Why having a marketing plan will be beneficial to the firm
In addition to documenting the plan itself and outlining the various action tasks, a marketing plan can actually provide other benefits to an organization.
Key “extra” benefits of a marketing plan
It is a very effective communication tool – particularly upwards to senior management about what will be executed by the marketing area and why these programs are being implemented.
It also allows for internal marketing, by communicating the marketing activities to the relevant internal stakeholders – such as front-line staff.
It helps align marketing goals with financial requirements and expenditure, which is becoming increasingly important in today’s more analytical approach to marketing and planning.
It is a handy reference tool during the year if there is confusion between managers about what was to be executed , and when and at what cost, by the marketing area.
It provides the ability to set KPI’s for marketing and sales staff.
It allows a history (of multiple marketing plans) to be preserved by the company, so that new people to the marketing area in the organization can review what the company has implemented in the past and determine how successful programs have been.
It gives clear targets and goals that can be used as marketing controls, which can enable the firm to respond faster and more dynamically to challenging situations.
It helps the perception throughout the organization that the marketing department is professional and organized, which should deliver increased ability to get things done throughout the balance of the organization and perhaps will increase the level of marketing budgets.
It helps ensure that key, and possibly minor, tasks and projects are not overlooked – and the overall marketing plan and action program is more comprehensive.