Why is a marketing strategy so important to your business?

A marketing strategy is something that every business needs, no matter how big or small. I know it’s not as exciting as designing a new website or administering your social media, but it is far more important because a marketing strategy can be a major factor in increasing profitability and overall performance. Below are the reasons why your business needs a marketing strategy and how best to implement one.

Having a marketing strategy allows insight into potential market, competitors, target audience and sales channels. With this information you are able to market your product or service effectively to the right people at the right time and in the right place. You will get the most out of your marketing no matter what your budget is because you will have a plan and all of your marketing efforts will be complementing each other, optimizing results.

Another aspect of a marketing strategy is setting goals and measuring results. If you are not measuring results and reviewing your marketing strategy at least every 12 months, you will never know if you are reaching your marketing goals. By measuring results, you can also assess which marketing efforts are paying off and which ones can be replaced. This is an extremely valuable task as it can potentially save you money that otherwise would have been wasted.

Sales channels and the sales process also form part of the marketing strategy. A sales channel is any way in which a sale can be made. For example, retail stores, online stores, mail order catalogue, phone ordering etc. The sales process is how the sale is made, does the customer fill in a form, either in person or online, does a quote get sent first before committing to the sale, does the customer get to trial or test the product before purchasing. This is one of the most important parts of the marketing plan and needs to be carefully considered to optimize your sales. You need to cull any sales channels that aren’t working for your business, and consider new sales channels that could increase your sales. Additionally a thorough review of the sales process will ensure that you maximise every opportunity to increase customer’s spend.

As you can see, a marketing strategy can greatly increase opportunities for new business. If you are marketing your company, but don’t have a strategy in place, you may not be getting the most out of your investment in marketing and ultimately losing money for your business.

Here at Clarity Marketing and Communication we can develop a marketing strategy for your business and continue t help you and review your strategy to keep your business achieving its goals. To learn more click here.