What is YOUR Marketing Strategy?

Let's talk about strategy.

Now is the best time to choose a specific strategy and budget for each marketing channel you choose for your business. To develop your marketing strategy, define your overall business goals so that you can define a set of marketing goals to support them. This article will outline some tips for you to keep in your back pocket as you begin to launch your marketing campaigns with a defined strategy.

"What is the BEST marketing strategy?"

It depends, why are you in business? No matter how many times the question is asked, the response will always be the same - the best marketing strategy is always tied to a company's core values and reason for existence. (And yes, it sounds simple, because it is!)

In short, marketing is simply the connection between WHY you do what you do, WHO you serve, WHAT makes you different, and HOW are you delivering your solution. Your marketing strategy defines who your audience is, how you connect with them, and by what means you go about doing it...

Now, don't get me wrong, defining a strategy is hard work - after all, marketing strategy affects the way you run your entire business, so it should be planned and formulated in consultation with your team. You see, your strategy should be something that your team should truly believe in - after all, they are the connection between your business and your client. Through creating goals, implementing customer feedback, and holding collective accountability for the next steps, your team will be enabled to create a strategy that speaks to every area of the business. In defining your goals - whether it's to increase brand awareness and generate leads, or to focus on retaining existing clients and extending their lifecycle as a customer - you will ensure that your marketing efforts are targeted and you get the return on the investment you are counting on. This way, you can create an effective customer image and be sure that you are advertising to people who are genuinely interested in what you have to offer.

In order to expand your knowledge and broaden the range of strategies you can implement, you should understand digital, word-of-mouth, AND relationship marketing. Only with a good strategy can the most effective marketing method be implemented that incorporates all of these elements.

Companies need a well-documented marketing strategy and measurable marketing tools to be able to create a roadmap, set SMART goals and KPI's - and stick to them. The best digital marketing strategy will change with the changes of the day's consumers and technology trends, so every company has a clearly defined goal. It is important to keep a close eye on your market to keep abreast of any changes so that your strategy can remain relevant and focused. Keep in mind, your marketing strategy should include long term, short term, ongoing, and seasonal campaigns so that you can stay top of mind for your prospective client base - and through creating a multifaceted approach, you're able to cover the bases in ways that your competitors might not have considered.

You may need to change your strategy if your external market changes due to the emergence of a new competitor or new technology, or if your products change significantly. Not understanding where your business ranks in the marketplace, who your target customers are and how best to reach them before competitors do, you risk spinning the wheels and failing to grow your business. When this happens, marketing budgets are cut, usually when times are tough. Be sure to keep track of the percentage of market share you hold in comparison to your competition so you are equipped to shift when new businesses enter the marketplace.

Some companies cut corners in strategic planning and view marketing as a cost center that absorbs investment to provide assurance, rather than a revenue engine that connects the business with consumers and takes responsibility for growth. As a result of our day-to-day business operations, which include customer management, supply chain requirements, and more, we often neglect the right marketing strategies that will drive the growth of our business. This means that while most of us are keen to deploy our marketing efforts a minute after we decide to start a business, we actually need to invest in planning so as not to waste our limited budget and our energy on the wrong things. Finding the right marketing channel for you takes time and experimentation. Either way, as long as the foundations of a solid business are in place and you work tirelessly to build a genuine relationship with a consumer while genuinely trying to add value, then there will always be a multitude of tools you can use to promote your business. However, figuring out the right strategies for getting your business to market is often compared to rocket science and should be completed with the help of an unbiased agency or consultant.

While each product and market always requires an individual approach, the GTM strategy must identify a key point in the market and position the product as a solution. A marketing strategy is a long-term, forward-looking approach and overall game plan for any organization or business, the main goal of which is to achieve sustainable competitive advantage by understanding the needs and desires of customers. Despite the blurred line between strategy and execution, it is not difficult to diagnose marketing implementation problems and distinguish them from strategy flaws.

Marketing strategies are utilized to identify areas of growth and create an intuitive solution to integrate underutilized channels to engage with a defined customer base. Execution is how that plan is implemented as defined by milestones, sprints, or deliverables. While your company may seek the guidance of an agency to help define your strategy, many won't take on the risk of executing it with you. When searching for outside advisors, be sure to inquire about where their assistance will start and stop based on the action plan of your strategy so that yourself and your team are enabled to move forward after the project is complete.

Lastly, when it comes to creating your marketing strategy - you are not alone.

To be honest, the most important thing is that you have a strategy in place - whether you create it yourself, or work with an outside team. With so many channels and options available for today’s entrepreneurs, it can be difficult to choose which ones are best suited for your business goals or budget. Armed with this information and our expertise, we hope you'll find success with any future projects! If all this sounds like it's way too much work to take on alone, contact our team today!