We all love a bit of spontaneity from time to time, don’t we? Taking an impromptu break in the sun or throwing the meal plan to the side in favour of a take-away on hump day, can be refreshingly empowering when we feel like we need a break from the grind. But eventually, we like to get back to ‘real life’, create some structure in our day and hold ourselves accountable when we don’t eat our five a day because it works, right? Well, the same can be said for business. While we can get through the days, months or even years without goals, purpose and plans, actions without direction behind them mean business may become stagnant and lose out on the potential to grow…this is where your marketing strategy comes in.
What is a marketing strategy?
Put simply, a marketing strategy Is a long-term game plan for an organisation to achieve certain goals, such as increasing sales or standing out from the competitors within the market.
Do I really need one?
Short answer: Definitely! A strategy will help you not only define your goals, but also understand the inner workings of your business and provide structure to your actions.
We’ve put together five reasons your business will benefit from a strategic approach:
1. It gives your business direction
When it comes to business, there’s no one size fits all. Without a strategy you’ll find ideas and plans get lost in the chaos and your goals will seem further away than ever. Your marketing plan will help you to establish goals and create a prioritised action list to achieve them.
2. It allows you to speak to the right people
So you’ve got a great product that you’re ready to sell…what now? A strategy will help you understand exactly who you’re trying to reach and where you might find them. Having a clear understanding of your customers will allow you to create connections and grow trust, making them more likely to buy from you over a competitor.
3. It helps you to spend your money wisely
When creating a marketing strategy, it’s likely you’ll have a budget to work with, and while the simplest route might be to split this budget across multiple channels, it’s often a lot more effective to prioritise certain platforms or campaigns over others to make the most of your money. A strategy will help you weigh up the impact vs effort of various actions before deciding which is the best value for money.
4. Successful businesses have a plan
When you think about your favourite big, successful brands it’s a challenge to find one that doesn’t have a strategy directing its next moves. A strategy is the bread and butter of everything these big brands do to grow their audience and gain more customers, from giving Red Bull ‘wings’, to turning a sticky situation sweet like Aldi’s ‘Free Cuthbert’ campaign.
5. Makes measuring and reviewing easier
Finally, having a marketing strategy in place is a great way to measure your current situation and review its success in a year or two. Your results will allow you to see how far you’ve come and establish what works best to help your business achieve its goals in the future.
Need help with your marketing strategy?
If you don’t have one, or could use some support on your current strategy & implementation, we’d love to talk to you about it. Book your free discovery call now.