Need for a Marketing Plan

“Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service.

Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and customer relationship management that also benefits the organization. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer behavior and providing superior customer value. From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships.”

Why You Need Marketing Plan

Whether you’re just starting a business or have been in business for a while, it takes an investment in time, energy, and financial resources. These are basically your most important resources, and you would not want to squander them by approaching your business without a goal, a plan and strategies to achieve those goals.

Your marketing plan, not to be confused with a business plan, is a roadmap or path for one of the key components of your business – marketing. It helps you refine your strategies and maximize your efforts to get your products and services in front of the right people who will then want to buy what you have to offer.

Frankly, when I started my online business, I did not have a marketing plan. I only knew I wanted to get more visibility for the business I did at the time, and as a result I wasted a lot of time and money. I don’t want that to happen to you, or if it has already happened, you can put an end to it.

What are the Components of a Successful Marketing Plan?

In order to complete a successful marketing plan, there are three essential components you must get right. You have to do your research, know what’s involved in your marketing mix – the strategies and tactics you will implement, and always, always monitor your results. This is the only way you’ll know if you’re achieving the desired results; if not, where you need to make changes.

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