Anything big started from being small. This is probably one of the most common mantra among small business owners. This people believe that whatever small initiatives they’re doing right now will eventually morph into something big and marvelous. As previously mentioned in one of the blogs we’ve read, the small business is the most common type of business in the county. As a matter of fact, small businesses are the back bone of the Philippine economy. But no one wants to do a small time business. At some point in an entrepreneur’s life, he or she dreamt of making it big in the industry – something like Microsoft and Apple who were backyard businesses before they became tech giants earning enormous sums of cash.
Aside from passion and innovative ideas, what do Bill Gates and Steve Jobs have in common? Both of them did not rely on making this much. They improve their products and they improved the way they do business. And one of the things they realized is the power of adapting marketing as a core of your revenue generating mechanism.
You may probably thinking, I am earning only this, why do I have to outsource manpower to do marketing? Well, you don’t have to burn a hole your wallet, because you can start your business’s marketing efforts on your own. We small business owners understand how hard it is to earn a peso and the value of our hard earned money, no matter big or small it is, is so important. This belief made us cling to everything we earn. It has made us too near-sighted that we often miss to spot some areas of opportunity to grow our business. Do-it-yourself marketing is the starting point of any successful business. However, marketing is not a gut-based activity. It needs a thorough planning to be able to target all your business goals, and ensuring that no centavo is wasted.
Why Marketing Plan?
Marketing and a marketing plan is not exclusive to medium and large businesses, small businesses need it too. Marketing is indirectly a “revenue-generating” series of processes and activities that aim to hit all of our business goals revenue related or not. That means, marketing in its most basic form aims to make your market aware that your business exists, and that your products and/or services are available.
To make sure that your marketing initiatives will run according to how you envisioned it, you must need to come up with a plan. To know the advantages of a marketing plan for a small business, below are the 3 key benefits why a business like yours needs to come up with a marketing plan:
- A marketing plan gives you a clear roadmap to your year-round goals
This may sound so generic but this is true in almost all levels of business process. Marketing is known to be the brain to hit the pot of gold. It is an intelligence unit that will bring your business at the forefront of your industry. Your marketing plan serves as a top secret document that contains all of your marketing efforts to make your business known and loved by your target market. Moreover, the marketing plan gives you a layout – a roadmap specifically – on which route to take to hit your quotas or goals.
- A marketing plan serves as an archive of marketing activities ready to implementation
Small businesses are flexible in terms of operations, but not in terms of finances. It is but a reality, that operations is a top priority over marketing efforts because without operations you are out in the business. The good thing about marketing plan for small businesses is that it serves as an archive of creative marketing activities that is ready for implementation when the need for such arises.
As an archive, this can be a great source of comparison or benchmark against the marketing efforts of your competitors, and from the marketing effort that you will do for the following year. Hence, the improvement of your marketing plan year by year.
- Marketing plan zaps the gap between customer’s needs and your business capacity to supply the needs.
A marketing plan has a monitoring stage where you can check whether your business is capable of delivering the needs of your customers or if the needs of your customers are too small against your current operations or productions. In this sense you will know if you have to upgrade your operations to meet the demands, which in return will increase your income, or if you have to downsize your operation because the demand is too low which in return will save you some cash.
At the end of every year, every business owner wants to earn more than what they did last year. This is in preparation to expand operations which is to get bigger and bigger as years go by. But alongside operation expansion should be a well-crafted plan to maximize revenue generation, and that is through a marketing plan for your business throughout the year.
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