Definition of Marketing Strategy
A marketing strategy refers to a business's long-term plan for converting leads into valuable paying customers. Simply stated, a marketing plan conveys precisely what your company stands for, with a strong focus on the company's value proposition. It consists of a comprehensive plan that outlines exactly what your company has to offer and how it meets the requirements of your target market. Subsequently, your marketing strategy acts as a guide for achieving marketing objectives and provides a clear direction for your company's resources to be oriented, ensuring they are directed towards areas that will give tremendous possibilities and advantages. Insufficiency of a robust marketing strategy can significantly impact your business's future. If your offerings are not appropriately marketed, you gamble not obtaining solid leads. A solid plan will provide your company with a precise method for achieving feasible concrete objectives.
These are five factors that could make your marketing plan ineffective, read on and find out more:
#1 Your Marketing Plan is Weak
Much to the disappointment of business owners, marketing efforts don’t quite work overnight and involve experimentation over a period of time. While your company may already have standardised marketing tactics in place, constructing a professional and clear marketing strategy is fundamental for success in your campaigns. By taking a simple and generic approach to marketing, you are not reaping the benefits that a well-thought-out strategy can provide for your business. Simply, if you lack a solid plan, your team may find it challenging to work towards previously set objectives, which will effectively prevent the overall advancement of your company.
#2 Your Value Proposition is Unknown
A value proposition is a derived statement that advises potential consumers reasons why they should purchase your business’s products or services. It identifies the major discrepancies that distinguish you from your competitors and reinforces the perks that offerings can provide. If you are simply unaware of exactly what your value proposition is, prospective leads will turn to your industry rivals simply because they are not being told exactly what you have to offer. If implemented correctly, your company’s value proposition can provide significant advantages and distinguish you from those operating in the same market. As a result, customers are more inclined to purchase from your business, as they have a clear understanding of the way it will personally benefit them. Your company's value proposition works to provide considerable advantages and separate you from other industry leaders. As a result, customers are more likely to purchase from your company, as they know exactly how it will facilitate their needs.
#3 You Target the Irrelevant Market
When marketing attempts fail, often it is not due to the product or service you have to offer, but instead, because you are directing your efforts towards an audience that is simply not interested. Essentially, if your marketing strategy is performing poorly, it may be time to re-examine the audience you are directing your efforts to. Your approach must incorporate solid market research, which can be done through a market segmentation strategy. Investigation on whom you want to run your offerings should be carried out thoroughly, ensuring your resources are directed correctly. By simply making assumptions about your audience, you risk the significant loss of generating minimal strong leads. Businesses should also consider developing buyer personas, so they can withhold a broadened understanding of exactly whom they want to sell their offerings and create tailored campaigns.
#4 Instead of Promoting the Benefits, You Promote the Features
Often, the only reason your marketing strategy is not working is the way you portray your products to your audience. While clear communication of the critical features of a product or service is integral, making them aware of the benefits it offers will majorly influence their purchasing decision. Buyers cannot differentiate what your product might do for them in contrast to your leading competitors based on only its features. By marketing the advantages of a product or service, you are informing consumers of what your products can do for them to make a more informed purchasing decision. This will establish credibility for your business and will work to build a sense of trust between potential consumers and your company.
#5 You are Unwilling to Change
The market is highly volatile, just like consumers' ever-changing wants and needs. Your company needs to stay current with market changes, which should be factored into your marketing strategy. A market strategy that was effective for your company a month ago may be unsuitable, so adaptability is essential. Modification, consistent data analysis, and industry research should be carried out regularly. Marketing strategies should be assessed every quarter, and companies should revisit them whenever they launch a new product or service. This will ensure that your strategy continues to be relevant to your offerings and that your resources are being directed appropriately.
Note: Avoid Expecting Instant Results
Marketing efforts do not produce immediate results, much to the chagrin of business owners. Most small to medium-sized companies’ marketing strategies do not have results for 6-9 months, hence why consistency in marketing efforts is essential. Whilst you may be tempted to give up or try new strategies immediately, businesses must stay close to the designated plans so that measured results are reliable. A strong marketing strategy is remarkably effective and advantageous, though business owners must acknowledge that results are not automatic.
Contact one of our professional consultants at Marketing Eye for assistance in developing an effective marketing strategy and bringing your marketing efforts to a new level.
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