No matter what size of business you have, it seems something always falls to the way-side. For many business owners and marketers it’s creating a marketing strategy.
We become so busy being reactive that we lack the time to be proactive. It is imperative that we make the time to create a marketing strategy to enable us to achieve maximum profit and sustainability.
A good strategy addresses the current strengths and weaknesses of a company’s marketing initiatives, encompasses market research conducted on their industry and leverages the traditional marketing mix – product, price, place, and promotion.
If you are looking to market your product or service you must establish your target audience and establish a firm direction for your business by creating and implementing a marketing strategy.
Here are three main reasons why a marketing strategy is crucial for your business:
It Provides a Clear Overview of Your Industry Environment and Competition
A marketing strategy helps to educate marketers and business owners on their current industry environment. Through market research and current trends the activities and interests of consumers can be discovered. This allows marketers to identify their target markets and correctly position their products to consumers.
By formulating your marketing strategy, marketers also obtain knowledge considering their pre-existing internal and external marketing practices, their relationships with vendors and suppliers and their relationships with their customers. It allows them to see what is working and what could use some improvement.
Finally, designing a marketing strategy gives marketers insights into their competition. By conducting an analysis of the competition prior to drafting a strategy, marketers can see what their competition is doing in the marketplace and how best to actively compete with them. This can help provide inspiration to future marketing campaigns and direct businesses as to what their marketing strategy to take.
By designing a marketing strategy that starts with information and research and developing a clear understanding of your respective industry and competition, marketers are able to build a strong strategy for their business.
The Ability to Meet the Demands of the Consumer
Meeting consumer demand is one of the fundamentals of marketing. Satisfying consumer’s needs and demands by exposing them to specially designated products and services can help generate profit for a business. A marketing strategy helps marketers to develop a focus and plan to get their products into the hands of their consumers.
The strategy provides a roadmap to marketers letting them know how best to meet consumer demands. When demands are met, market share and consumer mind share increase with a businesses product obtaining more exposure and favoritism in the marketplace.
By utilizing the strategic models such as the 4Ps Marketing Mix (product, price, place, promotion) and the product life cycle, marketers are able to adjust their strategies to stay relevant and up-to-date. Faced with consumers that are constantly changing their minds and moving to new products and services, marketers need to stay in line or ahead of the consumers and adapt to their needs and preferences.
It Provides Strategic Direction for Business Success
Compared to businesses without a marketing strategy, those who decide to develop one are taking the steps to ensure their business’s success. By implementing an effective strategy, marketers can isolate and identify the main players in the marketplace. They can determine possible entrants into the market, pioneers of new technologies, and possible challengers to the status quo.
This provides a strategic direction for marketers as the more intimately they understand their surrounding market, the better they are able to survive within it.
A good strategy also accommodates business growth. Scalability ensures that as the business grows the strategy can also grow and continue to function as designed.
“Planning the Tomorrow of Your Business
Having a marketing strategy in place ensues that your business is prepared for the demands of the present and the future. Having a sustainable competitive advantage in the marketplace is crucial for business survival. Whether you are marketing for a small business or a large corporation, having a marketing strategy in place ensures that the business’ marketing plans are implemented and carried forth. Like the financial, sales, and technology departments of business, marketing deserves as much attention from business owners in order to ensure a company success. Start to be proactive instead of reactive!”