The Importance of an Effective Marketing Strategy for Your Business
It is true that a well-thought-out marketing strategy simplifies the process of marketing, but your marketing strategy can stretch a lot further than just your advertising and promotion. It can affect your sales, product levels, cash flow, number of employees, and ultimately, the success of your business. It is about a lot more than just getting your product or service known to the relevant people. It is also about having internal measures in place to deal with the consequences or effects that your marketing strategy will have on the overall business.
What is Marketing Strategy?
Marketing strategy covers many aspects of the business, but at the very heart of this strategy lies a road map that explains how the product or the service is going to reach the customers, and what will make them invest in the brand. It sets out how the brand will be marketed, what the objectives are of the company, how the sales goals are being determined, and how marketing and sales will be executed.
Marketing strategy can be short-term, medium-term, or long-term, and ideally, strategies should be set for all of these in order to form a comprehensive plan about the generic direction that should be followed in order for the business to remain profitable and successful. Other aspects, such as growth of sales, increasing brand visibility, brand recognition, and brand loyalty should also be included.
How Good Marketing Strategy Helps Your Business
If you have an effective marketing strategy it will provide the organisation with information about possible threats, as well as new opportunities and markets that may be explored. It also helps to identify the tools and resources the company will need to flourish in the marketplace. Marketing strategy also helps to focus on the human resources needed, and the correct type of employees to employ in order to achieve set directives. Marketing strategy also provides guidelines on the mission and vision of the company, and in which initiatives to invest in order to support the objectives set for the business. Ultimately, the purpose of the marketing strategy is to increase sales and profits.
Often, marketing strategy is confused with a marketing plan, but they are two completely different things. A marketing strategy is made up of several methods that will enable the company to achieve objectives, whereas a marketing plan is usually made up of a list of activities that will be carried out in the shorter term. The marketing strategy will usually remain the same over a number of years, and will only change once there is a major change within the organisation or in the marketplace.
A marketing plan will change regularly according to the marketplace in order to compete better. The function of the marketing plan is to support the marketing strategy, with a solid list of tasks to carry out, the people responsible for these actions, budgetary investment, and also set deadlines, whereas the marketing strategy is less rigidly defined. It provides more of a bird’s eye view.
It is essential that the marketing strategy is realistic, and that all business managers and employees understand how to implement it. This, however, can be a lot more difficult than it sounds. Often, business managers or business owners, especially new business owners, do not have the necessary experience to build a good marketing strategy. Experts recommend that the skills of the professionals are then called upon.
At Moshate Communications, we specialise in various aspects of marketing, advertising, public relations, and promotion, and designing great marketing strategy is just one of the things our professionals are very skilled at. If you are struggling to put together your marketing strategy or need fresh eyes on a current strategy that is perhaps not working as well as it should, contact our experts at Moshate Communications today.