider:
Creating a Logo That Matches Your Company
One of the most important pieces of any branding strategy is coming up with a logo for your company. When creating your company’s logo, you want to make sure that the image that you’re using correlates well with your company’s name and the products you offer. In addition to this, you’ll want to consider the colors and fonts that you use in your logo, as they’ll set the tone for your company’s brand.
To create a logo that stands out, you might want to consider using an online logo maker . Simply input your company’s name, answer a few questions regarding color and font choice, and voila! You can have a unique logo for your business in minutes. You must choose a logo for your company that will fit in all settings, meaning that it will look good on your website, social accounts, emails, and physical products.
Stay True to Your Company’s Values
To create a lasting brand image, you’re going to want to consider the values that your company ascribes to. They’re the pillars that you founded your business on, the reason that you wanted to start your company in the first place. When developing your brand, try and choose a few words that you think correlate to your company’s values . From there, you can find ways to work them into the messaging of the content you make and help to create a consistent brand image.
In Conclusion
Branding is an essential component of the success of any business. It helps to build awareness for your company and differentiate it from other businesses. As your brand continues to grow, it will also help to build trust amongst consumers. You can work to develop a successful brand by creating a strong logo and making branded content that ascribes to your company’s values. In what ways do you think branding helps businesses thrive?
Hi, I'm Richard, the Editor for our Online Content. Feel free to email me at [email protected] if you have any questions or interesting content to send over!
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How to master project success: a beginner’s guide to implementation planning.
Over 90% of business strategies fail as do 95% of product launches because people fail to answer the most fundamental question: what are implementation planning and its role for the enterprise or project at hand? No major task is possible without a foolproof plan of implementation. From weddings to corporate businesses, implementation plans function as blueprints for strategies and ensure success. This guide offers tips on how to create an effective implementation plan for projects both big and small.
What is Implementation Planning?
A document that details every important detail of project execution is called a project implementation plan, and the process is known as project implementation planning. The process establishes the goals and defines timelines for project completion while also listing the relevant resources for the project. Implementation plans should provide the steps of a process and suggest means to achieve the project goals. This includes budget, timelines, and managing personnel, among other things.
Importance of a Project Implementation Plan
Project managers start designing projects only after understanding what is implementation planning to ensure their plans will succeed. The importance of solid implementation strategies lies in:
- Providing a scope of work and an actionable roadmap replete with tangible goals
- Enabling transparent communication with project execution personnel and stakeholders
- Assigning tasks to team members and holding them accountable
- Aligning specific goals of different departments involved in the project
- Optimizing productivity by keeping due track of every minute step
ALSO READ: Interested in Project Management? You Need to Read These 5 Books
The Purpose of an Implementation Plan
An implementation plan works alongside a strategic plan which outlines the systematic deployment of strategies to reach a certain goal. Implementation plans break down these strategies into smaller chunks of actionable tasks, serving as the much-needed step-by-step guide to achieving the final goals. A successful implementation plan can even allow a layman to understand an entire project, leaving no room for doubt.
Steps to Create Your Project Implementation Plan
What is implementation planning and how to get it right on paper? Here are the steps:
Define Your Goals and Milestones
The first step is determining what you want to accomplish within a specific time frame after your project is complete. They can be simple, short notes that help you chalk out the rest of your project plan. You can begin by asking basic journalistic questions of who, what, when, why, where, and how: What do we aim to accomplish here? Whom will we serve with this project? When do we want to finish this project and what are the deliverables? How do we plan to achieve this?
Brainstorm and Map Out Potential Risks
Mapping potential risks come hand-in-hand with defining project goals and objectives. Implementation plans always have a separate risk assessment plan, but brainstorming potential risks will guide your plans more realistically.
Assign and Delegate Essential Tasks
Any implementation plan breaks down the tasks and delegates them to different people to accomplish specific goals. For instance, a new smartphone launch necessitates the collaboration of marketers and sales teams with technical professionals like UX/UI designers, web developers, and coders. Delegating essential tasks involves naming the talent required, assigning a specific person for the job, and providing them with specific expectations. As a working tip, use one centralized progress mapping tool so that everyone can easily access and update it.
Conduct Research by Interviewing, Surveying, or Observing
The research will cement your imagined goals into concrete tangible tasks. Research is also crucial for understanding what resources are needed when project execution starts. Your research should shed light on all the factors directly influencing project success. Therefore, interviews with domain experts, external stakeholders, and focus groups will lead you to define realistic project outcomes on timelines, human resources, and budgets.
ALSO READ: 5 Best Software for Project Management That Can Be Used by Anyone
What is Included in an Implementation Plan?
What is implementation planning and what are its primary components? Let’s find out:
Scope Statement
The baseline implementation plan starts with a detailed project scope statement. It is a document that outlines the boundaries of a particular project, highlighting its central elements such as project goals, assumptions, work breakdown structure, checkpoints, and rules for acceptance of deliverables. A well-defined project scope optimizes control over project execution after you have made considerable progress.
This step can also be considered as a sub-part of writing the scope statement. Objectives are strictly defined achievable outcomes that enable you to develop a specific project roadmap and progress metrics. S pecific, M easurable, A chievable, R elevant, T ime – (SMART) objectives prove efficient when stated with conciseness and candor.
Team Member Roles and Responsibilities
Once the objectives are set, division of responsibilities and accountability is your next step in understanding what is implementation planning. This step demands detailed planning to classify team members and subgroups unique to the project. A project team largely includes the project manager, sponsors, stakeholders, analysts, and technical personnel as relevant in the domain. Excel sheets help you build Responsible, Accountable, Consulted, and Informed (RACI) charts which are responsibility assignment matrices used to streamline team member roles.
Task Deadlines
Estimating task completion dates is the first step for setting project milestones. Project timelines are subject to change because all premeditated plans are bound to get affected in some way or the other. Providing windows for errors, changes, and logistical issues is important in setting realistic task deadlines. This is the fourth ingredient of your implementation plan that you can easily furnish with the help of Gantt charts in Excel. These charts emulate the look of linear timelines to visualize your progress.
Risk Assessment
This step happens early on in the implementation planning process right after the project goals, scope statement, and objectives have been clearly defined. Companies generally use Strengths, Weaknesses, Opportunities, Threats (SWOT) analysis or risk register logs to assess hazards in the project roadmap and mitigate the risks before they start hindering progress.
Outline of Deliverables
Project deliverables refer to the entire list of tangible goals you need to achieve. Clear-cut articulation of project deliverables helps you keep track of project objectives and map the timelines accordingly.
ALSO READ: Who is a Technical Project Manager and How to Become One in 2022
Implementation Plan Example
The best way to learn what is implementation planning is by actually making a thorough plan of action for a project. Here’s one outline of a new smartphone launch. You can customize a plan for yourself using the template :
Only a well-planned idea finally translates into a complete project, reaching its destined goals without stretching the timelines. Learn more about what is implementation planning and strategy, and how to ensure successful outcomes, with these project management courses offered by Emeritus .
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How to Create a Marketing Plan for Your Physical Therapy Practice
- MEG Business
- March 14, 2023
As a physical therapy owner, you know that your business is unique and essential to helping people improve their health and well-being. However, in today’s competitive market, it’s not enough to just rely on word-of-mouth referrals to attract new clients.
Now more than ever, having a marketing plan that targets your local footprint is crucial to the success of your practice. After working with hundreds of new and established physical therapy owners, we want to outline the frequently asked questions we hear and share our answers for why having a marketing plan is essential for your clinic and what should be included in it.
Why Does Your Physical Therapy Business Need a Marketing Plan?
A marketing plan is a comprehensive document that outlines your marketing goals, strategies, and tactics for achieving those goals. It’s a roadmap for your physical therapy practice that ensures you’re spending your time and resources effectively to grow your business.
Here are the main benefits of a marketing plan for your physical therapy practice:
- Attract New Clients: A physical therapy marketing plan helps attract new patients to your practice. It helps make it clear to your team who your target market is and what strategies will reach them effectively.
- Increase Revenue: It can help you increase your revenue by promoting your services to current, past and future patients. By identifying and leveraging your unique selling points, you can differentiate yourself from competitors and attract patients who value your expertise and programs.
- Build Brand Awareness: Your marketing plan helps build brand awareness for your practice. By developing a consistent brand message and marketing strategy, you can establish your practice as a trusted, helpful and reputable provider of physical therapy services.
- Stay Competitive: A marketing plan helps you stay competitive in your market. By keeping track of your competitors’ marketing strategies and adjusting your own plan accordingly, you can stay ahead of the competition and attract patients who may be considering other providers.
What Should Be Included in a Physical Therapy Marketing Plan?
Since your physical therapy marketing plan should aim to re engage current patients and attract potential new patients to your clinic by communicating your unique value proposition, let’s review some key elements to consider when creating a physical therapy marketing plan:
- Market Analysis: Conducting a market analysis is the first step in developing your physical therapy marketing plan. This involves researching your target market, competitors and industry trends. It helps you identify the needs and preferences of your potential patients and how your practice can meet those needs.
- Target Market: After conducting a market analysis, you should define your target market. This can involve identifying the demographics, psychographics and behaviors of your potential clients. By understanding your target market, you can develop marketing strategies and tactics that resonate with them and even niche into specific care .
- Unique Selling Proposition: Your unique selling proposition (USP) is what sets your practice apart from your competitors. It’s the reason why potential patients should choose your clinic over others in the community. Your USP should be communicated consistently in all your marketing materials.
- Brand Identity: Your brand is the image and reputation of your practice. It includes your name, logo, website, messaging, mission and values. Developing a strong brand helps you stand out in a crowded market and builds trust and credibility with your patients.
- SMART Goals: Establish specific, measurable, achievable, relevant, and time-bound goals for your marketing plan. Examples could include increasing website traffic, increasing the number of leads or referrals or boosting social media engagement.
- Marketing Strategies and Tactics: Based on your market analysis, target audience and USP, you should develop marketing strategies and tactics that will help you achieve your marketing goals. This can include advertising, reputation management, social media marketing and content marketing among others.
- Budget and Metrics: Your marketing plan should include a budget that outlines how much you’re willing to spend on marketing and where you will allocate those funds. It should also include metrics that will be used to track the success of your marketing plan, such as website traffic, social media and email marketing engagement and patient conversion rates.
What Marketing Strategies and Tactics Should You Include in Your Physical Therapy Marketing Plan?
Once you have defined your target audience, set goals and developed your brand, it’s time to develop a marketing strategy that will help you reach your objectives (and audience). Here are some marketing strategies and tactics that can help you promote your physical therapy clinic:
- Website Optimization: Your website is your digital storefront, and it should be optimized for search engines and user experience – basically, people who use Google. Make sure your website is mobile-friendly, easy to navigate and includes clear calls-to-action. Learn more about MEG’s website services.
- Content Marketing: Content marketing involves creating valuable content, such as blog posts, videos, or social media posts, that educates and engages your target audience. This helps you establish thought leadership and build relationships with your patients.
- Email Marketing: Email marketing involves sending targeted emails to your patients to inform them about your services, promotions and news. This helps you keep your patients engaged and informed and also can be segmented to send the right message to the right person at the right time.
- Social Media Marketing: Social media marketing involves using social media platforms, such as Facebook, Instagram, or LinkedIn, to connect with your target audience and promote your services to the community. This helps you build brand awareness, showcase your culture and drive traffic to your website.
- Referral Marketing: Referral marketing involves encouraging your patients to refer their friends and family to your practice. You can incentivize referrals with discounts, promotions or other rewards as long as you follow compliance guidelines.
- Reputation Management : Reputation management services typically involve monitoring online conversations, analyzing feedback and reviews, and developing strategies to improve and maintain a positive online image.
Create a Roadmap for Physical Therapy Success
If you’re ready to build a business blueprint for marketing success, the MEG Business team is here to help you focus your efforts, attract and retain patients so you can ultimately grow your business and start living the life you always imagined for yourself as a practice owner.
To get started, request a free Practice Assessment from our team and learn how to make your website your greatest salesperson !
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En el Hoyo de Bartola
Una fuente fidedigna informó que en el sector El Hoyo de Bartola, en Santiago de los Caballeros, fue el escenario en donde se produjo una fuerte B₳L₳₵ER₳, la cual se salió de control y dejó como saldo final la cantidad de seis personas heridas.
Se pudo determinar que este TlRØTEO se produjo alrededor de las 5:00 hrs. de la mañana de este lunes, en un centro de diversiones que se encuentra dentro del barrio llamado La 42 de Santiago.
Además, este hecho criminal se originó por un grupo de personas aún no identificadas que se encontraban en el lugar.
Sin embargo, agentes adscritos a la Dirección Central de Investigaciones Criminales (DICRIM) se encuentran realizando su respectivo trabajo para dar con las identidades de estos antisociales y el motivo que desencadenó este altercado que causó gran zozobra entre los vecinos de la zona.
Por otra parte, habitantes de esta localidad narraron que posterior a este hecho, los uniformados que llegaron a la escena procedieron a lanzar bombas lacrimógenas, las cuales afectaron incluso a las personas que se encontraban dormidas dentro de sus viviendas.
Hasta este punto de la investigación sobre este caso, se desconoce el estado de salud de las seis personas que fueron afectadas por las balas accionadas por armas de fuego que detonaron los involucrados.
Nos llegan algunas imágenes fuertes que hacen referencia a algunas personas que resultaron heridas mediante este suceso violento. Como de costumbre, ubicaremos los archivos en el respectivo enlace externo por lo inadecuado que pudiera resultar este material para algunas.
ENLACE A LAS FOTOS FUERTES
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How to make a contingency plan
To make a good contingency plan, one must understand all the aspects and risks involved . The more you anticipate possible scenarios in which things don’t go according to plan, the more prepared you will be to deal with adversities and get back on track.
That’s why it pays to have not just a “Plan B” but also a “Plan C,” “D,” and even “E.” They can help you save a lot of time and money, not to mention reduce stress when faced with adversity.
These plans are especially useful for new companies, where the odds of things not going as planned are higher. Being ready for this can make the difference between a long and successful journey, and a short, frustrating one.
Identify what can go wrong
The first step to making an efficient contingency plan is identifying everything that can go wrong. The trick here is to be pessimistic and list all the worst-case scenarios that can happen. Try to divide them into categories – for example, politics. What will happen if a specific public law changes and the whole project has to be adjusted to fit the new legislation? Try to apply this thinking to every aspect of the project that crosses your mind.
Think about possible economic crashes, human errors, natural disasters, and so on. Consider different scales of aggravation, from major problems like an essential supplier suddenly going missing, to the mishandling of a small task in the overall process.
Working in a group is best here, with people from different areas identifying a wide range of scenarios. It is also advisable to rank these risks in order of importance. For example, a sudden drop in the company’s reputation, and budget cuts: which is more threatening for your business ? Address these issues, and prioritize the most relevant ones.
Get your action resources ready
Could a sudden change in regulation in your area be critical to the project’s health? Be sure to have a solid legal team on your side! Or are external perceptions of the company essential to how things will flow? If so, you should invest in a public relations team that stands ready to ensure things run smoothly in this department. Having identified all the risks to your project, make sure to have people on hand who can capably respond to each one.
Create a set of procedures for each scenario
Every Japanese student knows what to do when an earthquake hits Japan, which happens often. Their response is immediate and conducive to overall safety, and your team should respond in the same way when something goes wrong. To make sure this happens, think about the best way to deal with each misfortune in turn, and get your procedures ready in advance.
Consider who will be assigned to deal with each element of the problem (as per the previous heading), which actions should take place and in what order. What will your first immediate reaction look like? How long will it take? Depending on how the contingency plan begins in practice, how will this alter the next steps?
Those are all essential elements to bear in mind. One tip is to create a decision tree that maps out the appropriate answer for each scenario. In doing so, no one will be surprised, and your team will know how to act on a number of different levels. The more intricate your preparations, the more ready you will be.
Make sure everyone is aware of the contingency plan
Imagine that a building is on fire. The best thing to do is to remain calm and make an organized, peaceful exit, since chaos in these situations can lead to panic, and things can go terribly wrong.
But what if half of the people in the building act calmly and the other half don’t? Chaos will probably ensue, despite the fact that some knew what to do. So make sure that everybody knows the plan and how to execute it, before it’s needed.
Leave space for adaptation
Even if you put a lot of thought into the agenda, sometimes things take a surprising turn. That’s why it’s important to leave room for new routes in the middle of a crisis, if required. But even here, you can plan ahead by designating someone to lead this shift . Your contingency plan should make clear who is best suited to make this choice, depending on the scenario.
Always update
Don’t just create the plan and leave it untouched. Go back to it from time to time and reevaluate it as required. This can be done collectively, with several people offering their insights and strengthening a contingency plan that checks all the boxes.
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What is the purpose of a marketing plan? A marketing plan lays out your business strategy for acquiring new customers and selling more products and services. But it also serves as a way of analyzing exactly how successful your marketing efforts have been so far.
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An implementation plan works alongside a strategic plan which outlines the systematic deployment of strategies to reach a certain goal. Implementation plans break down these strategies into smaller chunks of actionable tasks, serving as the much-needed step-by-step guide to achieving the final goals. A successful implementation plan can even ...
Since your physical therapy marketing plan should aim to re engage current patients and attract potential new patients to your clinic by communicating your unique value proposition, let's review some key elements to consider when creating a physical therapy marketing plan: Market Analysis: Conducting a market analysis is the first step in ...
23 Likes, 10 Comments - @wsmediamarketing on Instagram: "WHY A MARKETING STRATEGY IS SO IMPORTANT IN 2023 📊📈📊📈 A marketing strategy in all honesty is a…"
marzo 13, 2023. Una fuente fidedigna informó que en el sector El Hoyo de Bartola, en Santiago de los Caballeros, fue el escenario en donde se produjo una fuerte B₳L₳₵ER₳, la cual se salió de control y dejó como saldo final la cantidad de seis personas heridas. Se pudo determinar que este TlRØTEO se produjo alrededor de las 5:00 hrs ...
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