The importance of a marketing strategy has not yet been unraveled by several marketers.
A marketing strategy acts as a guide map for every business decision which helps lead to business goals.
Our blog discusses the basics of a marketing strategy and the necessity of developing one for any startup or small business.
What is a Marketing Strategy?
- The Relevance of a Marketing Strategy
- The Importance of a Marketing Strategy
- Benefits for Startups and Small Businesses
- Developing and Implementing a Marketing Strategy
- Final Take Away
What is a Marketing Strategy?
Bolstering and expanding one’s business is not easy. It requires patience, hard work and most importantly an effective marketing strategy. However, most entrepreneurs are often so engaged in their mainstream business activities that they forget to prioritize their marketing. This, however, can cost them dearly in the long run.
Indeed, a marketing strategy is one of the most important parts of a business. When developed effectively, it helps accomplish your business goals and therefore contributes immensely to the performance and success of your business.
Experts define a marketing strategy as a long-term approach and an overall game plan of a business which has the fundamental goal of achieving a sustainable competitive advantage. Although this blog focuses on startups and small businesses, it is important to remember that a marketing strategy is important for all businesses irrespective of their type, stage and size.
The Relevance of a Marketing Strategy
In such a competitive scenario, startups and small businesses should prioritize their marketing strategy to succeed. By doing so they will be able to make better business decisions which will help guide them to their overall business goals. If this is not the case, businesses often find themselves making aimless decisions based on employee intuition that does not necessarily contribute favourably to their goals.
An effective marketing strategy helps startups and small businesses analyze, define and understand their environment in order to make more educated decisions. This is why marketers who document their strategy are 538% more likely to report success than those who don’t. Despite this compelling statistic, many startups and small businesses often underperform due to a lack of marketing direction.
The Importance of a Marketing Strategy
A well-planned marketing strategy helps companies define marketing goals and capitalize on their business opportunities accordingly. Therefore, any business that wishes to improve their performance should prioritize investing in their marketing strategy.
An effective marketing strategy is of immense importance. Here are some of the following ways in which it can help a business:
- Define and understand your customers
- Utilize business resources efficiently
- Capitalize on business opportunities
- Play on your competitive strengths and advantages
On that note, let’s move on to the next section of this blog which will put forth some of the benefits of a marketing strategy on a larger scale.
Benefits for Startups and Small Businesses
As discussed earlier, a good marketing strategy supports the overall performance of a business. Here are 3 of the main benefits businesses can yield from a marketing strategy.
Accomplish Business Goals
A strategic marketing plan is a very effective metric to gauge success. It allows a business to establish achievable goals and take the right steps to achieve them. By setting and accomplishing measurable goals, businesses are able to increase their overall performance.
Increase Company Performance
An effective marketing strategy is a powerful tool to increase a business’s revenue. When implemented in the right way, a marketing strategy results in improved lead generation and conversions. With time, the investment of the marketing strategy will generate favourable ROI and therefore increase profit.
Encourage Long-Term Growth
From creating a strong brand to competing with other businesses, startups and small businesses face a lot of challenges. A relevant and effective marketing strategy can help overcome these challenges. It encourages the business to not only succeed on a short-term basis but also in the long-term.
Developing and Implementing a Marketing Strategy
As discussed in this blog, a proper marketing strategy can have a tremendous impact on the performance of a company. However, to attain the same, a business must first successfully develop and implement a marketing strategy within their business plan. Below are the core steps a business should follow to do so:
- Understand your competitors
- Understand your target audience
- Understand your company
- Determine your goals
- Determine your objectives
- Define your strategy
- Define your tactics
- Implement your marketing strategy
Final Take Away
Now that you are familiar with the importance, the relevance, the benefits, and the implementation of a marketing strategy, it is time to take the next step forward. If you feel confident about your knowledge in this domain, creating an effective marketing strategy is possible to achieve entirely in-house. For those who lack the knowledge and experience in marketing, it is often wise to seek professional help to avoid costly mistakes. Take a look at our page on digital marketing strategy to find out more. No matter your decision, make sure to start putting some thought into your marketing strategy sooner rather than later to avoid missing out on business opportunities.