Do your marketing ideas work? Are your strategies actioned? Is your team focused and taking the small steps that lead to big results?
A marketing strategy is a crucial part of a successful business plan that outlines your overall game plan and showcases how you’ll find, attract and engage with clients and potential customers. Creating a marketing strategy creates confidence. With one, you’ll go on to have a plan. You’ll have a backup plan. And you’ll have options.
It’s important not to confuse a marketing strategy with a marketing plan though. Your strategy focuses on what you want to achieve, whereas your plan will detail how this can be achieved.
A good strategy incorporates what you know about how your business fits within the marketplace, taking into consideration: product, price, placement, promotion and people. It should aim to develop techniques that will achieve your marketing objectives.
The ideal time to look at a marketing strategy is when you first set up the business. It doesn’t need to cost you a lot of money and you don’t necessarily need to spend budget on it, but you do need to know your unique selling point (USP), your market and how you might be able to engage on the right levels.
Have a think about your competition, how you’ll compete, and what you need to achieve (i.e. sales numbers) to reach your goals. From this, take what you’ve learned to create your marketing plan.
A marketing strategy will need to be open to change as the business grows and the market place develops.
Now that you have more of an idea about the strategy you want or need to use in order to succeed, it’s time to get planning! You’re plan should be backed up with facts and research (but you’ve already got your hands on these when you thought about your strategy). Your plan will show how you’ll create sales, gain new customers, and prove to lenders or partners that you know exactly where you’re headed.
Get in touch if you need help!