A marketing strategy provides a blueprint for how to find and attract prospective clients and customers to a business.
A marketing strategy should not be confused with a marketing plan. The former deals with identifying goals and targets that a business wants to achieve, while the latter deals with specific marketing tactics to help achieve your goals.
A marketing strategy is important for businesses and organisations because it informs a marketing or action plan that promotes your services and products to your target audience and provides you with the best chance of making sales. A good marketing strategy is one that marries marketing techniques and business objectives.
Reasons Why You Need a Marketing Strategy
Marketing strategies are important for businesses in 2018, and outlined below are five reasons why.
- To Boost Profits
If you are a business or organisation that wants to make sales, then you need a marketing strategy. A marketing strategy can also help you refine or create services and products that have the best chances of making a profit. A marketing strategy starts with carrying out market research and considering your target market, competitors, and trends. This information will help you determine, and target, the needs of your most profitable customers and clients.
- Help Determine Ideal Prices
A marketing strategy will help you cost your products and services according to whatever information you uncovered from your market research. If, for example, during your research you determine customers want a high-end product, your pricing structure may require you to fix prices that create a perceived higher value.
- Organisational Structure
Having a marketing strategy will help your business or organisation work in sync. Different aspects of your business can work with each other effectively because they are all working towards attaining the same business goal. For instance, in a larger organisation, your PR department can talk with your product development department to identify the best benefits to highlight in promotional materials. Likewise, the Sales Department will work with the Brand Managing Department to determine if discounts or coupons can be offered to boost sales.
A marketing strategy helps you determine your budget and ensure your marketing spend is used effectively. Without it you may find yourself placing different advertisements at different times, across a range of marketing mediums, without understanding whether they have been effective. A marketing strategy will help you set a budget for your advertising, as well as equip you with what results to expect, and how to measure them.
The market is subject to change at any time. So many factors can change the look and functionality of a product, and a change in products can have an impact on your business. A marketing strategy recognises these changes and offers a course of action that provides your company with a competitive edge. A good marketing strategy will identify customer trends quickly and integrate that with a competitive analysis, which will help you determine the course your company will take in future.