Why do a marketing plan? For five solid business-focused reasons

Consider a marketing plan ‘turn-by-turn navigation’ for identifying and reaching target audiences to make them buyers.

Maybe you’ve asked, “Is a marketing plan really necessary? I have good business sense and a degree in marketing, so why bother?”

Since writing a marketing plan requires research, time and commitment, many see it as a finger exercise that once completed goes into a stiff binder that sits on a shelf. But there are huge practical reasons for having one:

• To obtain business loans, attract investors or support from leading business councils or chambers of commerce. It’s a requirement.

• To help a business continually focus on its target audience through continuous updating. It also keeps entrepreneurs centered on why a product or service is special.

• To set realistic, measurable long term objectives to track success.

That’s for starters. Here are five rock-hard business reasons for a marketing plan: