Since the business strategy affects how the entire business is run, it should be developed and planned in consultation with the business team. It is a comprehensive and wide-reaching planning tool that:
• Outlines the marketing strategies you intend to use.
• Enables you to come up with a plan and evaluate how effective it is to the business.
• Profiles your competition as well as your customers.
• Explains the role and position of your services or products in the market.
• Describes the business as well as its services or products.
A marketing strategy is different from a marketing plan as the former is intended to be used for an extended period, say a couple of years while the latter is reviewed after every year.
Objectives of a Marketing Strategy
The objectives laid out in your marketing strategy should focus on how your business will increase sales while retaining customers. At this point, the marketing team should know how to package services and products, how to market them, and how to price them.
A well laid out marketing strategy helps the business to tailor make its messages with the right marketing mix and approaches so as to increase sales through efficient marketing activities.
Knowing your Customers
You cannot have an effective marketing strategy without understanding your customers; you should know what they want and how to persuade them to buy your products or services. There is no substitute for knowing your customers through communication. You can also conduct a market research to help you outline the client segments. It helps in knowing what different consumer groups want so that you do not waste much time on people who do not use your products.
Making a Plan
Every marketing strategy that you develop should go hand in hand with a marketing plan. A marketing plan will help you set deadlines as well as outline how you will reach your customers; you may choose trade shows, networking, direct marketing, advertising and so forth.
The plan will also tell you when to reach out to your customers based on their buying cycles to help maximize sales and save money at the same time. The plan should be future oriented thereby outlining how you follow up on your marketing. The key to success is in the follow through and not the plan. You can have the greatest plan in the world but without action it means nothing.