As time flies, have you taken the time to think why your business is not growing at the rate you expect? Why are your business plans failing to bring in the desired result? Are you missing out on something? The answer might just be an effective marketing strategy!
But It’s not too late. In this post, we’ll discuss the importance of marketing strategy and why is it imperative for your business now and in the years to come.
What is Marketing Strategy?
A marketing strategy is a comprehensive plan crafted especially for achieving the marketing objectives of an organization. It gives a blueprint for attaining those marketing objectives. An effective marketing strategy is the building block of a company’s growth. It helps a business to concentrate its scarce resources on the best possible way to help boost sales.
The Basic Components of A Marketing Strategy:
- What will you offer to your customers?
- Who will be your target audience?
- How will you deliver it?
- Who your competitors are?
So, why should you have an effective marketing strategy? We have six reasons for you.
Why Marketing Strategy is Important?
You Understand Your Customers
You can’t sell all things to all people. From a marketing and sales viewpoint, there has to be a certain category of persons or organizations who are most likely to become your long-term customers. When you know who are your customers and what are their needs, you can take their needs, fears, and problems and explain to them how your product or service can meet their needs, alleviate their fears, and solve their problems. An effective marketing strategy defines your target customer/market helping you know exactly who needs your services/products.
You Understand your Key Differentiators
A primary component of your marketing strategy is to determine who benefits from your products/services and how they benefit. Your offerings are better than your competitors’ in some ways and it uniquely benefits your customers. Defining these things strengthens your reason for being in the business and enables you to outperform your competitors.
Gives You the Ability to Communicate Your Value In a Consistent Way
Framing and following robust marketing strategy guidelines is important as it defines how you communicate your value to your customers. You can share your marketing collaterals with anyone – colleagues, marketing agencies, contractors, vendors, salespeople, customers etc. and they can easily understand who you are, what do you offer, what are your principles and objectives and why do they need you. This provides you a consistent face in the marketplace and the confidence to promote your offerings in the target segment.
You Have a Proper Guide for Your Marketing Plan and Budget
Your marketing strategy defines what marketing channels you will use – print media, electronic media, social media, commercials, digital ads, direct mail, hoardings etc. and your plan defines what measures you will take throughout the year within each channel and the timeline for those activities. A strong marketing strategy ensures that the way you promote your business is aligned with your overall business goals. Having robust marketing guidelines enables you to realize the greatest value from your marketing efforts.
You Know What Success Looks Like
A marketing strategy will help you understand what success looks like for your business and show you the right way to measure that success. The goals you set in your marketing strategy will tell the metrices you use to measure the success of your marketing efforts. This helps you get a clear idea of which activities were successful for you and which ones need improvement in future endeavors.
You Achieve an Edge over Your Competitors
When you have a robust marketing strategy in place, you know exactly what you do, who are your target customers, how to go to market, and how you can measure the effectiveness of your marketing efforts. You also come to know your competitive landscape and how you can outpace your competitors. When you have a clear vision of your business, its goals, strengths, weaknesses and competitors, it becomes easier for you to effectively place yourself in the market and achieve a sustainable competitive edge.
Marketing strategy develops brand loyalty and customers for life while providing you a clear path to follow and an effective way of explaining your value to customers. With a researched-based, practical marketing strategy, every effort you take leads towards meeting your customer needs while expanding your customer base and boosting sales.