Does every business need a marketing strategy? The clear answer is “yes.” Consider a marketing strategy as the “GPS” that guides all business marketing efforts. An organization’s marketing strategy combines its marketing goals and tactical efforts into one forward-looking comprehensive plan, essentially providing a blueprint for achieving the objectives of the business. American businessman John Sculley summarized it this way, “Marketing strategy is a series of integrated actions leading to sustainable competitive advantage.”
Why is Marketing Strategy Important?
A well-developed marketing strategy delivers these important benefits:
- It provides direction. As baseball legend and humorous philosopher Yogi Berra said, “If you don’t know where you are going, you’ll end up someplace else.”
- It helps the business better know, understand, and connect with its target audience.
- It contributes to a more clarified and unified brand voice.
- It assists in driving more effective marketing tools integration.
- It helps avoid wasting resources.
- It helps to focus and optimize the efforts of the business.
How to Plan Your Marketing Strategy
- Set quantifiable business objectives that the company wants to hit next year.
- Define and research the target market.
- Define and research the competitive framework.
- Define the business’ unique selling proposition.
- Assess the strengths, weaknesses, and opportunities faced by the business.
- Establish marketing priorities that fit the capabilities and resources of the organization.
- Set marketing goals that define what marketing will do to support the overall goals of the business.
- Develop the marketing strategy; a plan for how the marketing objectives will be reached. That will include key actions and tactics often referred to as “the marketing mix.”
- Define dependencies and risks.
Without a marketing strategy, a business can:
- Lose out to competitors
- Lose customers
- Miss opportunities
Seek Expert Digital Marketing Experience
Contact the professionals at MGA Digital Marketing, based in Irvine, CA for expert marketing solutions. Our goal is to provide results-driven marketing strategies for businesses of all sizes. Trust MGA to help promote your services, grow your customer base, and improve your bottom line.