What’s the difference between confident entrepreneurs leading blossoming businesses and owners who can’t get out of survival mode? Having a clear marketing strategy.
It’s all too easy to get caught up in the day-to-day execution of your marketing tactics such as building a website, advertising, posting on social media, just to name a few. But are you taking the time to work on the decisions that’ll improve the performance of those marketing tactics?
That’s why having a clear marketing strategy is so important. It’s the foundation for decision making. Too often entrepreneurs jump into the tactics without putting it through a strategy filter to ensure it is right. Your strategy will be the basis for everything from new sales and generating customer engagement to building interest in your business and brand. It can also guide your company culture and your products and services mix.
Here are another five good reasons to have a strategic marketing plan in place:
- Clarifies your goals
Think of your marketing strategy as a road map. First, you need to work out where you want to go. No point having a map otherwise. It will only tell you where you are now. So it’s best to gather all the stakeholders and people involved, establish what you want to achieve and work backwards from there. That way you can also gather all the best ideas to maximise your marketing reach. Marketing effectiveness can take time, so having the plan in place and knowing what goals you should be hitting along the way will ensure you know you’re on the right track long-term.
- Identifies possibilities
Looking back on your past marketing can certainly help you move forward. What’s worked before, what hasn’t, and how can the processes used be improved or streamlined? Is there a target audience who will be early adopters, is there a niche market who will be higher value?
- Refines your message
Going through the process of having a marketing strategy will help you identify who you want and need to reach, what your message is and which vehicle or method to use. You’ll find each of your target markets has unique characteristics, needs, and motivations. Through planning you will discover the most effective ways to communicate with them.
- Develops a consensus
There can be many people involved in a marketing plan. Having a strategy will establish who is doing what and when. It will also help you develop a strong amalgamated plan for the whole team to work off with a consistent message.
- Encourages co-creation
Creativity thrives when you co-create it, when you work with a mixture of minds and skillsets. Don’t develop your marketing strategy in isolation, and definitely don’t do it just because it’s your business and you know it best. If you’re not a marketer, find a marketer who can learn your business and write the most optimum strategy and plan based on your future vision for the business.
About the author
Lauren Fried is the Founder/Managing Director of Pulse Marketing, an award-winning Australian advertising agency. Lauren is also a regular panellist on ABC’s Gruen TV show and was recently named as one of Australia’s 50 influential women entrepreneurs.