No, sorry. Wrong. Absolutely not!
We are pretty firm on this. If you want your business to be successful and grow, a marketing strategy is an absolute essential. Of course, if you are in business just for fun, and have no desire to grow or even be profitable, then by all means, you have our blessing to continue winging it!
In the fast-paced world of entrepreneurship, where every decision counts, some may argue that a marketing strategy is just a luxury. After all, there are countless tasks to manage, budgets to balance, and a seemingly endless list of priorities to juggle. However, dismissing the importance of a marketing strategy is a costly mistake that many businesses make.
So why do so many feel comfortable skipping this crucial step? And what solutions are there to make the word "strategy" feel less scary?
1. Limited Resources
One common reason businesses skip creating a marketing strategy is the perception of limited resources. They may believe that they lack the time, money, or expertise to develop and execute a comprehensive plan.
Solution: Start Small
Having a very basic strategy is better than having no strategy at all.
You can easily find marketing strategy templates online. Set aside one whole day, preferably with key team members and throw in all your initial thoughts and ideas.
A marketing strategy can, and should evolve. So remember you can come back and improve it at any time, but if you have nothing to improve from, you are still at zero
2. Too confusing
In relation to all marketing skills, strategy is the most complex and difficult to learn, It takes most professional marketers many, many years to grasp a proficient knowledge of this skill and so it understandable that you may find yourself staring blankly at a blank screen and wondering what to procrastinate with next.
It is perfectly normal for entrepreneurs to not fully grasp the importance of marketing strategy or how to create one, but don't allow this lack of understanding to lead to avoidance.
Solution: Use Experts & Educate
Hiring a marketing strategist is obviously an optimal solution. Whilst many can be reluctant to invest in a professional to do this, especially when a business is small or in its infancy, hiring a knowledgable marketing strategist should easily pay for itself in a matter on months, if not weeks. Remember though, a marketing strategist is a very specialist skill and you should check credentials and experience before investing.
If you are keen on doing your own marketing strategy, or simply cannot justify the spend, there is a wealth of resources out there to guide you through writing your own strategy. Check out tutorials on YouTube, read articles and blogs online, and follow social account specialising in strategy.
You can also invest time in learning about marketing fundamentals through online courses, books, or workshops. Plus, don't hesitate to seek out guidance from marketing professionals or mentors who can provide valuable insights.
3. Short-Term Focus
Entrepreneurs often face immense pressure to produce immediate results, leading them to prioritise short-term gains over long-term strategies.
Solution: Incorporate Short-Term Goals
A marketing strategy is not all about 1-year, 3-year and 5-year goals. It's completely reasonable that businesses need a strategy get them to meet short-term goals. Develop a marketing strategy that includes both short-term tactics for quick wins and long-term plans for sustainable growth.
Measure and analyse the results of short-term efforts to refine your long-term strategy. The motivation you'll receive from seeing the value of short-term strategy, should propel you into wanting to think longer term.
4. Fear of Commitment
Creating a marketing strategy can feel overwhelming, especially when it involves making decisions about branding, target audiences, and messaging.
Solution: Break It Down
A marketing strategy contains many different sections. If you find our earlier advice to tackle it in one day overwhelming, then break it up and approach each segment across a couple of weeks. Breaking down the process of creating a marketing strategy into manageable steps will help to make it less daunting and more achievable.
Continue reading below for more detail on the sections and how to tackle each one.
5. Competitive Pressure
In highly competitive markets, entrepreneurs might feel compelled to rush into marketing activities without a thought-out strategy, thinking it's a race to stay ahead.
Solution: Differentiate and Innovate
The only way to really get ahead, and stay ahead, of your competitors is to take the time to identify your unique selling propositions and strengths. Otherwise you will always be playing catch-up!
Innovation requires space and time to incubate. If you are always on the go you are not allowing this to happen. Slow-down, breath and think. Developing a strategy means you will always have a reason for your marketing activities that work towards your goals, and make you stand out from your competition.
6. Lack of Data
Without access to comprehensive data, you may believe it's not possible to make informed marketing decisions for your strategy.
Solution: Embrace Your Data Journey
To start with, a strategy to collect data, how you could use it within your business, and why it’s important to do so would be a great start to your strategy!
Use this as motivation to start collecting data now, even if it's basic.
Dig into your business activity. There will be more useful insights than you realise. Don’t forget to make use of free data analytics, such as Google Analytics.
What now?
If you've made it this far, you're convinced on the importance of a marketing strategy. We will have many more blogs coming to help you in this area, so be sure to sign up for our newsletter and follow us on social to be the first to hear.
In the meantime, below is a high-level view on what a marketing strategy actually is and the key components to include to get you started. And of course, if you are looking for a reputable agency to co-create your businesses strategy, feel free to book a free consultation with us here.
Defining the Marketing Strategy
A marketing strategy is a comprehensive plan of action designed to achieve specific marketing goals and objectives. It's the blueprint that outlines how a company will promote its products or services to its target audience. This plan includes a set of tactics, channels, and messaging tailored to resonate with the intended market.
The Importance of a Marketing Strategy
Clear Direction: A marketing strategy provides a clear sense of direction for your entrepreneurial venture. It defines your target audience, the value you offer, and how you plan to reach potential customers. With a well-thought-out strategy, you're less likely to wander aimlessly in the digital wilderness.
Consistency: Consistency in branding and messaging is vital for building trust and recognition. A marketing strategy ensures that your brand's voice and image remain consistent across all marketing channels, whether it's your website, social media, or email campaigns.
Efficient Resource Allocation: Entrepreneurs often operate with limited resources. A marketing strategy helps you allocate your budget and resources more efficiently by focusing on channels and tactics that are most likely to yield results. This prevents wasteful spending and maximises ROI.
Competitive Advantage: A well-crafted marketing strategy helps you stand out in a crowded marketplace. By understanding your competitors and market trends, you can position your brand uniquely and highlight your strengths.
Measurable Results: Marketing strategies are not just about planning; they also include metrics and key performance indicators (KPIs). This allows you to measure the effectiveness of your campaigns and make data-driven decisions for continuous improvement.
Adaptability: The digital landscape is constantly changing. A robust marketing strategy includes provisions for adapting to emerging trends and technologies. This flexibility ensures that your brand remains relevant and competitive over time.
Key Components of a Marketing Strategy
Market Research: Understand your target audience's needs, preferences, and pain points. Research your competitors to identify gaps and opportunities.
Goal Setting: Define clear, specific, and measurable marketing goals. These can range from increasing brand awareness to boosting sales.
Target Audience: Create detailed buyer personas to guide your marketing efforts. Understand their demographics, behaviour, and motivations.
Channel Selection: Determine which marketing channels are most effective for reaching your audience. This may include social media, email marketing, content marketing, SEO, paid advertising, and more.
Content Strategy: Develop a content plan that aligns with your goals and resonates with your audience. Content can include blog posts, videos, infographics, and more.
Budget Allocation: Allocate your budget wisely, taking into account the cost of advertising, content creation, and other marketing activities.
Measurement and Analytics: Set up tracking mechanisms to monitor your progress. Regularly analyse data to make informed decisions and optimise your strategy.
A marketing strategy is the foundation upon which successful digital marketing campaigns are built. It's a dynamic document that adapts to changing market conditions and customer behaviour. For entrepreneurs,
it's not just a luxury; it's a necessity for achieving sustainable growth and staying ahead of the competition. So, invest the time and effort in crafting a solid marketing strategy, and watch your entrepreneurial journey thrive.