Market planning is considered the foundation for a strong marketing approach.
It helps develop products and services in your business that meet the expectations of your target audience.
A good marketing plan can help you reach your target audience, boost your customer base, and ultimately, increase your bottom line. It's often required when seeking funding and helps you set clear, realistic and measurable objectives for your business.
Developing a marketing plan requires research, time and commitment, but is a very valuable process that can greatly contribute to your business success.
One of the greatest benefits of developing a marketing plan is that it helps you to focus your resources and plan for your business growth.
The planning process helps you to understand the different factors that may affect your success. Instead of worrying about the future, you can actually have a sense of control over your business and livelihood.
- Writing and researching for your marketing plan gives you the chance to:
- Identify your target market and understand how your product or service meets their needs
- Identify your competitors and what your target customers think about your competitors' strengths and weaknesses
- Position your brand, products and services so that your target market sees your business as better than, or different from, the competition
- Set specific, measurable goals and timeframes for your marketing activities
- Map out a strategy to reach your target audience, including the messages, channels and tools you will use.