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The importance of having a marketing plan

If you're not convinced about the need to plan marketing activities, take a look at our five key reasons why your business needs to develop a formal marketing plan right now.

We're not about to roll out Benjamin Franklin's famous quote – “if you fail to plan, you are planning to fail”, but the fact is, when you run a small business taking an ad hoc approach to any aspect of the enterprise can see you pay unnecessary costs and achieve a poor rate of success.

Large businesses always have a marketing plan – but it's not something that's restricted to the big end of town. Here we look at five compelling reasons why it is so important to develop a marketing plan for your small business.

1. Your goals are aligned with your actions

You want to grow your business right? Having a marketing plan sets out the strategies that will help you enhance customer awareness and build market share. No business owner can afford to leave things to chance – and actively planning how you will market your services is a critical first step to growth.

2. Your marketing ideas shift from being a thought to a formal strategy

Small business owners can have a tendency to keep a wealth of information and plans for their venture inside their head. It's great that you know your business like the back of your hand. But putting your marketing plan down on paper is a key step to making those plans a reality.

3. You know when to seek expert help

Marketing involves more than putting an ad in the local paper and having a current website. As a small business operator you need skills across many areas however sometimes it pays to call in the experts, and marketing can be one of those areas where tapping into professional support can pay off. One of the advantages enjoyed by Mortgage Choice franchisees is the ability to access to whole teams of experts – including in-house marketing specialists.

4. Your marketing plan establishes formal timelines and steps for action

In a busy working day it is easy to get caught up simply running your business rather than actively growing it. Marketing is an ongoing must-do activity for any enterprise, and your marketing plan serves as a reminder of the tasks you need to organise, and the dates of various marketing activities that you should be working towards. This sort of timeline can help time-poor business owners stay on top of essential activities.

5. You will develop an understanding of what works for your business

A marketing plan is a forward-looking document but over time the plans you have drafted for previous years will help define what works for your business – and what doesn't. This is a great way to understand where to pitch your marketing budget to get real results rather than wasting valuable cash on marketing activities that falls short of success.

Mortgage Choice has extensive experience in marketing and our brand is highly recognised and well-respected. To understand more about the benefits of investing in a Mortgage Choice franchise call us today on 1300 650 330.


Posted in: Business tips

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