Do you need some convincing on the importance of a marketing strategy? In the following blog post we’ll outline some of the key benefits of a marketing strategy.
Unfortunately, like many things, your strategy needs to be evolving constantly. It’s one thing setting your objectives and vision, but if you’re not updating it and researching new ideas, technologies and algorithms then you’ll see a dip in performance and your team could become demotivated.
Here below are 7 of our top reasons for having a marketing strategy. Some of which you’ll have seen before and others which might give you food for thought.
1. To guide you with your marketing plan
You need to have a marketing plan to guide your team and department into making the right decisions for your business. But, before you set your marketing plan you’ll need to have a strategy.
Your marketing strategy outlines your business and departmental goals, priorities, list of tactics and targets. The marketing plan is then used to delve further into specific tactics, objectives and deadlines.
For example, your marketing strategy might be to grow the number of daily users on your website by 10,000 over 6 months, using Google Ads and Instagram as your main marketing tactics. The marketing plan would then outline what specific tactics you will use to achieve this on Google Ads and Instagram, with set deadlines.
2. To be cost-effective with your budgets
As marketing managers and owners of businesses, we don’t have endless pots of money, which means we need to be careful where we are spending our budget.
A well thought out marketing strategy will help you to identify which channels are best to use to achieve your targets. Your goal may be to increase the number of daily users on your website by 10,000 over 6 months, but without further research this goal will be unrealistic.
What you should be doing is investigating further into your industry averages, previous data and competitors to then work out how much budget you can allocate to each marketing channel to hit your targets.
3. To make good recruitment decisions
Are you looking to recruit new team members in 2020? If so, you’ve probably started considering whether to advertise job positions yourself or to use a recruitment agency.
But, have you also carefully thought out how new recruits would fit in with your marketing strategy? You should only be hiring new employees to your business if you are really confident that the work they’re doing will have an impact.
You should have “tried and tested” various marketing tactics to see which delivers the best results. Employing people should be taken seriously and not just considered because a certain tactic is “on trend” or has worked well for a competitor.
When you are certain that a hire is a sensible option, then your marketing strategy will help you to budget your maximum salary and recruitment costs. This same rule applies if you are deciding to recruit for an outsourced department, marketing partner or freelancers.
4. To find your target audience
It’s common for businesses to choose a target audience based on industry information and by researching competitors. But, as previously mentioned, this is not sensible.
Instead, you should monitor your customer reviews, existing data and make use of surveys to understand more about your target audience.
Your ideal customers and marketing strategy should be linked together, so you know your objectives and which products or services will appeal most to your target audience.
5. To create your brand
We could write a whole separate blog on the importance of branding, it’s one of your business’s greatest assets. Get it right and your customers will understand your business values and personality. Get it wrong and you could lose customers.
But, why do you need a marketing strategy to create your brand? Because, once you’ve decided on your brand image, it’s not set in stone and you may want to change it based on the objectives of your business.
For example, the customer audience you’re targeting in quarter 1 of 2020 might be 21 – 35 year olds, whereas in quarter 3 of 2019 it was 26 – 40 year olds. Both will have unique needs and requirements, responding differently to brand messages.
You need a marketing strategy to understand the priorities of your business and once this is complete you can create your brand.
6. To motivate your marketing and sales team
Your marketing vision should be clear and inspiring to your marketing and sales team. If you haven’t developed a marketing strategy with clear KPIs and targets, then your team might struggle to find direction and as a result may underperform.
Once you’ve created your marketing strategy, you should follow it with a marketing plan. The marketing plan is required for the team to know what tactics to employ and to support the marketing strategy.
It’s also key to plan your marketing strategy so that you can budget financial incentives, pay and bonuses to motivate your staff.
7. To get more customers
By this point you probably understand the importance of a marketing strategy for your internal team and business. But, we’d now like to touch on the importance of having one to increase your customer base.
A marketing strategy will outline how many new customers are required to reach your business objectives and how you are going to attract and nurture them on their buying journey.
But, before planning ways to reach out to your customers, you need to know exactly who they might be. You can find this information by doing market and competitor research, as well as looking at reviews and surveys of current customers to learn more about gender, demographic and location split.
Once you have gathered data and understand your target customers, then you’ll need to align your customer retention, upselling and cross selling tactics with your overall marketing strategy.
We hope in writing this post that we’ve convinced you of the importance of a marketing strategy and outlined some key points to consider. Your marketing strategy should be seen as a roadmap to follow and to understand how you and your team are going to fulfil business objectives.
If you are ambitious about transforming your business, but need some help with your
marketing strategy, then we’d love to help. Why not book a 1:1 30 minute call? It’s totally free and at least you’ll know what your next steps should be. Book here