Benjamin Franklin, the father of time management, aptly said that “Failing to plan is planning to fail.” This popular adage is true in virtually every industry, and smart marketers hold it close to their hearts and follow it religiously.
While the wisdom behind the quote is quite obvious, you’d be surprised at just how many business owners and marketers ignore it and jump straight to action without a solid marketing plan.
Lack of planning can be disastrous for a marketing strategy. A comprehensive plan is the driving force behind the success of your marketing strategy. Without a plan, your marketing strategy will not have a clear direction or purpose.
Throwing tons of money at non-targeted campaigns and random marketing channels will not cut it, your messages may not even land on their intended audience, and you’ll end up wasting precious Ad revenue for poor and disappointing results.
Read on for a healthy dose of some tough love, as we explore why you should always take time to create a detailed marketing plan.
Consequences Of Not Creating A Marketing Plan
Here are some of the problems you’re likely to face without a marketing plan to map out and direct the promotion of your business.
1) Blind Ad Spending And Budget Problems
A marketing plan allows you to draw a reasonable budget for your campaigns. Without a plan, you’ll blindly spend and over-pay for low-converting marketing mediums without even knowing it.
A marketing budget ensures you do not invest in strategies and campaigns you simply cannot afford. You can also be easily carried away by trends and spend your budget before the end of the year. A marketing plan helps you avoid this by imposing a timeline on you that allows for promotion during key selling periods and throughout the year.
2) Uncoordinated And Disjointed Promotion Strategies
Market research and analysis are the building blocks of any marketing plan without which you cannot make informed marketing choices.
Without a plan, you risk getting all this wrong and waste your money advertising to the wrong audience, in the wrong channels.
3) Ineffective Tracking
Tracking your marketing effort is an often overlooked step of successful marketing. It helps measure the effectiveness of your strategies. For example, The Sales Accelerator Formula can help you track how many leads and sales were generated from each marketing initiative.
Without a systematic marketing plan, you cannot tell which of your marketing campaigns are working and which are not. You could be investing in channels that don’t work for your business while underutilizing potentially effective venues at the same time.
4) Poor Marketing Results
Unplanned and sporadic marketing activities are not a recipe for success. A marketing plan is an absolute must to attract new clients and ensure that the existing ones remain loyal to you.
You cannot build these mutual relationships without a well-thought out marketing plan. If you cannot get your target audience to engage with your message, then you wouldn’t attract enough customers to sustain your business.
Every Business Needs A Marketing Plan
A detailed plan-of-action for all your marketing strategies ensures that your effort, time and money is well-utilized to bring you maximum returns.
In the world of digital marketing, you can easily automate your marketing strategies for consistency and to save time.
Plan for success by building clear plans, actions and deliverables around those decisions. Sign up for a free trial of The Sales Accelerator Formula now.