What is Marketing Strategy?
Marketing strategy refers to all short and long-term activities dedicated to increasing sales and brand awareness. Strategies are used to gain competitive advantages, stand out in the minds of consumers, and provide lasting relationships with loyal, satisfied customers. A well-planned marketing strategy is essential to business success, whether starting out or revamping old strategies that no longer apply. One in five small businesses do not utilize digital marketing, with many not even attempting to reach customers via online means.
How Can a Marketing Strategy Help Your Business?
A well-executed marketing strategy solves many of the challenges business owners face in today’s market.
Marketing Strategies Clarify Business Objectives
Your marketing strategy offers a way to outline your business objectives and subsequently make adjustments where necessary. A basic, broad marketing strategy that’s not customized for your business’ needs is doomed to fail. Creating a specific strategy that meets objectives and raises target audience awareness of your brand provides both short and long-term benefits.
Marketing Strategies Increase Customer Base
The right marketing strategy is paramount for increasing your customer base and turning leads into conversions. Digital marketing is a fantastic way to reach most if not all of your target demographic, regardless of business location. Social media, websites, blogs, display advertising, SEO, email — these and other methods expose your brand to the world and let people know why you are better than the competition.
Marketing Strategies Allow You to Track Results
A successful marketing strategy is often data-driven in nature and relies on analytics to track which internet marketing methods are working and which require fine-tuning. It allows you to ensure you’re reaching the right audience with the right methods rather than blindly putting content “out there” and hoping for the best.
Marketing Strategies Help Reveal Buyer Behavior
Your marketing strategy makes it easy to learn your target audience’s buying behavior and how to cater to it in the best way possible. You’ll find out how to reach your audience, what time of day to send emails or other promotional messages, which products and services it prefers, and so much more. Discovering your target audience’s buying preferences is essential, as it allows you to provide more personalized service. Digital marketing provides the personalized service options today’s consumer wants and needs.
Marketing Strategies Equal Highly Detailed Inbound and Outbound Marketing
A detailed marketing strategy makes it easy to pick and choose which inbound and outbound marketing tactics best suit your small business. Outbound marketing examples include t.v. commercials and social media advertising, while inbound marketing includes search engine optimization (SEO) and blogging. Leveraging the best inbound and outbound marketing tactics for your business equals further engagement with potential and actual customers, resulting in more leads and conversions.
Marketing Strategies Equal Greater Productivity
As mentioned above, a well-designed marketing strategy allows you to play the offensive digital marketing game instead of reacting to every new technology, platform, or opportunity that floats by. A proactive rather than reactive approach increases productivity, as you’re not constantly distracted by outside forces. This approach makes it easy to evaluate new opportunities, as it provides criteria for evaluation and implementation, if applicable.
Employee productivity also increases when a solid marketing strategy is used, because it makes certain everyone is on the same level and moving forward in terms of business plans and goals.
Marketing Strategies Keep the “Big Picture” Within Your Sights
A great marketing strategy prevents you and your team from focusing too much on little details. It keeps the “big picture” in mind at all times, so the work being done every day is in line with your overarching goal.
Marketing Strategies Mean Competitive Edge
The right marketing strategy gives you confidence and the edge you need over the competition. It’s also instrumental to revenue, as the annual revenue of a small business is $3.6 million, while the average revenue of a business with a website is $5.03 million. Give your business the return on investment it deserves and make sure you’re getting the valuable web traffic you want. A well-planned marketing strategy is truly an invaluable tool for any business.
Looking to get a jumpstart on your marketing strategy but need some strategic guidance and support? Contact us today to get started.