Is a Marketing Plan the Missing Link in Growing Your Business?
In a few days it will be June, which is the end of the first half of the calendar year and the beginning of the second half. This could be a ‘new' beginning for your business or the continuation of your momentum in growing your business.
Over the past two weeks I've been reevaluating my business overall to determine what steps I need to take to move it to the next level. A periodic appointment with yourself to evaluate your progress is important to determine if you're staying on track.
An honest evaluation will reveal how you're doing, but it can also mean that you have to revise your strategies as the path you're on may not be producing the results you'd hoped for.
My evaluation revealed that a very important segment of my business strategy is not being implemented consistently. In fact, it's time for a complete overhaul. While I've engaged in some marketing, my business is missing a solid Marketing Plan for growing my business.
Recently I wrote three posts on the importance of a Business Plan and included in your Business Plan should be a Marketing Plan. This is such an important aspect of your business that it needs to be listed separately.
Marketing is essential because if allows you to let people know about your business – whether offline or online – so you can attract more clients and customers. Because you always need more clients and customers, not only is it essential, but it's critical to your business.
In her book, The Business Startup Checklist & Planning Guide, Stephanie Chandler noted, “…marketing is an investment in your business. As a new business owner, you will face some trial and error as you test different marketing options. You should plan to invest heavily on marketing in the first six months to two years to get your business off to the right start.â€
Of course, “investing heavily†is subjective, because many entrepreneurs may be operating on a shoestring budget. The investment, however, may need to be time that you devote to using free resources to market you business, whether goods or services.
Do you have a Marketing Plan? Would you be interested in knowing what items or methods are available to create a Marketing Plan? Stay tuned for my next post.
Ah, Yvonne, you know I have the same feelings. And, given the fact that we are spawning a new division, this was timely. Our new business plan is written, it’s been discussed, and now it’s gospel. And, our business plan incorporates our marketing plan. So, what’s my problem? Now, I have to lead everyone and insure it gets carried out! 5 days before the first deadline.
1Thanks for the reminder.
Planning is important but follow through is even more important. Good luck Roy with the new division but if you chose the team as well as I think you did – success will be fine as long as the market is good
2Hi Yvonne,
I probably need an overhaul too and thanks for sharing that you need to invest heavily into marketing for 6months to 2 years. I think we want results so quickly that after 3 months of marketing and not seeing any return we just want to call it a day. It’s a good reminder that it does take time!
I also like the comment that Roberta shared. While it’s important to plan, it’s equally important to implement. I think it goes hand in hand. I like to think that a plan is a road map that shows you where you are headed. Without it, you can often end up at a place and wonder how you got there!
I will definitely stay tuned for your next post!
3Yvonne:
Totally agree with you under the header of business plan there are more defined targeted planning and marketing is a huge factor.
It’s just interesting many people have a so called business plan that they come up with or drawn up and they hardly revisit or implement what was originally written. It just becomes a piece of paper saying you have a plan, but what is your action plan?
Look forward to reading your previous blog post on business planning.
4Without a biz plan, how the heck can you tell if anything is working and if you are heading in the right direction? There is so much to look at under “marketing.” Luckily, with all the social sites, it’s getting easier and easier with emphasis on the word “free!”
5Great post Yvonne! Unfortunately, most business owners don’t make a marketing plan in their business plan. Your point about investing heavily the first 6 months to 2 years…agree. You have to invest in marketing to get in front of your audience. There are many creative ways to do so.
6Roy, How’s the training going for your new division? I have every confidence in you that you can lead them in the right direction. After all the speed of the leader is the speed of the team.
7You said it well, Roberta. Implementation or taking action is what will bring results.
8I like that analogy, Diana. On the point of wanting to see results very quickly, I saw that so many times when I was actively building a team of Beauty Consultants. Many had unrealistic expectations and often were not prepared to implement the strategies that could take them closer to their desired results. It’s more than just a cliche to say that we have to plan our work and work our plan. Thanks.
9That action plan is so important, Jane. It’s so true that if we take the time to create a business plan (including a marketing plan), we have to revisit it from time to time. If not, it’s pointless creating one
10Spoken right to the point, Martha. Free is good, especially for entrepreneurs. We just have to be targeted so that we use the ones that will give us the best results. Thank you.
11Kristen, that’s so true and I was one of them. There is such a huge difference between knowing what to do and having a plan to do it. One is ‘whenever’ whereas the other is according to a strategic plan and schedule. The results speak for themselves as to which is more effective.
12Ooh! This is an important one, Yvonne! My so-called “marketing plan” is all about just getting my name out there in whatever way possible. Talk about not being organized! Thanks for focusing in on this topic, Yvonne! =) I always learn tons from you!
13I’m going over some marketing retooling myself. You’ve given some things to think about. Thanks for your thoughtful post.
14That’s known as the hit-and-miss version of a Marketing Plan, Samantha. I’ve been there so I know what you mean 🙂
15My pleasure, Greg. As I research for myself, I’m glad to share so it can be of help to others.
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