A marketing strategy is something that every single business; no matter how big or small, needs to have in place. Many business owners are hesitant to set up a marketing strategy because they simply don’t know how to do it. This approach then means they are simply trying something new every week or month, whether it’s Tweeting one week or running an ad in the paper the next week. Business owners who use marketing in this way are simply using different forms of marketing in hopes that one turns out to be profitable.
For a truly effective marketing strategy, you must study and evaluate your business and its target audience, then create a plan of action and follow through with it. Do not rely solely on your intuition.
A marketing strategy represents the general direction to be followed to accomplish the business objectives. It represents the “road map” to achieving greater results, such as sales growth, brand awareness and recognition, higher market penetration etc.
Many business owners fail to see the benefits of incorporating marketing strategy in the overall strategic business process. A well-crafted strategic plan:
- provides the business with focus and direction by identifying the best opportunities worth pursuing as well as the threats to be avoided
- identifies the tools that the company can effectively use to fight competition and gain market share
- saves company time and money by focusing the resources on investing only on marketing initiatives that support the overall business objectives
- differentiates a company from competition by identifying the distinctive advantage and the supporting elements
- translates the company vision, mission, objectives, into effective marketing initiatives
- serves as foundation for all your communication campaigns
- improves the effectiveness of the marketing message to customers and partners
- increases sales and profits
- creates consumer preference for the brand
A good marketing strategy is essential for every business to have. This will give you a clear direction as to where you should go with your marketing efforts, and will give you a better understanding of what marketing methods are going to reach your customers in the exact manner that you were hoping for. A marketing action plan can then be developed to support the marketing strategy.