Having a marketing strategy is fundamental to your business to provide focus, direction and measurable results. Here are some reasons why it’s important to have a solid and effective marketing strategy in place:
Understanding your goals and what you’re working towards
Your Marketing Strategy helps to set out the foundations of your business goals and how you are going to get there. It’s sets out the fundamentals of who, what, where, why, when and how. It will guide you in just about every business decision that you make.
Understanding who your ideal customers/audience are
Do you have an idea of your personas and who your ideal customers are? Do you understanding what their drivers and motivations are? In order to sell or influence behaviours – you need to truly understand your audience. This insight will then be used to target with personalised marketing campaigns and effective communication, to help strengthen the bond between your brand and your customers, leading to long-term loyalty and repeat business.
Understand where you fit in the market
A carefully crafted marketing strategy enables you to differentiate your business from competitors. It enables you to highlight your Value Proposition and unique selling points and position your brand as the preferred choice in the market. This can give you a competitive advantage and help you stand out in a crowded marketplace.
Make sure you’re spending in the right places
When you don’t have a strategy, you don’t have a plan. The ‘spray and pray’ activity can be tempting but more often than not it’s going to be a waste of budget.
To be successful in your marketing you need to do your homework, understand how best to reach your audiences and be consistent. Make a plan, budget and allocate funds effectively.
Set objectives and monitor ROI
A marketing strategy provides clear, measurable Key Performance Indications (KPIs) and metrics to monitor. It provides a platform to set out your goals and monitor success. In turn it provides knowledge to make data driven decisions.
A framework of reference
Make sure that the team, board members, sales team, new starters are all aligned with your efforts. Use your strategy as a reference point per quarter/year – keep track of what you’re working towards and a reminder as to why. It’s not realistic to think this information should be kept in any one person’s head! Use your Marketing Strategy as your bible – your reference point to steer you and your organisation to success.
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