The Importance of a Marketing Strategy
Updated: Sep 17, 2021
What is a Marketing Strategy
Marketing is central to driving business growth and having a clear strategy means you are more likely to have marketing activity that works. A marketing strategy is your roadmap for all your marketing efforts, covering everything from who your customers are, to how you get them to buy your products or services. It will help you recognise who your target audience is, what they need, and identify any obstacles or opportunities that might affect your business along the way.
Your marketing strategy should outline your business’ purpose, aims, and what makes you different from the rest. It should outline who your customers are and why they will want to engage with your products and services. Your strategy should provide a clear framework for reaching your audience, what you want to say to them, and include details on planned activities and methods of communication.
A successful strategy will include your companies’ vision, brand purpose, customer personas, competitors, and timelines for execution.
The Importance of a Marketing Strategy
Having a marketing strategy is essential, it’s proven that businesses that have a documented marketing strategy are 538% more likely to report success than businesses that don’t. Your strategy should inform your marketing plan, your budget, your tone of voice, your channels, everything!
So why should you invest time into a marketing strategy?
You will learn who your customers are, and exactly what they want
Know your customer and what they want. When you know who your customers are, it will be easier to target them. The most successful businesses are clear on their customer needs and how to meet them.
When you establish what your customer's fears, wants, needs and problems are, you can adapt how you communicate with your audience to show them how your product or service will alleviate those fears, meet those needs and solve those problems.
You can also begin to plan how to reach your audience, where do they go to find their news or information? Are they browsing Facebook in the evening, listening to the radio on the way to work, or trawling through a trade magazine? Knowing where your audience spends their time allows you to get your message in front of them.
2. You will allocate your budget to activities that will generate business
If you don’t have a clear plan in place, it allows room for mistakes. It is too tempting to spend a little here, or a little there when there is no clear end goal. Experimenting can be productive for moving your marketing forward, however adopting a ‘let’s just give it a go and see what happens’ mindset can waste time and money if not properly thought out.
Successful marketing will build your brand reputation, resulting in a recognisable brand of choice. This takes time, planned activity, and a consistent budget. Having a defined marketing strategy that includes a planned and correctly allocated budget can prevent this and ensure that each campaign and dollar spent is helping to achieve your objectives.
3 You will ensure your staff are working to a common goal
A well-communicated marketing strategy that forms part of your wider business plan, will ensure everyone in your business is clear on what your goals are. It will also mean that everyone in your business, in every department, will be clear on how their role and job are working towards achieving these goals.
4. You will be consistent and relevant
Define how you communicate your product and services to others. From your website content, the hashtags in your social media posts, to all your sales collateral – your external marketing messages must be consistent to ensure brand recognition across all activities.
By having a well-thought-out marketing strategy, this can be done. When you outline your target audience and determine what they need, you will establish exactly how to engage with them with the right product, in the right place.
5. You will set objectives and measure your ROI
If you have no clear direction, you can often end up wasting time. This is a typical outcome of non-strategic activity. You may see some short-term results, however, if you haven’t set any clear long-term goals, how will you measure your return on investment?
Plan your marketing activity around your defined objectives, and when planning constantly think ‘how does this help me reach my goals?’ Whatever your goals may be, writing them into your strategy is the first step to achieving them.
Do you have the right marketing strategy in place to reach your business goals?
At The Epiphany Group, we offer a range of marketing services designed specifically for your business needs. We can help you to develop a marketing strategy that will take your business to the next level. Book a free consultation today.