Marketing strategy – its value continues to increase
We all know the value of a strategy when running a business or department, but when it comes to a marketing strategy, it doesn’t always get treated with the same importance.
You will likely have a clear idea of your current client base, know what type of clients you want to attract, and know the services you want to promote to this target audience. However, without a clear and effective strategy in place these aims are unlikely to be achieved.
Developing a marketing strategy doesn’t need to be an arduous task. It’s about getting the details down from the start so that you have a document that presents your baseline. This is important when reviewing the success of your marketing focus and tactics, but also in identifying trends in your market and business.
Getting everyone on the same page
Taking a siloed approach when creating a marketing strategy is not ideal as ultimately this is a company-wide approach, setting the tone and focus of your brand. It is therefore paramount that all stakeholders sign off on the strategy, not just so everyone is on the same page, but also because this will allow the strategy to work from all angles of your business.
It could be that the set-up of a marketing strategy team is the best option, or it may be led by the Head of Marketing. Either way, a company-wide approach sets the right tone and establishes the marketing strategy from the top down. The aim is that when anyone is describing your business, identifying opportunities, or representing your company, they are presenting a consistent message.
Putting this work in at the start will pay dividends as your business grows, but, if you haven’t had the chance to do this yet, don’t fret. Implementing a marketing strategy later can still produce great results and focus your brand.
Room to manoeuvre
You may feel that a marketing strategy will bind your brand to a particular path. But it’s better to think of the strategy as a tree with the potential to grow out in different branches as new opportunities arise. Marketing strategies should be adaptable, but having this base means that the marketing team can put their resources where it matters and, vitally, be able to report and measure back to the management team from a baseline.
So why is the marketing strategy so valuable from our perspective?
We have always advocated getting a marketing strategy and plan written down before carrying out any marketing work, because a clear strategy will create the best and most cost-effective use of your resources. Creating this strategy isn’t a tick box exercise, but rather a way to ensure that each marketing communication that goes out is going to be useful and interesting to your target audience, that the topic is written in the right context and that it is communicated over the right media. Why post on Twitter when your target audience gets their information from LinkedIn?
The times we are in
Since March 2020 with the onset of the pandemic, we have seen how a clear and consistent marketing strategy has become even more valuable now people are not working together in an office:
- It makes sure ALL parties that are involved in the delivery of the marketing work collectively to the strategy the Board has signed off.
- It protects the delivery, so if any party wants to ‘get creative’ and stray from the plan, there’s a signed off document to refer back to, to ensure you remain on track.
- It supports the onboarding of new people to the business by having a central document that you can share with them. New employees then have a clear understanding of the business and can refer to the strategy when they talk about the business, its mission and its target audience.
- It can also help to attract new talent to your business by presenting potential employees with a thought-out and structured plan for marketing the business and reaching its objectives.
As it is likely that the remote working model is here to stay in some form, ensuring a structured and measured approach to marketing is taken by the whole team has made the implementation of a marketing strategy even more important.
After all, marketing shouldn’t be seen as a cost centre or a branding exercise to the business. With all the data that can be accessed and analysed, marketing can now be so targeted that it will be the primary method in driving leads to your business.
