Successful marketing isn’t a case of luck (well, in most cases anyway), but rather the result of a carefully thought out marketing strategy. While it can take time to build, it is definitely worth the investment; the better the strategy, the better the results. But, before we get too carried away, let’s first define what a marketing strategy is.
It’s essentially the document that outlines everything you need to understand to create effective marketing campaigns; from establishing your business purpose and defining your target audience to planning your budget and outlining your goals. Your marketing strategy should provide your business with a clear, long-term plan which enables you to gain a sustainable competitive advantage. Now, let’s get down to the nitty-gritty: why should your business have one?
Make your marketing relevant
Sure, it’s easy to talk about the benefits of your products and/or services, but is that what your audience wants to hear? At the end of the day, they are the ones who will be making the purchases, so they are the ones that you need to impress. Having a powerful marketing strategy in place will ensure all of your communications are relevant and reaching the right people at the right time.
Understanding your target audience will allow you to focus on those that matter most to your business and tailor your marketing to address their needs. This will increase the relevancy of your business, which in turn, will help you to generate more (and better-qualified) leads.
Know your destination
If you are asked to drive to somewhere new with no directions, the likelihood is, you are going to get lost and your journey will take a lot longer than it needs to – the same principles apply to marketing. Without a clear path to follow, your communications will lack purpose and focus, and ultimately, you will struggle to achieve your goals. Having an effective marketing strategy will allow you to meet your objectives more efficiently and cost-effectively by ensuring everything is linked back to your goals.
Achieve your goals
I’ve already touched on this in the point above, but by having a marketing strategy that clearly defines your objectives, you are significantly more likely to achieve them. Still not convinced? Well, according to CoSchedule, marketers who have a documented strategy are 313% more likely to achieve their goals.
Not only will a strategy provide clarity and ensure all of your sales and marketing efforts align with your objectives, but it will also allow you to identify underperforming areas and adapt your strategy accordingly.
Stand out from the competition
Your market research will enable you to identify any areas that are important to your target customer along with things that are being overlooked by your competitors. With this in mind, and taking into account your values and strengths, you will be in a position to outline your core competencies; these are the two or three complementary traits that will enable you to cut through the noise and differentiate your business.
By monitoring the performance of your marketing and having a clear breakdown of your marketing budget, you will gain insight into where and how you should be investing your money. After all, if you’re putting a lot of money into a particular channel and receiving little or no value in return, do you really want to be investing in that moving forward?
It’s clear a strategy is needed to provide focus to your marketing and put you on the right path to achieving your goals. If you’re looking for help developing your marketing strategy, contact us here for a free consultation. Let us help you find your guiding light and put you on the road to success.