Why have a marketing strategy?
You probably hear all the time that it’s vital for your business success to make sure you develop your marketing strategy.
Why should you have a marketing strategy?
Well – if for no other reason you’re 313% more likely to report success if you do. (Coschedule).
Now I like to think that amazing stat comes about because having a marketing strategy developed means you have a roadmap to help you achieve your goals.
A roadmap that helps you, and your team, stay focused on delivering the marketing activities that are most effective for your business. AND within budget!
So, how do you develop your marketing strategy?
Here’s the process I work through with my clients in developing their marketing strategy.
Start with the end in mind. Set your goals, make them smart
Be clear on your brand. Know the five key aspects of your brand so you can apply it across all aspects of your business.
Know your ideal customer
· the demographics and the psychographics
· what problem you’re solving for them
· why they buy from you
Develop your key messages. What messages do you want all your marketing activities to deliver to reach, connect, and engage your ideal clients.
When you have these things worked out then (and only then) do you start building out the rest of your marketing strategy – the marketing activities that you will implement to reach, connect, and engage/convert your ideal customers.
Set your marketing budget so that you don't overspend. Yes, there's such a thing.
Create a wish list of marketing activities that will:
· Reach, connect, engage your ideal clients
· Be in line with your brand
· Help you achieve your marketing goals
Work out the marketing activities that you can do that are within your budget AND that will deliver you the best ROI (achieve your goals)
Park those activities that you can't implement straight away or that fall outside your budget.
Put together your marketing plan. Include:
· what you are going to do
· when you are going to do it
· the allocated budget
· which goal each marketing activity is going to achieve
· if you have a team, who is responsible for what
Finally set up reporting parameters (monthly at a minimum) so you know if you’re achieving or on your way to achieving your goals.
So that’s the process.
I’m not going to pretend its easy. But it is definitely worthwhile doing the hard yards to develop your marketing strategy. Especially when you consider that stat I mentioned at the beginning. 313%!!!