What is Marketing Strategy?
A marketing strategy is the combination of a company’s marketing goals and business goals, in to one comprehensive plan.
Before beginning the planning process for your strategy, you must first evaluate the current situation of your business. Providing a situation analysis of your company in its current state, will give insight on where efforts were previously spent and the outcomes of those efforts. Once a plan is in place, don’t just put it in a three-ring binder and let it collect dust. Referring to your strategy monthly will provide you will the best results. You can review goals and re-evaluate how effective your strategy is on a regular basis.
Generally, you should develop a marketing strategy that covers one year. Planning for more than one year is almost impossible with evolving markets, technology and staff changes. Make sure that your employees are aware of this plan and the future goals of your business. You cannot execute a marketing plan if your employees are not involved in the process. Here are 4 tips to developing a successful Marketing Plan for the Digital Age.
1. Clarify business objectives
Understanding your business is critical to developing a successful marketing strategy. Before you begin to create your strategy you will need to ask and answer the following questions:
- What am I trying to accomplish?
- Am I trying to promote/sell a new product or service?
- Who is my target audience?
- What is the message I am trying to convey to my audience?
- How am I going to get this message to the right audience?
2. Use innovative thought process and tools to evaluate emerging opportunities.
The days are long gone for businesses to only worry about one channel to market. The business has to consider strategies that will appeal to multiple media outlets. As cliché as it sounds, “thinking outside the box” is critical for developing a marketing strategy. You must research different media sources and decide which fits your company’s needs and will reach your target audience more effectively. A good resource for finding tools to help develop content, scheduling systems for social media outlets, and latest trends for the digital age is Social Media Examiner.
3. Creating an experience is crucial
A customer’s experience with your company is pivotal to your success. When planning your marketing strategy, you must take in to consideration how every step will affect your consumer. One key element to successful businesses is their ability to maintain a good customer service presence on their online communities. This shouldn’t be an “out of sight, out of mind” matter. Your reputation is on the line and can go viral with one “click.”
4. Evolve with the world
Your marketing strategy needs to involve careful thought with what the trends are now and in the foreseeable future. You need to become comfortable with change in today’s society and anticipate that in your strategy. You can’t predict everything that will happen in your industry, but you can prepare by creating a solid strategy that can adapt to change.
Developing a marketing strategy for your business helps you stay on track with goals and performance. Don’t know where to start? Red Sage Communications is here to guide you through this process!