Spontaneity is a great part of life! Impromptu coffee dates, or trips away is what ads flavour and memories to a rich and full life. Except, when such spur-of-the-moment getaways sees you running out of fuel halfway to your destination because you didn’t plan …
The same goes for marketing. Your business will benefit greatly from a solid marketing strategy not to mention saving you a lot of unnecessary headaches trying to catch up marketing in preparation for, or during, a vey busy period. A good marketing strategy can help you reach your target audience, expand your customer list and maximise your ROI.
Owners of small and medium-sized businesses need to be keenly aware of the importance of marketing strategies. Marketing strategies help your organization utilize the skills of your employees and stakeholders and can help you develop creative approaches to sales and customer service.
Before talking about the importance of marketing strategy for your business, let’s clarify what it is. According to Business Dictionary, a marketing strategy is “…an organization’s strategy that combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business.”
A well-developed marketing strategy should:
- Establish objectives and set goals
Every great marketing strategy begins with a sense of determination and a desire to improve. While creative visions, abstract ideas, and letting your imagination wild are great places to start, it’s also important to ground your ideas with data and research. Establishing objectives and setting goals means putting your ideas into motion and holding yourself accountable for your progress.
- Target your audience
A marketing strategy drives you to clarify key points, like who your target audience is going to be. Targeting your audience is the only way that your marketing strategy is going to make any impact.
- Organize and enact
Organization means enacting things like email campaigns, content marketing, and website set-up. When you organize your strategy, you’re ensuring that you won’t miss important opportunities to convert leads. Organizing your marketing strategy makes it easy to pinpoint the places where you can turn a lead into a customer.
- Work together
In order to bring your vision to life, everyone involved in the process must be on the same page. A marketing strategy leaves less room for miscommunication and creates more opportunities to create and progress.
- Allocate resources
With a marketing strategy, you can see exactly where your money is going, but money isn’t the only “resource” that you will use. Accurately allocating your resources also means knowing your team and dividing up the work fittingly to make sure no one is overworked and that everyone is pulling their weight.