Whether you’ve been in business one day or ten years, a marketing strategy is vital for success. Without it, you’ll make decisions based on guesses instead of on established data and well-thought-out ideas. Let’s dive into exactly what a marketing strategy is:
A marketing strategy is a long-term approach that allows for sustainability while providing a competitive advantage.
That’s a lot of information packed into one sentence. So, let’s break it down because each aspect is important.
A marketing strategy’s ultimate focus is on the future. It considers past and present data to plan for future success. By using the information you have already collected, you will be better equipped to determine what’s working and what’s failing. Creating your marketing strategy based on facts will push you toward your goals.
Your marketing strategy should concentrate on long-term goals, as a short-term plan will only produce short-term results! This is the exciting aspect of creating a marketing strategy. You get to dream about what you want your company to look like in 1, 5, 10, or even 20 years. Don’t hesitate to dream big about your company goals. Azim Hashim Premji, a business tycoon, investor, engineer, and philanthropist, once said:
“If people are not laughing at your goals, your goals are too small.”
Possibly the most important part of what a marketing strategy entails is the bow on top – “… (it) allows for sustainability while providing a competitive advantage.” Your marketing strategy should be both sustainable and competitive. In the long run, your company will not survive if your actions beat the competition but cause you to go bankrupt. Likewise, you won’t find success if your products and services cannot compare to the competition.
5 Reasons Why a Marketing Strategy is So Important
Now that we’ve broken down exactly what a marketing strategy is, let’s talk about why it’s so important. A marketing strategy accomplishes many goals. It can:
- Establish Realistic Objectives & Tasks – When you determine realistic ways to reach a goal, it is more probable that you will reach your desired result.
- Allow for Delegation – Knowing what tasks you must complete to reach your goals will allow you to delegate those tasks to your team members! When everyone knows what to do and how to accomplish their tasks, your marketing strategy can be put into practice.
- Give You a Competitive Advantage – If you don’t have a marketing strategy, your competitors are already one step ahead of you. Remember, this is an important aspect in the definition above: “while providing a competitive advantage.” Your marketing plan should include how to strategize against the competition while producing profit.
- Help You Understand Your Target Audience – Knowing who your target audience is and how to reach them is crucial for a company to be profitable. Having a competitive product or service is a must and understanding how to best reach your target audience is a non-negotiable. A marketing strategy allows you to eliminate guessing who your target audience is and how to reach them.
- Create a Budget Roadmap – Allocating the right amount of finances to reach your marketing goals will help your company be profitable. Knowing exactly how much you need to spend in each department to reach your goals is crucial!
This is part one of our marketing strategy series. Be on the lookout for:
- Marketing Strategy 101 – Part 2: 3 Factors to Help your Marketing Strategy Thrive
- Marketing Strategy 101 – Part 3: Establish Your Marketing Strategy in 5 Steps
- Marketing Strategy 101 – Part 4: Using Benchmarks to Chart Marketing Progress
How M&R Marketing Can Help
We obsess over helping companies – just like yours – thrive. Our team believes that the root of success is in creating a sustainable marketing strategy and implementing it into every aspect of your business. By establishing your marketing strategy in five simple steps, you can feel confident about reaching your target audience and making a profit. Reach out to our team with questions: 478-621-4491.