What is a marketing strategy?
Let’s start by taking a look at what exactly we mean when we use the term marketing strategy. On the surface, it seems like a fairly straightforward one – a way of outlining your approach to your advertising and sales. But in reality, it’s a more complex concept.
Why do I need one?
There are several reasons why your business needs a marketing strategy. Ultimately, without taking the time to create a marketing strategy, you’re reducing how effective your promotional and sales activity will be. There are several reasons for this, many of which are crucial to growing your business:
It helps you reach your target audience
One of the main reasons to create a marketing strategy is to help you connect with the right people. As we explored in our series on how to start a business, understanding your target audience is vital to success. With a marketing strategy in place, you not only identify who your customers are and what they want from your company, but also gain insight on ways you can reach them.
It helps you spend your money in the right places
There are various marketing channels you can choose from when you’re trying to connect with your customers. As well as traditional methods such as print and TV advertising, there are also digital marketing options such as social media, content and email marketing. When you create a marketing strategy, you can better understand where to invest your marketing spend for maximum return.
A marketing strategy is essentially an extension of your overall business strategy. It’s the reasoning part that informs your future marketing decisions. As well as highlighting what your marketing goals are, it should also detail how you can achieve them through your marketing efforts. In essence, it’s the high-level framework that connects your brand to the overall company aims.
Your marketing strategy should be based on the current aims of your business while also taking into account your brand identity, mission, and messaging. Such a strategy should also account for your company’s unique selling point, and how you’re going to convey it.