Everyone’s heard the old adage about building a better mousetrap—the idea that a great product or service sells itself. Michael Goodman, marketing consultant, says that nothing could be further from the truth. In fact, he argues, this mousetrap syndrome is responsible for innumerable small business failures and precious few successes.

To succeed, you have to understand the role and importance of a good marketing plan. If you can answer the following questions, you probably have one:

• Are you satisfying a genuine and unmet customer need? Conduct at least a minimum amount of market research to make sure you’re not imagining a demand.
• What will your marketing plan deliver? You need a clear and reasonable objective, plus a way to measure the plan’s success.
• How will you implement each part of your marketing mix? Don’t assume that you’ll be able to figure out the details once the pressure is on. You should know how you will implement your marketing campaign going in.
  
• Do you have sufficient funding to accomplish your goal?  Even the best plans can be ineffective if you lack the resources to follow through.

The Po!nt: Nothing sells itself. Don’t assume that your product or service is the exception.

To learn more about role of a marketing plan, hear Michael Goodman speak at the first installment of the MarketingProfs Small Business Seminar Series. Why Most Small Businesses Fail airs this Friday at 3pm Eastern. 

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