Marketing planning helps you develop products and services in your business that meet the needs of your target market. Good marketing helps your customers understand why your product or service is better than, or different from, the competition.
A good marketing plan can help you reach your target audience, boost your customer base, and ultimately, increase your bottom line. It's often required when seeking funding and helps you set clear, realistic and measurable objectives for your business.
Developing a marketing plan requires research, time and commitment, but is a very valuable process that can greatly contribute to your business success.
Without customers, your business would not survive. To attract and retain customers, your business needs to understand the value of marketing. People are unlikely to simply walk into your business and buy something from you if they don't know who you are, what you are selling and why they should choose you over the competition.
Many smaller businesses don't place enough importance on marketing. They often see it as something that requires a lot of money and fancy advertising campaigns. However, marketing is about much more than advertising and sales.