What exactly is a marketing strategy and why do you need one? Definition: “Marketing Strategy is your businesses overall plan of action to reach your ideal customers, and turn them into customers of your product/service.”
Before you get into executing your marketing tactics you need to create a marketing strategy to ensure you have a strong foundation.
There are 4 main parts to a marketing strategy:
These can be divided up into business goals, sales/revenue goals and marketing goals.
What is your businesses main goal, is it increased market share, to enter into a new market or expansion goals?
For sales and revenue goals, what are your current revenue targets? E.g. $10K Revenue per month. Are you currently achieving them?
Marketing Goals look at your current cost per lead…(this is marketing spend/no. of leads), the lifetime value of a customer (Avg time x Avg spend) and any specific marketing goals such as website visits and conversion %.
Buyer Personas reveal insights about how, when and why a buyer makes a decision you want to influence. Adele Revella says there are 5 Rings of Buying Insight:
- Priority Initiative: What triggers the search and why?
- Success Definition: What outcome does the buyer expect?
- Perceived Barriers: Why this buyer wouldn’t make this decision or choose you?
- Decision Criteria: Which attributes are important?
- Buyers Journey: Which buyers are involved, how do they weigh up their options?
Ask questions of your customer like” “Take me back to the day when you first started looking for a solution….” this will give you a great insight as to where your ideal customers might find you.
Point of Difference and Core Message
Your point of difference could be:
- Your unique products or services
- Your way of delivering an experience
- Your staff
- Your guarantees
- Your packaging
- Your special touches
It’s how your business positions itself to solve a challenge that your clients are
having. That’s what people buy!
Do your research and ask your customers:
- What made you decide to buy from us/work with us?
- What’s one thing we do really well?
- What’s one thing we could do better?
- Do you refer and if so why?
- What do you say when you refer?
Content is the voice of strategy! When creating content ask yourself, what is the purpose of each piece of content that you produce?
The realities of marketing today are listen over say, insight over information, proof over promise, publish over prospect and farm over hunt. A solid marketing strategy will help get your products and services into the hands of your target audience and without one your marketing will be directionless.