Just as you decide to launch a business, many are quick to remind you how vital it is to have a marketing plan. Why is it such a big deal?

Hearing countless acronyms like SWOT (Strengths, Weakness, Opportunities, Threats) and UPS (Unique Positioning Statement) and the 5 Ps of Marketing (Product, Price, Promotion, Place, People) can make it all sound like it’s from the last century.

You wonder: With our marketplace changing rapidly, how relevant is a written plan?

By the time I get my plan done, won’t it be outdated? And will the plan make running my business too regimented?  Why can’t I go with the flow and make adjustments along the way?

You are not alone.  The myths and misconceptions of marketing plans often steer new entrepreneurs off course, adding to the skepticism.

It can be helpful to think of your marketing plan as your Business GPS. It all starts by getting total clarity about your Goals, Positioning, and Strategy. I know ( another acronym!) but indulge me for a bit.

When you get in your vehicle, the GPS guides you turn-by-turn removing the guesswork, as you navigate through unfamiliar territory.

When you start a business, you have to navigate through unfamiliar territory to get to your end goal, and the scene is ever-changing. With a rock-solid marketing plan/strategy, your Business GPS guides you every step of the way.

An entrepreneur might try to wing it without a plan, but at what cost?  With limited time and money to work with, pricey and time-consuming missteps can set you back substantially.

Ever venture out to find a new location without the GPS turned on or a map to guide you?  Chances are you land up lost – more than once! Having to reverse course, backtrack and turn around repeatedly gets frustrating.

But there’s a more reliable way to get to your end goal.

Here are some questions illustrating how your marketing can give your business a firm direction right from the start:

Goals

1. Who are the primary and secondary target customers you want to reach? This fundamental question is crucial to establishing the direction of your business.
2. What solutions do your products and services provide for these target customers?
3. In what geographic region are your target customers located?
4. How do you intend to scale up your business, and when will you know you have reached specific milestones?

Positioning

1. What type of products and services do you want to offer?
2. How will you be positioned in the marketplace as the high-quality alternative, fastest service, or most environmentally-friendly option?
3. What steps will you take to make your business stand out from competitors?
4. What contingency plans have you in place to manage major shifts in the marketplace?

Strategy

1. What precise methods and scheduling will you use to reach your target customers, and what are the costs of acquiring them?
2. How will your product/services be priced and packaged?
3. How much revenue can you viably achieve in your first year? In your first three years?
4. What are your start-up costs, and how are those costs funded?
5. Who will be designated to handle each role, and what responsibilities will each person have?

In a nutshell

Direction determines destination. –Jim Rohn

The whole process of developing a marketing plan has you flushing ideas on paper and crunching the numbers so you can turn your big ideas into significant results.

As you make decisions in your business, you can review your marketing plan to determine feasibility, thus avoiding any guesswork.

Routinely you can review the quality research and data in your plan to be more proactive instead of reactive.

Occasionally you might need to tweak your plan and make marketing adjustments as the marketplace dictates.

Best of all, your marketing plan empowers you to track and monitor measurable results so you can see how effectively your Business GPS is working in reaching every milestone.

Reaching out

When developing your marketing plan, consider working with a marketing specialist VA to determine the most effective ways to reach your target customers.

And while you are at it, think about ways a virtual assistant can manage time-consuming projects over the long term so you can focus on high-performance goals right from the start.

Let’s get started. Set up a discovery call today!