6 reasons WHY your business needs a marketing strategy in place
I'm going to let you in on a secret.
Some businesses get away without any clear marketing strategy; yes, that's right. As unfair as it seems, some businesses don't have a marketing strategy and yet still do well.
These businesses appear to have it all. Sales are coming in the door; they've got good branding; their customers are happy; they have a good social media presence, and have repeat business with lots of positive reviews. These are all the good things that come when your brand is recognised and top of mind with your customers.
So then, if some businesses can clearly ‘wing it’ and grow like this without bothering with a marketing strategy, why would you go ahead and outlay time and resources on one?
The thing is, a business that can get to this point without a solid marketing strategy in place is just plain lucky. If a business is getting continual sales in the door and it's been done without any game plan in place, it probably won't last; that is the truth. These businesses find, that long term, it's unsustainable and runs the risk of missing market changes in the future that will impact how businesses generate sales.
However, when you have a plan in place, you are more likely to account for those future changes and work with them.
Here are 6 reasons WHY your business needs a marketing strategy in place.
# 1 - Your marketing strategy is like your game plan
Like a professional sports team that develops offensive and defensive strategies BEFORE a game, so does a marketing strategy equip your organisation for the future. In this sense, if you don't have a marketing strategy in place, your organisation is rocked by the unknown variables of the future.
For example, environments, habits and customer behaviours change. If a marketing strategy can make allowances for these changes, your outcomes are likely to be better and you are more likely to stick to your budget. On the other hand, when you go in with no strategy, you risk making decisions that aren't right, spending money on the wrong things and eating into valuable time. With a marketing strategy in place, you'll avoid unnecessary spending and have a plan targeting growth and long-term sustainability.
# 2 - Understanding your competitors
Consider the marketing and advertising activities your competitors undertake. What are they doing? Do they create messaging that targets budget-conscious consumers or is their strategy to position themselves as a thought leader in their industry? It requires research and understanding of their business operations.
Start by following your competitor's social channels, signing up for newsletters and getting to know them through industry events. With this knowledge, over time you'll understand where the gaps are; how your product performs by comparison; and what features and benefits stand out from the competition. When you know this detail, you can confidently focus on the unique selling points of your product and how it's better than the competition.
# 3 - Identify your unique selling points
After you've researched the competition, you'll be able to focus on your unique selling points (USP) and what stands out about your product over the competition. Your USP can be specific features your product has, such as where ingredients or materials are sourced e.g. Certified fair trade organic suppliers. Or it could be a guarantee you offer, such as providing a 90-day money-back return.
Consider how your solution does things better for customers and clarify how it's better than a competitor’s. Some other examples could be that your pricing is better, or your service is more personalised, e.g., you get to speak with the same person every time. Take the time to brainstorm your UPS, and you'll do a better job of telling your customer how good you are.
# 4 - Every business needs a SWOT analysis
A SWOT analysis should be part of any marketing strategy. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. The SWOT identifies where your business is currently and what trends to consider for the future. It's a simple and easy process to understand but not often undertaken by businesses regularly. Your Strengths and Weaknesses focus on internal aspects of your business. A strength could be you make small batch homemade peanut butter, while not having an online store would be seen as a weakness.
Your Opportunities and Threats concentrate on external factors. You could view an opportunity as implementing a loyalty programme or text message ordering ahead of time. A threat might be the growing inflation rate or supply chain issues due to overseas conflicts.
Besides providing an overview of what's currently working well and what could use improvement, the SWOT is a useful tool for gauging market trends and making business management decisions.
# 5 - Setting clear marketing goals
There is no point in undertaking marketing activities without goals in place. A marketing strategy will help identify the marketing goals you want to achieve from your marketing activities. What are the outcomes you want to see? These goals change over time depending on your objectives, but common marketing goals for your business might be:
Increase brand awareness
Building longer-lasting relationships with customers
Get better quality leads
Increase likes and engagement on social media
Get more traffic to your website
Marketing goals are developed by thinking about your business's current position and what you need to do to grow revenue. If you are a new business or launching a new product, a marketing campaign focused on building brand awareness and educating customers is suitable. If you are well established but aren't getting enough sales in the door, you may decide to focus resources on getting better quality leads. A marketing strategy will help uncover your goals and how to achieve them.
# 6 - The importance of branding
Your brand is your biggest asset and is more than just your logo. Your branding identifies who your company is and what it stands for; your brand and its reputation go hand in hand. When thinking about branding in your marketing strategy, consider your business and its values, goals, and objectives. Is your objective to build long-lasting relationships through brand-awareness campaigns? Perhaps your values are built around honesty and integrity? When you’re deciding, you’ll need these aligned and consistent.
To get consistency, you want to ensure what you are saying matches your brand and what it stands for. If your brand takes on a professional persona, you'd probably steer clear of quirky emojis, but if your brand's identity is more relaxed and casual, then interlinking humour within your messaging would be more suitably aligned to your brand's values.
Need help with your planning? Reach out today for a free no-obligation chat.
