You would assume that all businesses would recognise the importance of having a marketing strategy in the digital age. However, a large portion of companies invest in marketing tools and approaches, like link building, but they don’t have a plan in place. In this blog post, we’ll reveal why that’s not a good approach to take.
Fail to plan, plan to fail
You have, no doubt, heard this saying before. If you don’t recognise the importance of having a marketing strategy in place, you can expect the following…
– A lack of planning tends to result in sub-optimal execution, which means that the competition is going to pose a bigger threat.
– You will miss out on opportunities for targeting and optimisation.
– You will gain and retain fewer customers.
– You will lose your market share to start-up competitors and existing competition.
– You will miss out on competitors.
Your marketing plan is a key part of your strategy
Writing and researching for your market plan gives you the opportunity to do the following:
– Determine who your target market is and understand how you meet their needs with their service or product
– Identify your competition and determine what your consumers think about your competition, i.e. their strengths and weaknesses
– Position your services, products, and ultimately, your brand in the right way so your business is visible and different from the rest
– Set time frames for your marketing, as well as measurable and specific goals
– Map out a strategy to reach your target audience effectively, including the tools, channels, and messages you will use
A marketing plan helps you figure out what makes your business unique
One of the key benefits of having a marketing plan is that it helps to differentiate your business from the competition. Your marketing plan involves asking yourself some key questions. This includes the following…
– What is your target consumer?
– What do your target consumers need?
– How does your competition meet these needs?
– How can you help your target consumers to understand that your service or product is a better way of meeting these needs?
These questions help you to determine what makes your business different from the rest. This will help you to market your company effectively. Without a marketing plan, you will have no sense of direction.