Most people, when hearing of marketing strategy for the first time, think that it’s a luxury that only large companies, with big budgets, need, to explain what they spend their money on. Nothing further from the truth. Small and Medium companies need marketing strategy more than any other type of company. Here are five reasons why you need to start planning your strategy today if you’re an SME.
Studies show that 80% of business leaders don’t track their business goals (source). Yet, a good marketing strategy is vital for your business. Why? First of all, because even if you don’t care about it, your competition does, and will use it to get to your customers. Here are five good reasons why you should start caring.
1. Your customers know you, and you need to know them as well.
You want your customers to know you and to buy your products and services, but do you pay enough attention to them? Do you know their behaviour, where they are, who they are, how they buy? These are essential questions to ask yourself to meet your market’s expectations, to be where they are and sell what they want. Competitive benchmark and market segmentation are two key tools of marketing strategy that will help you get to your customers before your competition does.
2. Honestly, do you really know your goals?
Unless we are in Wonderland, this saying is totally not true: “If you don’t know where you are going any road can take you there.” I know it may seem obvious, but it’s surprising how many business leaders can’t clearly articulate their long-term goals when asked to. There are several tools you can use to correctly identify your strategic, general, and specific objectives. A seasoned marketing strategist should know them all and guide you through the entire process.
3. Look through your clients’ eyes
I know you think your message is crystal clear, and your services are quite speaking for themselves. But is your target audience really getting the message? Are you speaking their language, are the benefits obvious? If you were them, would the message be compelling enough to make you buy from you? A marketing strategist can help you identify the right tone, messaging and channels that will effectively deliver the right information at the right time, in the right way.
4. Are there any gaps you can fill?
Markets change all the time, and not always in a bad way. Sometimes business owners are so caught in their daily activity, to get better at what they do, that they neglect what they can do differently. Opportunities may arise, that they are not even aware of. Market research can help you identify gaps you can fill or new trends you can follow to expand your business.
5. Planning your budget in an intelligent way
Many business owners feel at some point that, now, when the company is on an upward path, they have to invest more in marketing and sales, to increase the turnover. Random decisions like spending a lot of money on advertising, or on AdWords, or on a new website, without properly anticipating the results, just because others are doing it, are very common. Why not spend your money wisely, with a clear, realistic goal in mind, on the actions specifically designed for your customers, that will eventually drive the desired growth?
And you, what are your marketing strategy challenges?
Do you have any questions on what marketing strategy is and how you can benefit from it? Leave us a comment.