Marketing

This is why you need a marketing strategy for your business

Why do I need a marketing plan? – Do I create it just for the sake of having one? – Will I ever use it? The simple answer to this is, just like your daily work and personal life with planning, so is your business! Aside from a first class business plan, it is also important to have a strong marketing strategy to help your business achieve its goals and grow.

Many prospects reach my team at Fat x Collective ask if it is really worth investing in a marketing plan and how it will help their business. My answer is always yes!

With that said, we’ll discuss exactly why you need a marketing plan and how it can help you achieve your long-term goals.

Let’s start with the basic …

What is a marketing strategy?

A marketing strategy is a process that enables an organization to focus its limited resources on the best opportunities to increase lead generation and achieve a sustainable competitive advantage. A marketing plan consists of your business’ unique value proposition, customer data, branding guidelines, SMART goals, and much more, which we will discuss.

When we draw up a strong marketing plan, we focus on four pillars that companies use to formulate their marketing strategies. These include:

  • Product
  • Price
  • Farm
  • Promotion

And if you’re wondering why you need a marketing strategy, here are some reasons:

  • More clues
  • Pull out among your competitors
  • Get a market share
  • Take the opportunity to develop and grow
  • Increase customer retention and engagement
  • Perform smart processes

If this did not convince you, read on for details.

1. Your marketing strategy will help you to set clear business guidelines

One of the most important tasks of a strong marketing strategy is to set SMART (specific, measurable, achievable, relevant and time-based) goals and objectives.

Some questions you should ask yourself when creating SMART goals include:

  • What are some things to increase the traffic to your site?
  • What are the sales funnels you are currently using?
  • What methods can you include in your daily workflow to help your business achieve your goals?
  • How do you use current brands to attract new customers? What is your business currently using to gain a loyal following?
  • How do you define your unique value proposition?
  • How do you stay ahead of your competitors?

To be able to answer the above questions, you need a marketing strategy that will answer the questions. This will help you set SMART long and short term goals.

2. Marketing can help you better understand your target audience

A marketing strategy should always focus on target audiences and customers. This can help you better understand your target market. Market segmentation is very important if I want to establish a relevant audience for your business and products or services. To make your customers happy, you need to understand what they want.

This is where analytical tools come into play. Analytics is all numbers, so it gives you the technical part of the business. Our favorite way to use analytics is through Google Analytics. It gives you all the important information about your website traffic, such as bounce rate, conversions, time spent on the website and more.

Analysis is incredible now, but it does not portray the emotional side of your customers. This is where you need to better understand your target audience; you need to understand their pain points.

Here are some steps you can take to better understand the emotional side of your target audience:

  • Defining Your Target Demographics – Apart from the marketing plan, it can also be very useful for social media, content marketing, setting up an advertising strategy and knowing what type of influencers you might want to work with.
  • Segment your market; it means dividing your audience into segments, geographical, demographic, psychographic and behavioral, etc.
  • Use marketing calendars to know the best times to reach your target audience on different channels
  • Build remarkableness! Be genuine and tell stories. People now more than ever appreciate authenticity, and it’s also a great way to communicate your brand’s story and sales proposal.

This is all important if you want to have a better understanding of your target audience through a marketing plan.

3. Your marketing plan can help assign tasks to your team and outsource where necessary

By Fat x Collective, we ended up in many situations where we would meet companies that have a hard-working marketing team but cannot achieve the desired results. We always tell them that it is crucial to review their marketing strategy and decide on reviews once their business has come to this point.

With a strong marketing plan, you can figure out how to better divide the workload into tasks that can be better managed. With this marketing plan, you can delegate specific tasks to each employee, and if additional assistance is needed, you can hire a reputable digital agency.

As discussed, a marketing plan consists of different roles. Some of the things you need to focus on include:

  • The team that develops an SEO strategy for your website
  • The marketing team on social media and their daily tasks, along with results
  • The content marketing team, and how the content is scheduled and created
  • The advertising team focusing on SEM / PPC advertising

These are some of the many job opportunities needed for a strong marketing plan, but once you have set it up and organized it among your team, it will be a seamless process.

4. A good marketing plan will help you figure out what tools to invest in.

Marketing tools can be expensive, which is why it’s important to come up with a marketing plan that will help you decide which technology and tools are worth the investment and which will provide the most benefits to your strategy.

Some services that require marketing tools include:

  • SEO tools
  • Paid ads
  • Invest in influencers
  • Analytical instruments
  • Social media planning tools
  • Online Advertising

If you’re worth the tools in the long run, you need to better understand your business tasks, marketing objectives, processes and more, and this will help you better understand the investments required.

5. Marketing is a great way to tell your business story

Business storytelling – this is a very important part of your marketing strategy. You have two goals to achieve with a marketing plan: 1) Define your business tactics and 2) Communicate the story of your business across all the right platforms.

You want to build a compelling brand story and market it correctly. This is what will help your target audience understand your business story and differentiate your brand from your competition.

6. Any professional business has a marketing plan

Every professional business understands that they need to successfully reach their target audience in order to be a profitable business. To keep your customers informed about your business, you need to have the right channels to give them daily news, news and product or service announcements. You want a first class strategy that they want to keep busy and want to come back for more.

7. We would like to compare your marketing plan with a “Reality Check”

Unfortunately, many businesses fail because they do not have a marketing plan in place. The world changes every day; digitally changing every day. In fact, we have only seen it with the global pandemic. Some businesses were able to adjust and adjust their marketing plans, but sometimes not, and eventually they suffered. It is important to have a marketing plan in place and be ready to adapt and adapt as needed.

Create a marketing plan

If you have not guessed yet, it’s … it’s time to start working on your marketing plan! Marketing is your ticket to success against your competitors, and you want to stand out. If you want to take risks with your marketing strategy, our team at Fat x Collective is here to help you come up with a strong marketing plan to tell your story to your target audience.