If you work for a large to medium, enterprise-class business, there is a good chance you have (or supposed to) review your business plans, goals and objectives on a quarterly or bi-yearly basis. Many of those business plans are also backed by a pipeline of new product launches or service offerings aimed at maximizing revenue for the company each quarter. However, the elephant-in-the-room that anyone rarely wants to talk about is often the many challenges of marketing like lack of budget, explaining marketing initiatives to management, or staying on top of the shifting tides of online marketing and competitive activities in the channel. Sound familiar? Keep reading to understand how marketing strategy can help.
Well, I can assure you that you are not alone. In a study by Smart Insights, over 45% of brands surveyed have “no defined strategy” and only 17% have it “defined in a separate document”. That means nearly half of the audience does not have a marketing strategy and that’s not ok because that leaves you and your job vulnerable to your competition.
What is a marketing strategy?
Similar to a business plan, marketing strategy is a comprehensive plan aimed at supporting the business and marketing objectives by providing a clear roadmap of who your customers are (target market), what you will be selling them (your offer), and why they should buy from you (your brand).
Where your customers will purchase from you and how you will reach your customers in your market are part of your marketing plan, often referred to the marketing mix, and are ultimately supported by your strategy. Other topics include:
- Who is your target market?
- What do they need? What is their perception?
- What distribution channels will you use?
- Can your brand price as a premium relative to the competition?
- What is your value proposition?
- What are your objectives?
Creating and documenting a marketing strategy is crucial to the on-going success of your business and can lead to increasing customer lifetime value, referred to as “CLV” while lowering customer acquisition costs “CAC”. The marketing result is creating a deeper and more profitable relationship with your customer while increasing revenue for the business. Don’t be part of the 45% 😉
Why is marketing strategy important?
Marketing strategy is important to your business because it allows you to have consolidated marketing plans which document your mission, vision, products, services and keep business units, partners and employees all on the same page.
Without a marketing strategy or marketing plan, you will create inefficiencies in marketing tactics, waste portions of your budget, and not have alignment across business units or teams. And if there’s one thing that marketers can collectively agree upon, it’s holding fewer meetings, product launch or brand campaign decks, and reports with their co-workers attempting to explain what they are executing. It’s a time suck.
Creating a marketing plan
Now that we’ve defined what a marketing strategy is, it’s time to map out your tactics of how you will meet those business goals and align them to your strategy with a comprehensive marketing plan. Click here to learn how to create a marketing plan.
What Is Marketing Strategy Recap
- Creating a marketing strategy provides you with a competitive advantage.
- Maximize profit potential while building deeper relationships with customers.
- Provide a clear vision and plan to all stakeholders in your business.
- Identify areas of opportunities for growth and development improvements that meet customer needs.
- Identify who your ideal customer is and their needs so you can deliver a better solution.
- It helps refine your message and target market.
- Creates efficiencies in marketing activities and opens up budgets.
Need additional help in trying to create your marketing strategy? Click here to learn more.