Blog

Small Business - How to Develop a Marketing Strategy that Works!

StrategySay Strategy, and many things come to mind! Chess games and team sports are right up there. Simply put, a strategy is a well-developed, high-level plan designed to achieve specific goals or desired outcomes.  

A Marketing Strategy states the Business vision, goals and objectives and sets out your long-term marketing approach. 

Let’s get started! 

How to Develop a Marketing Strategy that Works! 

It doesn’t have to be complex or complicated. There are practices you can follow to help your marketing efforts be effective. Leave behind the problem of marketing that’s not working! 

A Marketing Strategy that works outlines the why and what. Why you are in Business and what you want to achieve. It aligns your business goals with the specific needs of your target audience. It marries the two! 

A 7 Step Marketing Strategy: 

  1. Define your Ideal Target audience: identify and understand your key audience. Develop personal profiles covering purchasing triggers, demographics, and pain points. Check location and other relevant info, such as shopping habits.  

  1. Create Your Unique Value Proposition (UVP): Identify your competitive edge, what sets you apart and actively promote it. Make sure your marketing efforts clearly communicate your strengths and tell customers why your product is the best fit for their needs. Research your competitors to find out what is and isn’t working. Social media will show likes and dislikes. Learn from their mistakes. 

  1. Align Marketing with Business Objectives: Your strategy should be aligned with and support your business goals. There needs to be a connection, whether you are trying to enter new markets, raise brand awareness, or increase sales. An effective strategy doesn’t operate separately. 

  1. Evaluate your Marketing Funnel: Review whether your efforts driving and engaging traffic are working, but are customers stuck or falling away once in the funnel? An effective strategy considers every stage of the potential buyer's journey. Check! Are there ways to strengthen the relationship between your marketing and sales efforts? 

  1. Implement your Strategy: explore methods, mediums and opportunities to deliver your marketing strategy. Choose channels, Apps, and social media platforms to share your messages. Examples: Google paid ads and product-led SEO and in-app content. STP (segmentation, targeting and positioning) helps craft more relevant and personalised messages. 

  1. Review Results: Measure results and optimise performance. Track KPI’s, and measure quantitative metrics like cost per acquisition (CPA) and return on investment (ROI). Review, revise, adjust tactics as needed. Avoid throwing everything out!  

  1. Prepare Your Team: Start by considering the team behind the strategy. Do they have the necessary skills and abilities to manage and execute it effectively? Even the best strategy will be hindered without the right support.  Consider whether you need to hire additional staff or external agency expertise. 

More on Business Strategy!  

We explore Successful Business Strategies. Differentiation strategy, Cost Leadership and more! 

And watch for the 5 Ps of Strategy explained.  Focus on a widely used business framework introduced by management expert Henry Mintzberg.