As with any business plan, the goal is to create the most return on investment with the least amount of effort. In marketing, this plan is called a strategy. When businesses fail to create a marketing strategy, there are some predictable consequences. By operating in the dark, you risk wasting time and resources, thereby increasing the cost of any accidental success.
Right Path, Wrong Direction
Let’s say you have a product you want to market to a niche audience or industry. In this case, funds may be better spent on a booth at an industry-specific conference rather than Facebook ads. So often businesses are game to promote their product but fail to allocate funds efficiently. Start with the big picture and think about your company’s marketing objectives, available resources, and all the pieces currently in play. It’s here when you need to identify opportunities for optimization. Be quick to admit failures and move on to the next solution. This not only keeps you humble but nimble on the path to success!
Loss to Competition
Even if you identify your target audience, you still need to determine the most effective messaging to drive conversions. Do you know what will motivate your ideal customer to action? This is where talking with an experienced Strategist helps tremendously. When it comes consumers choosing between you and an equally qualified competitor, you want to have that extra edge of strong visuals and compelling messaging. Don’t lose out to competition because they were willing to slow down and refine their strategy!
Waste by Duplication
A marketing strategy has several layers, from looking at the upcoming year as a whole to nailing down the nitty-gritty details of your next digital ad. Developing a strategy will prevent wasted time and resources. There’s nothing worse than duplicating previously failed efforts. One tip is to use data analytics to identify opportunities for improvement. If pushing your product through ads isn’t working, you may find that a brand awareness campaign will get the ball rolling. Establish yourself as a reputable brand consumers can rely on to provide a stellar product.
Having a strategy means identifying future opportunities and establishing deadlines so you don’t miss out. If you discover a free event without enough time to prepare marketing collateral, you risk botching what could have been a great promotional opportunity. It’s easy to become preoccupied with the day-to-day operations of the business. This is when it’s handy to have an agency scanning the marketing horizon so you can focus on doing what you do best.
Putting It All Together
When it comes to strategy, start with discovering which aspects of your company and product consumers can authentically relate to and connect with. Once you find these insights, they need to be expressed in a way that’s aesthetically appealing and on-brand. Next, distribute marketing collateral on the most appropriate platforms at the most effective times.
If you’re stuck on strategy, your friends at Madak live for this kind of stuff. Putting businesses on the right track to be their most successful and authentic selves (as it relates to marketing) is what we’re about!