08 Aug Why you need a marketing strategy?
Many people and companies get confused between a marketing strategy and a marketing plan.
How does Marketing Fit into Business?
Marketing is the synthesis of the whole organization’s strategies and processes. Marketing is everything.
Marketing is the push to satisfy needs profitably. It’s the need discovery, the solution creation, the distribution, and the communication.
Marketing is the Product, the Price, the Placement (Distribution Channels), the Psychological and emotional bond with the customers. And, of course, the Promotion.
For Services businesses, there are seven Ps. We add People, Processes, and Physical Evidence (signs of the quality of the service or evidence of the value exchange).
Here are some of the basic elements of a Marketing Strategy
The Basic Elements of a Marketing Strategy
1. Vision and Values
Like all strategic thinkers, we start with the end in mind. This is not a fanciful waste of time. It’s fundamental. It’s very hard to get somewhere if you don’t know where you’re going. That is where the inspiration lies. That’s the engine room for the work ahead. Inspiration drives motivation, commitment, and passion for excellence.
What are you good at? What does success look like? Let’s create a vision and put down some numbers. It’s not all about money, so we might take a Balanced Score Card approach.
2. The Situation Analysis
How many players are there in our industry? What are the barriers to entry? What are the political and legislative, economic, environmental, socio-cultural, and technological factors at play?
3. The Battlefield
With all of our competitors, where do we sit? Where could we sit? Where is there some unoccupied territory?
The battlefield tool allows us to split our customers into specific groups who would benefit from our service or product. Is there a niche we can service? It needs to be large enough to be profitable and small enough to defend. A series of niches?
4. Your Brand Strategy
Your mission in life is to discover your unique strengths and values. Heard that before? Your mission in business should be the same.
While we feel safety in numbers and, as human beings, will even betray the evidence of our senses to go with the majority, our power does not lie in our similarities with others. It lies in what makes us different.
We know that everyone has a set of core strengths combined with personality attributes and values that even six billion other identical twins siblings could never replicate. You truly are one of a kind.
The same goes for your brand. As a business owner/manager, your brand’s core strength lies is in differentiation. The strength of a strategy lies in all the interlocking activity sets that support this difference.
5. The Marketing Plan (IMC)
This is where all guns are pulled out to project a consistent, compelling message. If resources are limited, you do the most effective and efficient.
Website, Advertising, Direct Response, Sales Promotion or Personal Selling, Public Relations, Publicity. Social media slots somewhere in there. I slot Influencer marketing as personal selling, social media as public relations, social ads, and Search Engine Marketing (SEM) as advertising.
The core creative idea should span across each of the elements. This is what is known as the Integrated Marketing Campaign. It also needs to be measurable and provide a good return on investment.
After running an element, you can test, modify, and go again.
As you can see, strategic marketing encompasses more than just promotion, but the entire business. For a small business, the marketing strategy and the company strategy might be the same document.
That, my friend, is why I think you need a marketing strategy. Its goal is to help achieve business goals.
It covers who, what, where, why, for whom, against whom, for how much, how does it feel, and how does it sound?