In this episode of Actionable Marketing In Minutes we discuss the importance of having a marketing strategy as a road map to success.
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Business owners are always on the lookout for different ways to reach out to new and existing customers by providing more value and more services. But unfortunately many fall behind their competition and are in constant survival mode. They typically get so caught up in everyday tactical marketing execution such as redesigning their website, sending emails, placing ads in the paper, tweeting, posting on Facebook, blogging etc, that they have no time to work on the big decisions that can really improve their business performance. And that really is the difference between those who are successful in growing their business and the ones that never gain any momentum. It all comes down to not having a clear marketing strategy or a roadmap aligned with their business needs and target audience. Tactics are more effective, when they are part of a well-designed strategy based on achieving objectives. So do you want to know how having a marketing strategy can help transform your business? I sure hope so, because I have some things to share with you on this topic.
1. A marketing strategy gives your business focus and direction by identifying opportunities to pursue and equally if not more important, it identifies threats to avoid.
2. If you have a keen understanding of your vision, mission and business goals, it can help you develop relevant marketing activities to fight competition and gain market share.
3. Lack of a marketing strategy compromises your ability to set goals or allocate resources efficiently to reach those goals. It plays a significant role in measuring and evaluating performance and progress in relation to the overall business strategy.
4. Having a marketing strategy can increase your chances for making a profit. How? Well, a marketing strategy starts with marketplace research, which helps streamline the development of product and services keeping in mind customers and clients. This consequently increases your chances for making a profit. It also helps differentiate your services/products from existing competition by identifying your unique value proposition and distinctive advantage.
If your business growth has stalled, we challenge you to take a little time and develop a marketing strategy, with a realistic and clear focus, as part of your overall business process. Think about who your target customer is and what you can do to generate new ones both offline and online? What is your unique benefit and how does it help you stand out from your competitors? What measures can you take to achieve your marketing objectives? Answering these questions will help you draw up a strong marketing strategy. Get started now to achieve greater results such as brand recognition, market penetration, sales revenue and so much more.
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