In 2021 alone, the U.S. Internal Revenue Authority (IRS) received) more than 5 million new business applications. According to the Commerce Institute, about 4 million new businesses are established in the U.S. every year. This means that the typical business in the U.S. can expect to face persistent and intense competition throughout its existence. To survive and thrive in such a competitive environment, a business needs to outdo the competition in marketing and other essential aspects of business. A good business marketing plan can make your business and vice versa. Read on to learn more.
What is a Business Marketing Plan?
This document outlines the steps and strategies to advertise a business. A business marketing plan may contain information such as the target market, the business’s selling point, proposed marketing strategies, cost of advertisement, and strategy analysis metrics. How well you prepare your business marketing plan can significantly determine the success of your business.
Benefits of a Business Marketing Plan
Research shows that about 19 percent of start-ups fail due to a flawed business model. Additionally, 20 percent of such businesses get outcompeted and disappear from the market. It is worth noting that a good business marketing plan can prevent such situations in your business. Specifically, it strengthens your business model and enables you to compete favorably in the market. Other benefits of a business marketing plan include:
Facilitates Decision-Making
A marketing plan makes it easier for you to make business decisions. For instance, choosing an advertisement method when you know your target market is more straightforward than when you’re just speculating.
Gives a Clear Picture of the Business Environment
As mentioned, a marketing plan outlines important market information such as your target audience, competitors, market forces and trends, and future projections. It also points out some of the things that can affect your business, either positively or negatively. From this information, you can plan well for the future of your business, including choosing the right marketing strategies for your products.
Enables You to Maximize Your Unique Selling Point
Every business owner aims to occupy the largest market share, minimize costs, and maximize profits. Considering the many businesses operating in the U.S. today, staying on top of the competition may take time and effort. Even so, a good marketing plan enables you to take full advantage of your business value proposition, and this way, your business will likely stay afloat.
Boosts Return on Investment (ROI)
A good business model enables a business to succeed. In the same way, a good business marketing plan yields fruits by increasing sales and profits. If you use your marketing plan well, you can significantly increase your returns on investment.
Unlock Your Business’s Potential with Expert Marketing Guidance
A business marketing plan can reduce your chances of making marketing mistakes and propel your enterprise to the next level. Are you looking for world-class tips to market your business? Contact us at the Economic Development Collaborative. Conveniently located in Camarillo, California, we’re here to assist you and have a webpage devoted to resources and information to help you achieve more tremendous success. You can also call us directly at 805.409.9159.
