Business and marketing are synonymous. Ask a brand expert or a marketer and they would immediately agree with you. But, let us remind you that the times have changed and so have the marketing tactics. Today, the consumer is the king and they are the decision-makers. They have the ultimate power to make or break a brand. Besides, this is the era of connections and customizations where brand connect is a must. Marketing for the heck of marketing will never fetch you results. Most of the companies fail after a few years because they had never recognized the significance of a marketing strategy. There are chances of losing business to your competitors, market share, and your customers if you do not have a marketing strategy. Let’s find out why businesses must emphasize strategic marketing:
1. To find the target demographic
It is understood that you must build a strategy that targets a particular audience and take into account their requirements. If you aren’t sure about your customers, review all your product purchases and assess your social media to create an accurate buyer’s persona. Google Analytics is another way to find out more about demographics. Once you know your customers you can understand their needs, fears, emotions, wants, desires, and problems. You can plan your marketing strategies and show them how your products/services can solve their problems. Besides this, a well-planned and executed marketing strategy will help you understand your business better. You can create a quarterly plan or an yearly plan based on the progress of your business.
2. To communicate better with all stakeholders
Communication is the key to successful branding. You must ensure that everyone is on the same page while framing marketing strategies. Regardless of who is handling what, the marketing objectives must be defined and understood by all. This will avoid confusion amongst the team and will also prevent duplication of work, thereby saving time, money & energy. Having said that, deadlines are crucial for meeting marketing objectives. Let’s assume that you are planning to run a campaign on mother’s day. As a business brand or consulting firm, the campaign must be live on mother’s day. A slight delay would have impacted your brand from several perspectives.
Needless to mention, a well-defined and well-executed marketing strategy will help businesses achieve the targets.
3. To have a marketing plan and set your budget
“Today it’s important to be present, be relevant, and add value.” — Nick Besbe
In a globalized world, it is important to be pertinent and add value to the consumers. It’s the era of planning and streamlining the processes. Random marketing activities are a fad and will not yield any results. So what do you do? Well, craft a marketing plan! A marketing plan helps you promote your business throughout the year and your marketing strategy keeps a track of it.
Your strategy will define the channels that you are going to use such as print, digital ads, social media, commercials, direct mail, campaigns, and so on. Your marketing plan will revolve around the activities that you will carry out within each channel and the timeline for each activity. The marketing strategy will ensure that the marketing plan is aligned with the company goals and is achieved within the deadline. This will help the Management to allocate the budget based on the marketing plan.
4. To measure the progress step by step
Data speaks volumes about your progress, isn’t it? Fortunately, several tools share a quantifiable report of your brand progress. You will get to know the marketing activities that are favorable for your business and the ones that need to be immediately pulled off or changed.
Let’s say an informative post has attracted more likes and shares than a poll created on your social media page. This indicates that it’s time to edit your social media calendar and add more informative posts.
5. To have a competitive advantage over others
There’s always a brand war and businesses have to strive to be the consumer’s favorite. If you have a marketing strategy in place, you know what exactly you are doing, the benefits you are offering, the target audience you are serving, the value-addition, and other details to help you measure success. Besides, it is sure to give you a leg-up in the industry, helping you strengthen your brand identity and boost brand retention.
If you still haven’t thought about strategic marketing, it’s insightful to rethink your way of marketing. Trust us, you will save a lot of time, energy, and money. Having said that, it also requires expertise to understand the buyer’s persona, build sales funnel, generate leads, and work on ROI. Brand building is a complete process and experts from Heylin Spark have helped several brands create a buzz around their brand and carry out brand promotion activities.
Get in touch with our experts if you wish to receive help in building your brand.