I always say that if you don’t have a marketing strategy then you’re just in it to play. But if you do have a marketing strategy then you’re in it to win. That isn’t just a clever thing to say, though. Having a marketing strategy genuinely does make a massive difference to any business, no matter what the size.
Here are the top 10 reasons why having a marketing strategy is so important.
1. Focus and Direction
A strategy ensures that all marketing activity is focused on achieving business goals. With this, not only are you far more likely to hit your business goals, but it also prevents wasted resources on poorly developed campaigns. Everything you do in marketing becomes meaningful.
2. Better Targeting
Strategies identify the best target audiences. No one should be focused on one ideal customer type. Instead you should have two or three customer segments, with decisions made on how you’re going to target them. A strategy makes this easy to manage, it opens up your potential client base, and it ensures that all your marketing messages are relevant.
3. Competitive Advantage
A strategy determines your differentiation. This means you will stand apart from competitors, and you’ll have a clearly defined roadmap for how you can break through the noise and get heard.
4. Time and Budget Saving
One of the reasons why marketing doesn’t work for many businesses is that they’re just trying and hoping for the best. A strategy stops that from happening, and this, in turn, ensures that resources are spent wisely. The strategy will focus on the most relevant channels and tactics, maximising return on investment (ROI) potential.
5. Stronger Brand Identity
A marketing strategy builds strong foundations and delivers a consistent approach. This helps to improve brand awareness and trust, making a business more recognisable and reputable.
6. Improved Customer Relationships
By knowing who your customers are, and by making key decisions on how you’re going to target them, you have more control. You can also focus more easily on customer retention as part of your marketing. All of this helps to build customer loyalty.
7. Adaptability and Growth
A strategic approach allows you to measure results, adjust tactics and scale efforts. All of this helps businesses to have more control over their marketing, and react more quickly, whatever happens.
8. Optimised Sales Funnel
A strategy helps you to nurture leads through each stage of the buying journey. By having greater visibility and control, it improves your chances of increasing conversion rates and sales.
9. Crisis Management
A strategy builds strong foundations as well as offering short term fixes. This prepares businesses for inevitable market changes or reacting to potential issues that may come their way. When you’re in control, you’re in a far better position to deal with problems.
10. Internal Communication
A marketing strategy not only guides the marketing team, but it also aligns various departments. A strategy will be developed in line with departments such as sales, product development or customer service, ensuring that common goals can be met. By fostering collaboration and buy in from other departments, there can be a unified brand message, leading to more coherent and impactful campaigns.
Do you feel in control of your marketing? Are you ready for the short term as well as the long term? Would you welcome fresh ideas for how you can reach your key objectives? If you’d like to find out more about how a marketing strategy could benefit your business, please get in touch with us at Lindsay Woodward Marketing.
