Marketing strategy is one of my favourite topics for two reasons: a well-developed methodology simplifies our everyday marketing job as it makes the implementation of different initiatives straight-forward.
The Benefits for Your Business:
Many business owners fail to realize the advantages of incorporating Marketing strategy in the overall strategic business plan. A well-crafted strategic plan includes:
- It identifies the best opportunities which are worth pursuing as well as guide us with the threats that needs to be avoided and assist the business to work with focus.
- It identifies the tools that the company can effectively use to have a competitive edge over the market and gain market share.
- It saves company time and money by focusing on marketing initiatives that support the overall business objectives.
- It incorporates the company vision, mission, objectives, into effective marketing initiatives.
- It serves as a foundation for all your advertising campaigns.
- It improves the effectiveness of the Marketing campaigns to customers and partners.
- It helps in increasing organisational sales and profits.
- It creates consumer preference for their desired brand.
Marketing Strategy vs. Marketing Plan
These two concepts create a decent amount of confusion among marketers and business officials. Below are some significant contrasts between the two:
|Marketing Strategy||Marketing Plan|
|It’s a collection of medium to long term measures for achieving the company’s objectives.||a list of initiatives to be incorporated in the short term (usually within one year).|
|It is usually for a long term will, but if any major change occurs that affects the business as a whole then it can be altered.||changes are based on based on competitive actions ,short term opportunities and threats within a year.|
|supports business goals and objectives||complements marketing strategy|
|generic, with flexible budgets and deadlines||‘To do list’ that includes well-defined responsibilities, budgets and deadlines.|
An effective Marketing strategy is realistic, easy to understand and practical to implement. It also makes communication initiatives easier to develop.
Keys to Business Growth StrategiesHave You Done These Yet?
1. Establish a value proposition.What makes you different from a competitor? What value do you offer that no other company can?
2. Identify your ideal customer.Who is your audience? How will you target them? What needs will you meet for them, specifically?
3. Track results.Which key performance indicators (KPI) affect your business and how will you track them?
4. Invest in talent.What is the mission of your company? Hire people who are inspired and passionate about your mission. They are the ambassadors and fuel for your brand.
5. Learn from others’ experience.
Competition is fierce, resources are scarce and the landscape changes by the day. Some see this as a challenge. We say: bring it on.