Yes, it does! A formal marketing plan can prevent small business owners from wasting valuable dollars chasing the wrong customers with the wrong message.
A recent Manta poll found that almost half of small business owners do not have a formal marketing plan. Yet, careful attention to marketing can be critical to your small business’ success.
“Marketing plans for small businesses are far more important than business plans, and get far less ‘air time,’” said Dan Weedin, consultant and author of Unleashed Leadership. “Small businesses survive mostly on top line growth, which means revenue generation produced from marketing. Without a marketing plan, it’s like closing your eyes and guessing prior to throwing the dart at a moving target.”
According to Weedin, small business owners benefit from a formal marketing plan in the following ways:
- Focused message. Without a marketing plan, a business owner is not being intentional about messaging and branding, which can result in confusion and lack of focus.
- Measurable results. A marketing plan ensures tracking of both good and bad results. “Without this information, the most successful marketing might be scrapped in favor of a more ‘popular’ method that doesn’t work,” Weedin said. These types of errors can also result in wasted marketing budget.
- Informed decision making. As your small business’ team grows, marketing plans are useful in measuring staff performance, allowing for better decision-making when it comes to promoting or removing sales and marketing talent.