Purpose of a Marketing Plan

Video Transcript

"A marketing plan is something like a road map you can use to keep you on the path to growing your business. Hi, I'm Peggy Collins and I want to help you understand the purpose of a marketing plan. A marketing plan's purpose is to serve as a guide to help you measure your progress and stay on track to meeting your objectives. Just as an architect wouldn't build a house without blueprints or a pilot depends on having a flight plan, your marketing plan is crucial to leading your business into the land of greater sales and higher profits. It's the foundation that keeps you focused. Your blueprint for marketing your business successfully. You may begin with just your sales projections and a calendar. Layout monthly projected sales and assign a percentage to be devoted to all your marketing activities for each month. It's wise to look at local calendars of events to find promotional opportunities as these are very important ways to establish your brand and get your business out in the community pressing the flesh. If there's a 4th of July event that offers a good fit for your business and you plan to do a Mother's Day fashion show in May, you'll need to allocate additional funds in those months and adjust the budget in other months so you can do so without anticipated expenses. They come, well, out of your bottom line. Another purpose for having a marketing plan is that you keeps on track strategically. No matter how many sales reps with the next big thing call on your business. It helps you stay true to your vision and keep your message in alignment with your strategy. A good marketing plan will also make you accountable for your progress which is very helpful for the new business owner or entrepreneur. If you hit a slow spot, and most businesses do, when business needs a boost, think out of the box and use your imagination and resources like time and energy to increase activity and generate sales. Your marketing plan needs to include your marketing budget, your marketing strategy and the advertising vehicles you plan to use to market your business. Naturally you'll need to keep it flexible and make adjustments as you go. But my advice is, stay the course as much as possible to be sure you reach your goals and invest your money wisely. I'm Peggy Collins, your marketing expert wishing you good luck and good business."