Why an effective marketing plan is a must for your small business.

Launching or running a business without an effective marketing plan is like taking the stage for a starring role in a play without knowing your lines. That’s because it is your marketing plan that will drive customers to your in-person or online store, leading to sales and long-term, loyal buyers. Here are just a few of the most important reasons why you absolutely cannot afford to skip this vital step in getting your small business off the ground.

1. Makes a road map for your business’s present and future success.

Sitting down and creating a blueprint that outlines your selling strategies and tactics, activities, costs, and expected results forces you to focus. Your marketing plan can encompass a month, a year, five years, or anything in between. Just be sure it contains specific actions and time-based goals that will keep you on track.

2. Provides consistency and uniformity.

With a concrete plan in place, all of the players know their roles and expectations. They also have a clear idea of when they are expected to achieve the benchmarks assigned to them. Nothing is implied; all instructions are in writing and available to each member of the team at all times, making for a unified experience for everyone involved.

3. Helps you to stay within your budget.

Without restrictions and guidelines in place, even the most conscientious team can quickly exceed their monetary limits. Because the marketing plan can be designed to clearly lay out exactly what resources you are committing to each task, it will become easier for everyone to stay within their prescribed boundaries. Should it become clear that numbers need to be changed to account for unforeseen expenses, you and your accounting staff can meet this challenge head-on as it is occurring, modifying your plan if circumstances require it.

4. Reminds you about benchmarks.

During the day-to-day bustle of running a small business, it’s all too easy to neglect the big picture. With a solid marketing plan at your back, you and your team can regularly review your progress against the benchmarks you have set. The occasional reality check helps to ensure that you aren’t gradually sliding off the rails and allows you to make small adjustments before they become big ones.

5. Provides actionable data to potential investors.

Sooner or later, you will need additional capital to run or expand your small business. Unless you have a limitless trust fund at your disposal, you will have to “sell” the concept of supporting your enterprise to potential financial supporters.

Think of your marketing plan as your business’s most articulate ambassador. It’s the mouthpiece that allows you to put your best foot forward and highlight everything that sets your store apart and makes it something worth putting money into.

How to most efficiently and effectively get your products to your target market: That is the crux of an effective marketing report. Putting it together takes time and a lot of thought and collaboration, which are exactly the elements you need when you are launching and running a successful retail operation. While having a smart terminal and a compelling selection of products are also essential components of success, you will never surpass your competitors unless you first buckle down and get to work on a top-of-the-line marketing plan.