Having a marketing strategy is not only important, but essential for your business regardless of its size – Chris Pepper, director of building and interiors marketing specialist Time54, explains why.
Often having a formalised marketing strategy in place is seen by business owners as a luxury that's only for bigger operations. It's been known for business owners to have the opinion that they don’t get any return from investing money into a strategy. They would rather spend on marketing activities such as social media or advertising activities such as Google Ads. Generally, it’s the need for instant or tangible results, and often not enough resources are allocated for the creation and implementation of a strategy. And sticking to the strategy is difficult especially in uncertain economic conditions where marketing budgets are often reduced, or when stakeholders within a business want to push a different direction. But why is having a marketing strategy important?
The value of a marketing strategy
Do you post over social media or send out an email campaign without any thought behind it?
What do you want to say?
Who do you want to tell?
Why do you want to tell your audience about your business?
You could be carrying out those marketing activities because you want to be active in the KBB sector, and you see many of your competitors being active. But will you get noticed by the right people and for the right reasons?
Having a marketing strategy in place gives you something to work from on a consistent basis, underpinning all of your communications. Whether you are posting over social media, sending out email campaigns, or writing and distributing PR, it ensures all those things are working together and towards the same business goals. A disjointed marketing campaign with social media posts about a team member's birthday, or an email campaign about a case study, or a content piece written about your business’ sustainability values features individual elements that all have value and make for a good mix of content. However, the ad hoc nature of how often they are produced together with a lack of focus means it isn’t clear how your brand helps your audience.
A marketing strategy should answer these questions:
What are your business goals?
Do you have any specific objectives for the next 12 or 18 months, for example, launch a new product, enter a new market, increase awareness, or increase leads through your website?
What does your ideal client look like? How do you reach them?
Who are your competitors and why do your customers choose you?
The important thing to remember is that it will save you money in the long run. When there is no plan in place it is tempting to improvise by spending money on spontaneous activities such as an advert in a magazine or a boost in social media advertising, but this approach will often cost more in the end. Instead, sticking to a schedule where your marketing investment is clearly laid out and releasing consistent communications will build trust in your business, and convert some of your audience into customers over time.
If you want advice about your marketing strategy, get in touch with Chris Pepper at Time54: time54.co.uk.
