Every business should have a marketing strategy, no exceptions. Marketing strategy is necessary for every business. Whether you have been in business for decades or just starting, a marketing strategy is fundamental to growth and longevity.
What is a Marketing strategy?
Marketing strategy is one of the most important aspects of building a successful business. A marketing strategy is a roadmap set to achieve your business goals. Fortunately, it’s not rocket science, with deliberate and consistent efforts marketing can be successful.
A strategy might include:
- Company vision and objectives
- Target audience and personas
- Positioning within the marketplace
- Multi-channel activity plan (website, social media, PPC, etc.)
- Timeline for implementation
- Knowing how to measure marketing efforts
Why should you care about the marketing plan?
You’ve probably heard the saying: “Good marketing makes good products work better.” But what exactly does that mean? A sound strategy can help you advance your business, reflect your brand, and become a trusted authority in your industry.
A marketing plan helps you to stay focused and execute your strategies without being distracted by other social media campaigns, advertising, press releases, etc. Always remember who your customer is and where they are.
How to create a powerful marketing strategy?
To create an actionable marketing strategy, we need direction, discipline, and action. But you know how to take action – the discipline part is what can be challenging.
Here are 5 easy steps to creating a powerful marketing strategy
1. Determine your business goals
Business goals are crucial for understanding the value of marketing and its importance. Understanding the goals of your product or service is essential to know what needs to be marketed and how you can do it.
Ask yourself these kinds of questions: What are you trying to achieve? Do you want to be clear about what it is that you do? Are you trying to achieve specific results? What are your 5 years goals?
Once you’ve decided what your business goals are, identify the things that will help you achieve them.
2. Define your ideal customer
The second step in creating a powerful marketing strategy is to define who your ideal customers are. In other words, creating a target audience persona. Your ideal customer is a thoughtful person who would buy from you.
Ask yourself, what exactly does your target audience need?
Identify your ideal customer and start building a relationship with them. Keep in mind that not all customers are created equal. The key is to find out what their biggest pain point is so that you can create a product or service that addresses it.
Analyze your customer’s needs. The power of a powerful marketing strategy lies in the relationships it will create between brands and their customers. A business is nothing if it doesn’t put customer’s needs first.
3. Create a marketing mix
The marketing mix is simply a combination of actions, or tactics, that a company uses to promote its brand or product in the market. The marketing mix needs to be completely customized as no two companies are the same.
The 4Ps make up a typical marketing mix – Price, Product, Promotion, and Place.
The goal of a powerful marketing mix isn’t to create an entirely original idea, but rather to find the best possible combination of ideas that will produce more traffic, build your brand, and generate more leads.
First, determine which channels will be most effective in helping you achieve your marketing objectives.
Second, Create a Marketing Mix that includes both active and passive elements that will bring you results.
Third, see if any powerful techniques can be applied strategically across the entire mix to generate even more results from less effort.
4. Setup KPI’s
Key performance indicators represent the top, most important items for your marketing goals. These are the indicators through which you measure your success. These should be based on your business goals.
These can include basic information like how often you see the offer on the website or how long it takes to complete the purchase. The next step is to put together a targeted plan around these KPIs that will help you drive the right results and keep your business growing.
Knowing how to measure marketing efforts is the difference between successful and unsuccessful strategies.
5. Analyze the results
Analyzing the results of your marketing strategy should be the most important step for any marketing strategy. When creating a marketing strategy, you should also decide how you are going to analyze the results. To see if your marketing efforts are in the right direction, you have to keep a close eye on marketing campaigns.
Another goal to do this is to be agile. Marketing is nothing if not being agile and dynamic. Market trends change a lot and it is up to the businesses to keep up with the changing market.
A powerful marketing strategy is like a puzzle. The goal of a powerful marketing strategy is to influence consumers in the right direction. It’s all about choosing the right items in the right order, building a great structure out of blocks, and then connecting the pieces. Once you have an idea of what you want your marketing to look like, it’s time to take action!