Do you understand the importance of a marketing strategy and how it differs from a marketing plan? A marketing strategy looks at what you and your company do well and uses this information in goal-setting and decision-making for business results. A marketing plan is the specific means by which you attract and retain customers.
When you started your business, you probably had a limited marketing budget and looked for free and low-cost opportunities to tell the world about your enterprise. As your business and resources grew, it was easy to stick with what you knew and what worked in the past. Now it is time to move your business forward with a marketing strategy that drives your marketing plan.
Don’t Underestimate The Importance Of A Marketing Strategy
A marketing strategy is a detailed look at your products and services, your strengths and opportunities for growth, your target market and their needs and desires, and how you compare to the competition. This data allows you to set clear goals for your business for an extended period of time and to create a marketing plan that can achieve those goals. Without a marketing strategy, your marketing efforts may be haphazard and ineffective.
• Pinpoint goals for your marketing
Be specific. Don’t just wish for more sales. Run a promotion and set a goal of selling a specific quantity of your product/services.
• Pursue insight into what works for you and what doesn’t so you can build on your successes
After setting goals, use Google analytics and other tools to measure your business results. Make adjustments as needed—like offering one seasonal special instead of half a dozen items.
What Is A Marketing Plan?
A marketing plan takes the original four Ps of marketing—product, price, placement, and promotion—and expands them to include additional Ps. With a marketing plan, you will:
• Propose marketing campaigns, events, and materials you want to use to achieve your goals
Your target audience may include current customers and future clients. Offer a variety of marketing materials to appeal to where they are in their brand awareness and in the buying process. This may include social media posts linking to how-to videos or reviews, e-mail marketing newsletters with special offers, and in-depth blog posts.
• Plan what people, periods of time, and portion of your overall budget will be devoted to each marketing campaign
Planning your marketing will actually save you time and money because you will know exactly what you need to create and what you already have ready and waiting to be used or repurposed.
• Produce valuable branded content on a consistent basis
Your target audience wants value for both their time and money. High-quality content, delivered on a consistent basis, keeps your brand top of mind.
• Present your message where your audience already spends time
Don’t spread yourself too thin. Focus your efforts on mobile-friendly text for the growing number of smartphone users and on one or two social media platforms where your target market is active and engaged with your brand.
Don’t overlook the importance of a marketing strategy as you plan your marketing. Tate Design is ready to assist you with all aspects of your marketing strategy and your marketing plan. Call us at 610.725.0702 or e-mail [email protected].
Updated November 2021