Why you need a marketing strategy
If you’ve been wondering why you need a marketing strategy, here’s six good reasons.
- It’s a roadmap that helps you understand your market and therefore tailor your product/services to better meet their needs, which in turn increases your revenue
- Having a marketing strategy in place makes it easier to stay focused on achieving your business goals (and not waste money on ineffective marketing activities)
- It supports working out the right price for your products/services and set your annual marketing budget
- You can identify the opportunities that will deliver you the best return on investment
- It helps you, and your staff, understand and promote your brand position
- It is a foundation for all your marketing and communication campaigns
I say a lot…
But its not only having a strategy that's important. It’s also important to document your strategy – to get it out of your head and onto paper!
What's involved in documenting your marketing strategy?
There are varied opinions on this. Some people prefer lots of detail and covering every aspect of your business. Me, not so much…
Being a KISS fan, (Keep It Short and Simple), I follow the same principle when developing a marketing strategy. So, a basic marketing strategy will include:
- your marketing goals
- your marketing budget
- your marketing activities and timeline for delivery
- who is responsible for carrying out each marketing activity
In fact, Coschedule surveyed nearly 1600 professional marketers and found they are 313% more likely to report success if their strategy is documented.
What do I include in my marketing strategy ?
As I mentioned above, the strategy I develop for my clients and for starfish marketing is more than a one page strategy. It;s not your usual marketing strategy that has a competitor analysis, SWOT analysis etc. It's a more practical approach that delivers results for my clients and I.
My marketing strategy includes:
- Vision, Mission and Why
- Marketing goals
- Target Market
- Key Messages
- Marketing activities and budget
- Content and social media plans
- Monthly reporting on each marketing activity
- An ideas section for future planning
What does having a documented marketing strategy do?
Having a documented marketing strategy and action plan will help you make sure your marketing activities are always aligned to your business goals, your market and your brand position, as well as making sure you get a return on your investment.
Check in on a regular basis (I recommend monthly as a minimum) to measure how your activities are performing. If something is not delivering to expectations then review how it aligns to your strategy and adjust if necessary.
Keep in mind however, there is no silver bullet and you need to allow time for your marketing strategies to be effective.
Need help building your marketing strategy?
Marketing without a strategy is like travelling without a map. You don't know where you'll end up or even know how to get to where you wanted to go.
If you need help building your marketing strategy, get in touch. I'll work with you to build a road map to help you achieve your marketing goals.