By failing to prepare, you are preparing to fail.—Benjamin Franklin
A marketing plan is your guide to promoting and growing your business.
A good marketing plan will ensure that you know your marketing objectives and the best ways to achieve them. It also keeps you focused. Helps you establish tasks and timelines. And can help you obtain financing.
According to a survey by CB Insights, there are 20 reasons why most startups fail. The survey showed that 14% of startups fail because of poor marketing.
As you can see, there are other bigger reasons like:
- No market need (42%).
- Ran out of cash (29%).
- Not the right team (23%).
- Get outcompeted (19%).
- Pricing/cost issues (18%).
- Poor product (17%)
A solid marketing plan will help you avoid these pitfalls:
A solid marketing plan will tell you if there’s no market need for your product.
A solid marketing plan will help you make the best use of your budget.
A solid marketing plan will help you recognize and hire the right people who can execute and achieve your marketing objectives.
A solid marketing plan will also help you differentiate your business so that you’re not directly competing with your competitors.
The first step towards creating the perfect marketing plan
I’m sure you can’t wait to create that perfect marketing plan for your business.
Now, you probably want to pick a pen and a sheet of paper and start drawing up a plan of how you’ll conquer your competitors. But it doesn’t work that way.
The process of creating a great marketing plan can be tedious. Sometimes, it could take days, or a few weeks to draw up a perfect plan.
Because of this, you need a deadline for your plan. You can’t just sit and start creating a plan without knowing when it’ll end.
Begin with the end in mind. — Stephen Covey
Having a deadline in mind will keep you focused and help you come up with something great.
Without a deadline, it’s easy to feel lost and start execution when the plan is not yet completed. This mistake may seem little to you, but it can wreck the business within a short period of time.
You should avoid working with a plan when it’s not completed. That’s why you need a deadline and stick to that deadline.