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Tuesday, August 12, 2008

Marketing Plans- Why they will Save You Money

Have you ever written a marketing plan for your business? And if so, how often do you refer to it?

A marketing plan is a road map for determining the best way to get the word out about your business. They allow you to analyze your target audience, research your competition (and the need for capitalizing on a niche market), show monthly business expenditures, follow timelines and budgets for marketing initiatives, and how to execute the tactics you have in place. After writing a marketing plan, it's easy to see how to leverage your marketing investment with all that you're doing for your business.

Since we specialize in marketing plan development and implementation, we have noticed that many businesses lack solid marketing plans that it's sometimes quite difficult for owners to grow their operations because their objectives and goals are not clearly outlined. All their ideas and plans for their business are in their head, not on paper. Without a comprehensive plan, nothing is thought out and you're basically coasting month to month making impulse decisions. How can you launch a successful campaign if nothing is written down, researched, or planned?

For ultimate business success, be sure to review your plan every 3 months and add to it as needed. Determine how your business has progressed in the past few months and assess whether the items you outlined initially are still applicable. Consider distributing your marketing plan to all the members of your team so they can share in the business vision and mission. If they can visualize your business alongside you, your plans can be realized more easily.

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