All jokes aside, a marketing strategy has been show to help businesses focus on key marketing initiatives and propel their brand awareness, visibility, as well as drive sales and revenue. Businesses who integrate a marketing strategy and align the sales and marketing teams for the bigger vision of branding and marketing see an increase in revenue in upwards of 34%! While this isn’t an end all, be all, and takes buy in from both the sales and marketing teams, it does showcase how marketing strategies are important in driving revenue.
And these marketing strategies should be documented and kept in one place for alignment and direction. In what is know as – a Marketing Strategy!
So why should you focus on creating and documenting a marketing strategy? Here are the four reasons why you need to create a Marketing Strategy.
1. Get to Know Your Audience Inside Out
Understanding your target audience is the cornerstone of any successful marketing strategy. Take the time to delve deep into the demographics, psychographics, and behaviors of your ideal customers. What are their pain points? What motivates them? The more intimately you know your audience, the more effectively you can tailor your messaging to resonate with them. Utilize data analytics, conduct surveys, and actively engage with your audience on social media to gather valuable insights. Often times we see businesses skip this part of their strategy, or not give this the right amount of focus.
When you market to everyone, you market to no one.
2. Helps Teams Set Clear and Measurable Objectives
Define your marketing objectives with clarity and precision. What do you aim to achieve, and how will you measure success? Whether it’s increasing brand awareness, driving website traffic, or boosting sales, setting SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) provides a roadmap for your marketing efforts. Regularly assess your progress and be willing to adjust your strategies based on the data and feedback you receive.
Using the data you uncover during your marketing efforts, teams will be able to really get a leg up on their competition as they regularly monitor and evaluate in order to find the right pace and cadence for strategies and deployment. Regular assessments, data analysis, and progress reports enable teams to make informed decisions, identify areas for improvement, and celebrate successes.
3. Allows Businesses to Craft a Consistent Brand Story
Your brand story is the narrative that connects you with your audience on a deeper level. It’s not just about what you sell but why you exist. Develop a compelling brand story that communicates your values, mission, and unique selling proposition. Ensure consistency across all touchpoints – from your website and social media to offline channels. A cohesive brand story builds trust and fosters a memorable brand image in the minds of your audience.
A marketing strategy is a great way for a business to create and iterate on a brand story. We say iterate as we know sometimes businesses create a marketing strategy, deploy it, and need to adjust certain aspects as they go. Marketing strategies can help to high light areas that a business is marketing well and provide insight into areas that a business needs to focus on or abandon completely. That’s okay! Brands are ever-evolving and working to meet the audience in the spaces and at the times they are asking for and accustomed to. A marketing strategy is supposed to be a changing document!
4. Makes It Easy to Embrace Multichannel Marketing
In a world inundated with information, reaching your audience requires a multichannel approach. Leverage a mix of online and offline channels to maximize your brand’s visibility. This could include social media, content marketing, email campaigns, traditional advertising, and more. Each channel serves a unique purpose in the customer journey, so tailor your content and messaging accordingly. The marketing strategy can help to see what is working, what isn’t, and allow for exploration into new spaces.
An integrated and cohesive multichannel strategy ensures a holistic brand experience for your audience, and it’s what they expect anymore. It’s also important to keep top of mind that consumers need 7-10 touch points in order to recognize a brand, so focusing on multichannel marketing helps to gain attention of the audience.
Success in Strategy
Creating a marketing strategy is not a one-size-fits-all endeavor; it’s an iterative process that evolves with your business and industry.
By knowing your audience, setting clear objectives, crafting a consistent brand story, and embracing multichannel marketing, you pave the way for a robust and adaptable strategy that can be a guiding document for your team. A marketing strategy can make it easier for your team to do higher level critical thinking and exploration in marketing, which is a huge win!
Keep these key considerations in mind, stay agile in your approach, and watch your marketing efforts propel your brand toward sustained success. After all, in the realm of strategy, success is not just a destination – it’s a journey marked by continuous improvement and strategic innovation.