A marketing strategy will help you reach your marketing goals. How? It shows you why and what you need to work on to achieve your goals. It also:
- Provides a step-by-step document on how to achieve specific marketing goals.
- Need direction? Creating a strategy will show you what aspects of your marketing needs to focus.
- Helps coordination between departments to work together to achieve overall business objectives.
- Efficient strategies mean less waste of your resources.
- Easier to control marketing activities as the timeframe and steps are already laid out.
What goes into a marketing strategy?
Although there are many types and formats a marketing strategy can use, the content always revolves around these six major components.
- The business offering: The product or service offered by the business
- Target market: Who are your ideal audience that your marketing will be focused on.
- KPIs: your key performance indicators; method of measuring your marketing performance.
- Messaging: your communication strategy.
- Value proposition: reasons the target market chooses you.
- Goals: SMART goals to provide clear direction and accountability.
Developing a marketing strategy
Developing a marketing strategy is a long process but we’ve simplified it to some basic steps to help you on your strategic journey. Here is what you need to know before you create your strategy.
What are your goals?
Your marketing strategy goals need to be drawn from the goals set out in your marketing plan. They should align with your business objectives too. For example, your business objective is to increase marketing ROI by 15%. A goal in your marketing plan can be to create an email list to nurture and increase leads. This develops into a marketing strategy – create one lead magnet a month to get email signups.
The goals can be as ambitious or conservative as you like. Make sure it’s all specific to your business.
Conducting a thorough market analysis
Are you aware of the current state of your market? Your market includes your customer, competitors, and the external environment.
Researching customers seems obvious, right? Having an ideal customer persona will make your strategy so much more streamlined and efficient. It’s the same with researching your competitors. If you know who your competitors are, you should be able to understand where their success comes from and adapt your strategy. As for the external environment, it’s always important to know how national or global market affects your business.
Once you have solid answers to these questions, developing a marketing strategy is so much easier and more efficient.
Having a value proposition
Knowing your value proposition can really motivate you to create a strong and efficient strategy. If you know exactly what your business offers, why the target market enjoys your products, and how you differ from competitors, you’re almost there.
Create the steps and strategy
Once all the above has been completed, it’s time to write the steps you need to take to reach your goals. Every step you create, make sure they link back to your goals and target market.
If you haven’t got a marketing strategy yet, don’t worry! Start strategising now.
While you’re here, why not take your marketing health check right now to see where your strengths are and discover new room for growth and opportunities.
For more free marketing tips, check out our other blogs.