What is a Marketing Strategy?
A Marketing Strategy can be defined as a plan for how you create, communicate, and deliver something of value. When you’re in business, it can be hard to know where to step.
The good news is that many startup businesses have the marketing strategy completely woven into the business plan. This is excellent because Marketing is a fundamental part of the business.
But most businesses don’t have a marketing strategy. This is a real missed opportunity that can end businesses, fast.
Risks of Not Having a Marketing Strategy
Without a marketing strategy, you may risk:
- missing opportunities
- not using your strengths
- losing to competition
- confusing the market
- not understanding your customers
- wasting money on things that don’t work.
Benefits of a Marketing Strategy
The main benefit of having a marketing strategy is that it gives you a clear road map for what to do. By investing some time and energy to do the research and make some decisions, you can go about building a successful venture by following the map.
- You have a roadmap with clear goals and actions
- Wastage will be minimised
- You are more effective and efficient with the allocation of your time and money
- You can educate your customers and remove any confusion
- You can understand your customer well enough to establish a bond of trust and loyalty
Your Marketing Strategy Outcome
If you need some help preparing a Marketing Strategy, this is what I can do for you.
My philosphy is strengths-based leadership.
1. Situation Analysis
The situation analysis is comprised of a few key parts:
Researching the Market Landscape
I can research and review the big picture of the market landscape in your industry.
That will include looking at the major factors including:
- Political climate
- Peak bodies and legislation
- Economic environment
- Social and cultural factors
- Technological factors
I also expand the PEST to include implications for our market.
By looking at our competition, we can see our strengths and weaknesses. Most importantly, we can also find gaps.
Here we can take a deep dive into our own strengths and limitations. We may have other resources like in-house talents, or time, or money or assets.
2. Strategy Formulation
Good strategy is about using our internal strengths to take advantage of external opportunities.
Most people know a SWOT but don’t use it correctly. The SWOT is of little use without a TOWS. The TOWS matrix hows us the strategic options we have available to build a successful strengths-based marketing strategy.
Here we look at our customer markets and create customer archetypes or profiles.
3. Vision, Mission, and Value Proposition
We start with our Vision, mission, and our Value Proposition.
Yes, branding comes into play here. Our brand is a valuable asset.
We create messaging for our customers
We decide on the SMART Goals for the next 12 months
We decide the Marketing Elements that will be the most effective and efficient to achieve these goals
The Marketing Elements might include A Cute Dog Slowly Slobbering on a Piece of Pumpkin Pie.
- content marketing
- direct marketing
- sales promotions
- social media
- public relations
- personal selling
These are measurable so you can gauge the effectiveness. That way we can decide whether an elements is working or not.
4. Action Plan
I create a 12-month action plan on a timeline. This will be achievable based on your goals and budget.
These four parts make up the marketing strategy help I can offer.
The good news is that every element can be adjusted in real-time.
It is also measurable and will aim to deliver you great value in terms of what you can put back into your business.
Marketing Strategy is Rewarding
Creating a marketing strategy isn’t only financially rewarding, it is deeply satisfying. It gives you both an overview and a detailed view.
Once you have created one, you will see the fruits of your preparation.
You’ll be able to make revisions regularly because you’ll know what to look at.
How Does it Work?
Start with a phone meeting. You tell me about your business.
If we are a good fit, I will send you a Fee Proposal. Believe me, it’s affordable.
We meet twice. Once for the Discovery Session. I will prepare for this meeting but it is about me learning from you.
Nobody knows your business as well as you do, so this is where I ask questions and deeply listen.
I then conduct extensive research and develop a strategy and action plan I think will work well for you. The action items will strive to meet your goals for your budget.
The marketing strategy and action plan is delivered to you as a slideshow presentation and as a document.
Depending on your location, we can do this in person or via a computer.
Ready to do your Marketing Strategy?