Many small businesses make the marketing mistake of trying out too many things with the hope that one sticks. To get powerful results, you need a marketing strategy that works for your specifically for your business. And it’s easier than you think.
Let’s dive into the key components of a marketing strategy and actionable steps to create an effective marketing strategy.
At the end of this post, you should be able to create a simple and effective strategy using the action steps below. Let’s get started…
What Is a Marketing Strategy?
A marketing strategy is a blueprint for how to connect with your target audience, grab their attention, and ultimately convert them into loyal customers. It’s all about defining your business goals and identifying the best ways to reach them.
Think of your marketing strategy as your game plan. It’s not just about posting on Instagram or Facebook or running Google ads; it’s about the bigger picture.
Your marketing strategy should answer the “why” behind every action you take. An effective strategy ensures your marketing efforts are intentional and impactful.
Noteworthy Facts About a Marketing Strategy
1. A detailed marketing strategy usually includes brand goals, target audience personas, marketing channels, key performance indicators, and budget.
2. A marketing strategy allows you to test and identify what works for your business and resonates with your target audience.
3. Businesses always feel the need to adjust their strategy due to trends.
4. 63% and 43% of marketers say that social media and email drive the highest ROI of all marketing channels. (HubSpot State of Marketing Report).
5. Most marketers report that mobile devices are responsible for more than half of their annual traffic (HubSpot Web Strategy & Analytics Report, 2023).
But here’s the thing—without clear goals, you’re just shooting in the dark.
Marketing Strategy vs. Marketing Plan: What’s the Difference?
Now, you might think that a marketing strategy and marketing plan are the same.
They are related but not quite the same.
Your marketing strategy is the big picture: who you’re targeting, why they should care, and what message will resonate with them. It’s the “what” and “why” of your marketing efforts.
On the other hand, your marketing plan is more tactical. It outlines the specific actions you’ll take to bring that strategy to life, including the “how, when, and where.”
For example, if your strategy involves reaching moms of toddlers, your marketing plan might include running Facebook ads, creating blog content on parenting tips, and sending out email newsletters.
In short:
Marketing Strategy = Big picture
Marketing Plan = Day-to-day actions that make the strategy happen
7 Key Components of a Marketing Strategy
Now that we know what a marketing strategy is (and what it isn’t), let’s break down the main elements of a powerful marketing strategy:
1. Marketing Mix
The marketing mix, also known as the four Ps of marketing, helps you understand what you’re marketing, where, and how you want to market it. The four Ps of marketing are:
- Product
- Price
- Place
- Promotion
Understanding your mix helps you understand the direction of your marketing approach now and in the future.
Action Step:
Get a pen and a book and answer, or create a Google doc for a brainstorming exercise. Write and answer the following questions with as many details as possible:
- What are you selling?
- What is the price?
- Who are you selling to?
- What set of people have bought from you the most in the past?
- Where did you find them?
- Where will you be selling the product?
- Where will you be promoting the product?
Laying these out will help you come up with a strategy that resonates with your audience and works for your brand.
Marketing Goals and Objectives
The next element of marketing is your goals and objectives. What do you want to achieve with your marketing strategy?
Your goals should be tied directly to your business objectives. Are you aiming for brand awareness, lead generation, or sales?
Whatever your goal is, it should be SMART: Specific, Measurable, Achievable, Relevant, and Time-bound.
Action Step:
Pick a goal for your strategy (brand awareness, lead generation, or sales) and write down specific goals under that goal.
Circle the one(s) that affects the others or the most important one, and focus on that goal first.
3. Budget
A marketing strategy is not complete without knowing its cost, which is why some small businesses start to feel overwhelmed.
The truth is that your budget will vary depending on the goal. For example, if your focus is brand awareness, you may have to spend more on a social media strategy.
So, decide how much you’re willing to invest in each marketing channel. And remember to track your spending to ensure a good return on your investment.
Action Step:
Under the budget section in your book or document, write out how much you can spend on your strategy.
If you have an overall amount in mind, divide it by the time frame. For example: $5000 in 3 months.
Write down each month and track how much you spent.
P.S. You can also track how much you need to spend weekly and track that too.
Also read: 6 Reasons Why a Budget Is Important for Your Business
4. Competitive Research
This very important element of marketing helps you track what your competition is doing or has done that has worked and improve on it.
Competitive research also helps you identify market segments your competitors are approaching as well as if and how they are attracting your customers.
Action Step:
Write down a list of your current competitors, including indirect competitors. Then, take some time to check out their strategies.
Also, older competitors have tried out many strategies. Take note of reoccurring actions; that’s most likely what’s working. You can try it, too.
5. Key Metrics
Key metrics and key performance indicators (KPIs) help you understand how well your strategies are working. They help you strategize and grow.
The KPIs you need will vary depending on your business type, goals, and preferred customer acquisition channels.
Examples of KPIs include:
- Conversion rate
- Organic traffic
- Customer lifetime value
- Revenue
- Cost per lead
- Leads
- Open rate
- Subscribers
Action Step:
Write out the key metrics you need to track under your preferred marketing channel. Consistently track and strategize.
6. Segmentation
Segment and characterize your existing and potential customers by their needs. This will help you see patterns in market reports and trends and better address their needs than your competitors.
Action Step:
Conduct thorough market research and reports in your industry to identify pressing needs and trends. Then, write down how you can improve your product and address those needs.
7. Targeting, & Positioning
Now that you have identified market segments for your products or services, it’s time to target them and position your brand as the go-to solution for their needs.
Targeting and positioning help you approach your target audience by focusing on your strengths and unique selling points.
For example, if your target audience is in search of quality or durable products, focus your strategy on that feature in your product or service.
Action Step:
Write down common searches and comments your target audience is interested in or making. Then, brainstorm how your product can solve that need. Finally, test it out in your marketing channel and track results.
The Importance of a Marketing Strategy
Why do businesses need a marketing strategy anyway? Should they try a bit of everything?
Well, they could, but it would not produce the results they need. It would be like shooting an arrow with your eyes closed, hoping to hit a target.
The result of that approach is a waste of time and money and the overwhelm that comes with it.
A marketing strategy is important for these three reasons:
- Focus: A well-defined strategy keeps you focused. It helps you avoid shiny object syndrome (you know, chasing after the latest marketing trend without considering whether it makes sense for your business).
- Efficiency: With a strategy in place, you’re not wasting time and money on tactics that don’t work. You know where to put your resources for the best return.
- Consistency: It ensures your messaging is consistent across all platforms. This builds trust with your audience and strengthens your brand.
Simply put, a good strategy turns chaos into clarity.
Conclusion:
Building a marketing strategy might seem daunting, but trust me, it’s worth it. When you take the time to understand your audience, set clear goals, and choose the right tactics, the path to success becomes much clearer. Plus, it saves you from the frustration of marketing with no direction.
Remember, it’s not about doing everything; it’s about doing the right things that work for you.
Which of the components of a marketing strategy are you struggling with?
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