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Why Your Business Needs a Marketing Strategy

Why Your Business Needs a Marketing Strategy

marketing strategy

Why Your Business Needs a Marketing Strategy

Why Your Business Needs a Marketing Strategy

Every business owner has a dream.  They dream to build a successful business that will give them financial freedom and provide for their family.  They dream to build something meaningful, something they can be proud of, and something that generates profits.

In order to build and grow a successful business there needs to be a solid plan of action to tell people about your product or service.  Not doing marketing is like opening a store and never turning on the open sign.

So let's explore more about how you can develop a plan for your business to get the word out there and build a successful enterprise!

(note the information in this post can 100% be applied to any type of business, entrepreneur, solopreneur, nonprofit organization, blogger or freelancer)

What Is A Marketing Strategy

The definition of a marketing strategy is "a plan of action designed to promote and sell a product or service"

Generally a marketing strategy is a formal document that is created to give your business a clear roadmap of what marketing actions need to be taken in order to reach your business goals.

Your strategy may include

  • Your brand identity
  • Your business goals
  • Your ideal client (avatar or persona might be used here too)
  • Competition analysis
  • Where you plan to market your business i.e. Website, Social Media, Google, Newspaper, Radio, Other Media, Events
  • A more detailed plan under each of what your website marketing strategy will be, what your social media strategy will be etc
  • A marketing calendar or grid for the coming months, and perhaps even years

Marketing Strategy Quote

Why It is Important to Have a Marketing Strategy

If you do not have a marketing strategy chances are you might be just kind of "winging" your advertising efforts, or worse not really doing any at all.  The risk of not having a plan is that your business will fail to thrive, it will not be competitive, and this can also be a very expensive approach.
First of all if you do not have marketing strategy chances are very high that not many people (new customers) are even aware of your business.  You are probably not posting consistently to social media, or showing up on Google Search results.  You may feel like your business is invisible, and just not thriving.
Second, you can almost guarantee that your competition is showing up in places that you are not, and therefore gaining customers that might very well have come to you.  Not having a Marketing Strategy in place risks your competition outranking you in almost every area.
And lastly it is the cost.  This is what I see most frequently speaking to clients that just thought they would "try running a Google ad for a few weeks".....$2,000 later with no leads.  Or just "try to run a radio ad for a month"....$1,500 later and no results.  Having a clean, clear, well thought out marketing strategy will SAVE YOU MONEY and GENERATE MORE SALES.  This is because all actions will be intentional and fit into the larger picture, bringing all aspects of your business together.  You can plan out a careful marketing budget and measure results accordingly so you are not wasting money on last minute "advertising" opportunities that might not meet your goals.
marketing strategy saves time

Where to Start

BRANDING

Usually before you get started with a marketing plan, it is a good exercise to make sure that you are clear on your business branding foundations.  You understand and have defined your business name, logo, tagline, mission statement, values, and tone.

GOALS

Next I suggest that you make a list of your business goals.  Short term (for the rest of this year), and long term (3 to 5 years).
Just writing down goals and creating a vision of where you want your business to go can really help you with your marketing plan.

IDEAL CLIENT

The next step is to clearly identify WHO you are marketing to.  Create client avatars or personas if it helps you to visualize or humanize your customer.  By narrowing down exactly who you are marketing to, and understanding the pain points of your ideal client, you can come up with marketing strategies and messaging that offers them a solution.
Sometimes after identifying your ideal client you might circle back to your branding and make sure your tagline, mission statement, etc are all in line to attract your ideal client.

COMPETITION

Doing a competition analysis can give you a great understanding of what your competition is doing in terms of marketing, and hopefully identify opportunities for you to do things slightly differently in order to gain an advantage over them.

This is widely used in SEO, because search engine optimization isn't necessarily about being number 1, it's about being ranked one spot higher than your competition.

MARKETING STRATEGY

Finally you will start your marketing plan.  How, what, , who, when, where.....you plan to tell the World all about your business.  In my format I general follow the format:
  • Website
  • Social Media
  • SEO (search engine optimization)
  • Email Marketing
  • Other (public relations, event marketing, promotional materials, community sponsorships)
Yours may be customized to include others ways you plan to market your business.

MARKETING CALENDAR

And as a bonus step you can create a Marketing Calendar which may help you to plan out promotions, events, etc in advance, which can allow for more success when creating marketing campaigns.

Benefits of Having A Marketing Strategy for your Business

Once you have your marketing strategy, and start implementing the actions as outlined in your plan, you will start to experience immediate results.  This is guaranteed.  I've worked with hundreds of businesses and this is always the case.  Your business will experience increased awareness, more potential & actual new clients, and increased reputation in your community.  Further because you have a roadmap of your marketing activities this can save you as the business owner very valuable time and money by not stressing all of the time not knowing what you are supposed to be doing to promote your business.  You may also consider outsourcing some of these tasks.
Added benefit comes from analysis, and revisiting your plan on a regular basis.  As your business grows, and the World changes, and industries change, updating your marketing strategy on a regular basis will only further benefit your business.

If you are not sure where to get started creating your Marketing Strategy - I Can Help!

Learn more about my 5 week program here

One Response

  1. This was such an interesting read and so so important to have a marketing strategy! Thank you for sharing x

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