Figuring Out the Right Marketing Strategy Doesn’t Have to Stress You Out
6 Steps in Understanding Marketing Strategy
Does the mere term “marketing strategy” tighten your chest? It doesn’t have to be that way. While there is certainly an art to strategic planning, the foundations that support the creative and marketing tactics are all good, solid, straightforward mechanics. Think of marketing strategy as a prism that you can angle in just the right way to allow you to see where your business/brand stands today, where you want to take it tomorrow, and what marketing tactics will get the results you want for your brand.
So, relax. Streng Agency takes you step-by-step through this article so you can see how the process can be broken down into 6 basic steps to making the magic happen. Oh, and happen it will.
First, Some Marketing Strategy Basics
Okay. So, you don’t want to simply stay in business. You want your business to grow. But let’s say that you’re that odd, weird bird that doesn’t really want your company to grow. You’re happy right where it is. Do both business models need a marketing strategy? You know where this is going, don’t you?
All companies must convert prospective sales to closed sales. All companies must have an influx of fresh, new sales as the older ones age out. That means that to be able to even tread water and hold the status quo, much less grow a business, every business needs good marketing strategy.
How a company attracts potential customers to its business and products is the essence of marketing strategy.
Your strategic planning may include multiple strategies that use a broad spectrum of marketing tactics: classic networking, digital media, traditional print advertising, TV, radio, direct mail, etc. There’s no need to let all those moving parts dazzle you into paralysis.
Today’s marketing strategy tools are designed for clear, understandable evaluation. Your strategic marketing planner can lay it all out before you, so you can see in near-real time which marketing strategy is producing, which one is lagging or dead-on-arrival, and how to make the right adjustments for optimal results.
6 Steps to Understanding Marketing Strategy
1. Situation Analysis
Sound strategic planning begins before you even start mapping out the plan. You consider where your company presently sits. Maybe your business meets revenue goals well enough, but you want to scale up or delve into a new market.
Or what if your business isn’t meeting its goals? You need to make a brutally honest assessment of why the company is stalled. For example, there is no marketing strategy in the world that can help you if your sales team, the heart that pumps the lifeblood through the company, feels unmotivated or is poorly trained.
So, marketing strategy begins with getting your house in order through situation analysis. This analysis also applies to product definition and how it relates to demographic specifics.
The majority of the info you need for this housekeeping can be found in your present business plan and updated data reports. If it isn’t, it’s time to call in the SWOT team. SWOT stands for strengths, weaknesses, opportunities, and threats. A meeting should be held so you ca