‘Strategy’ by Something for Kate
So this blog is about marketing strategy and we’ve found a song called ‘Strategy’ by a group called Something for Kate (yes, really!). OK, they’re only famous in Australia but finding song titles to name our blog posts after is getting hard! Anyway, on with the blog…we sometimes hear a number of common questions about strategy from small to medium sized businesses and we thought we’d address them with this post;
Those questions..
Why should I invest in a dedicated marketing strategy? If marketing is so central to business, and if all successful companies have effective marketing in common, why have a separate marketing strategy to our business strategy?
All good (and by good we mean effective!) marketing should be based on a strategic foundation and planned activity and this means a dedicated marketing strategy. For small to medium sized businesses, wasting time and resource on certain marketing activities isn’t an option and so a strategic and planned approach helps keep things lean, but effective.
The nuts and bolts
A marketing strategy also contains different ingredients to a business plan. The two need to work together, and the marketing strategy must support the key objectives of the wider aims of the business.
A marketing strategy includes certain elements that a business plan does not cover, so what are the nuts and bolts?
Specific marketing objectives
As well as business objectives outlined in your business plan (that define where you are going, what success looks like, how you will grow, the route you are following) the marketing strategy will contain its own objectives derived from this top level strategy. Having clear marketing objectives linked back to the master-plan for your business will ensure marketing activity and, crucially, your spend is accountable.
Segmentation of target customer base
This goes a step further than distinguishing between B2B and B2C (i.e. whether you market to commercial clients or individuals, or both). A well-crafted marketing strategy includes the development of personas and looking at their needs, expectations and behaviours of your current and future customers. Including segmentation, targeting and positioning analysis in your marketing strategy means looking at how you will position your organisation, product and brand to effectively target each segment.
Competitor analysis
Looking beyond the immediate competitors in your market, a marketing-led audit of this kind not only looks at the relative strengths and weaknesses of a competitor in relation to your strategy but looks at the competitive forces that may be in action. For example, it may be that a competitor is achieving x,y,z but do you know why? Rather than envying, or trying to emulate them, a good marketing strategy will look at the industry forces affecting you and the competition; as well as advantages and disadvantages of your competitor’s activity in relation to you.
Brand positioning
While a business strategy should identify key growth areas, a marketing strategy should include how your brand should be positioned to create a competitive advantage within the market you operate. This positioning should include and help identify your unique brand values that should be at the heart of what you do. Communicating these brand values and using them in a smart and consistent way across your marketing activity and all wider business activity will stand you apart from your competition.
In our experience, while most business owners understand the value of marketing it is not always the case that a strategic approach is taken. More often than not, decisions relating to an organisation’s marketing comes down to tactical decisions about where to spend budget, what promotional activity to undertake, the development of a website, the booking of an advert etc. Investing the time to develop a bespoke marketing strategy is a smart move for all companies as it will underpin all activity and help you make the right decisions.
We have many year’s experience in developing marketing strategies for all sorts of brands, in various sectors and markets. No two companies are the same and while the ingredients we’ve outlined above provide the strategic blueprint, we can help you produce a strategy that is unique and tailored to you. Get in touch if you’d like to find out more.
