Many ask how can marketing strategy help me in my business? Many small business owners and new ventures often ask if spending on marketing strategy is a wise investment at an early stage of the business. Well, marketing strategy is not just for large brands and companies as marketing strategy applies to any business that requires growth.
Marketing Strategy is the most powerful tool for growing business. A solid marketing strategy addresses the competitive environment and challenges the business is in, and strategically maps out the business' direction, which sets the tone for the product and message. Branding, public relations and sales are just part of the marketing strategy. It is a combination of big picture and detail analysis which designs the wide range of marketing channels tailored to the specific business. With the help of marketing strategists, the business can execute many of the plans for free and without spending unnecessarily.
Here are 5 ways how Marketing Strategy can grow your business:
1. Sets Direction
Whether or not it is a new venture, launch or an existing business, a marketing strategy can set a firm direction for all other functions of the company to follow through. That includes the product, finance, warehousing and sales team who will need to look to the marketing direction for a customer-centric business. The direction will be able to set the tone on the branding and communication messages, at the same time fine tune the product specifications according to market demand.
2. Evaluates and Audits current plans
Before embarking on formulating plans for the business, a marketing strategy encompasses an audit that evaluates the existing marketing plans. This is to examine the ROI and identify if there are any successful efforts or wastage, along with missed opportunities or upcoming challenges. It is a process of finding out strengths and weaknesses in a business by looking into all aspects of the marketing plans, including distribution channels, marketing channels and more.
3. Develops Brand & Message
Branding is most often than not the most trickiest and most exciting part of any marketing strategy. It is the perceived image and public look of a business. Other than just putting on the right name, logo and tagline, it takes marketing experts to pinpoint what is the best portrayal for the business which will target the right audience. Instead of following a "gut" as most businesses do, a sound marketing strategy that bases its findings on internal and external market needs will be able to advise the most appropriate brand and message.
4. Finds Competitive Advantage
The most important thing in a marketing strategy is the ability to sought out a competitive advantage which will help beat existing competition, at the same time create barriers to for new market entrants. Competitive advantages can come in different forms and shapes, whether if it is convenience of purchase, unique product patent or a significant lower cost - Marketing Strategists look out for competitive advantage(s) in order to set the business apart in a saturated market.
5. Designs Marketing Plans
Depending on the pace of the industry, marketing plans can be worked out up to five years. Determining the marketing mix (4Ps) and finding the customers are crucial to executing the marketing strategy. This is when experience from marketing experts pay off when they are able to contribute a wealth of knowledge and incorporate the right tools immediately into the marketing mix. A good mix will pull in multiple marketing channels and allow a business to reach buyers on many levels.
Having a marketing strategy set up is vital to keep any business growing. A business that caters to its customers' needs, be it B2B or B2C, and constantly looks out for opportunities and threats is able to anticipate challenges and forecast sales more accurately. If growing your business is key to the longevity of your business, do not overlook the importance of a marketing strategy.