You may have heard the expression, “You can’t get there if you don’t know where you’re going.” In other words, you need a road map to guide you to your destination and ensure you get there.
When it comes to marketing your business, your marketing strategy is that road map. It is the foundational guide you develop to reach your business goals. Does your company have one?
This living document (yes, it can change over time as your business changes) identifies your target audience or ideal customer, keys in on your competitive advantages, and defines the value and benefits those customers get from doing business with you.
Further, it states the objectives you want to achieve (such as generating more leads, enhancing market presence and consumer sentiment, or increasing sales). It outlines your positioning vis-à-vis your competitors. And it serves as the framework for your marketing plan—the tactics your team will take to meet stated objectives.
Your marketing strategy:
– Identifies your company’s values and vision
– Lays out how and where you will have conversations with your buyers
– Provides a foundation for how you will build trust with prospects
– Directs your branding
– Aligns your product or service mix with what your customers want and what you can deliver best
– Helps you prioritize your marketing activities
Do you know where you’re headed?
If your company is in startup mode, it’s perfect timing to build a marketing strategy. Or maybe you’ve been in business for several years, and feel you aren’t maintaining your competitive edge. Perhaps your messaging is tired, or you’ve made shifts in your business that are not being adequately addressed in your sales materials, advertising, or digital marketing assets.
Regardless of where your business is along its timeline, it’s always the right time to evaluate where you stand in your industry or market, and develop that road map to help get you where you want to go.