If you have read or watched any of the content I have published, then you know how important it is to develop a marketing strategy. Heck, I started my business because I believed too many small- and medium-sized business owners failed in their marketing efforts because they jumped from one set of marketing tactics to the next with no clear plan or sense of direction.
In 2019 marketing is not an option. To be relevant in any way, you MUST effectively and efficiently reach out to your target audience to let them know how you are uniquely qualified to address their problems – whatever those might be.
Marketing your business in an effective and efficient manner means being smart with two of your most important resources: time and money. Having a well-thought-out marketing strategy provides you the foundation you need to put those vital resources to good use.
Let’s look at the five ways developing a marketing strategy saves you time and money.
Gives Your Marketing Efforts A Sense Of Direction
It is easy to get lost when marketing your business. A marketing strategy is essentially a roadmap for you to follow so you know which products and services you should promote, who you should target, and how you should engage them.
When you have a clear understanding of these components, then you will have the direction you need to effectively and efficiently promote your business.
Promote The Most Important Services And/Or Products
Speaking of products and services, it is important to understand that not everything you provide should be considered equal. You most likely have products and services which deliver a higher profit margin or represent the future of your business.
Those are the ones you should focus on promoting.
Developing a marketing strategy allows you to take the time to identify your most important products and services. Once you do this, then you will be able to focus on promoting the things most likely to grow your business.
Target Your Most Valuable Potential Customers
You can waste a lot of time and money speaking to the wrong audience. A key step in developing a marketing strategy is asking yourself “Who are my most valuable current and potential customers?”.
When you answer that question, you will be able to focus on addressing the pain points of your most valuable current and potential customers.
Those customers, along with understand which of your offerings you should be promoting, are the key to making the most of your marketing efforts.
Improvement Over Time
One of the core benefits of developing and implementing a marketing strategy is you begin to lay the foundation for a process to promote your business. You will no longer randomly send emails or post info on social media, but rather begin to develop a system to educate, inform, and engage your target audience.
This takes a bit of trial and error, but soon you will identify what does and does not work for your organization. As you improve your process, a system will arise which will allow you to effectively market your business.
Bring Your Team Together
Part of developing your marketing strategy is setting S.M.A.R.T. marketing goals. These goals should not be hidden from your employees. Share them so your team can better understand what you are trying to accomplish.
You will see more buy-in which will lead to a more focused effort across your entire organization. When everyone is on the same page and working towards the same objective you will reach your goals in a much quicker and easier fashion.
Time and money. As an entrepreneur, those are two of your most important resources. By developing and implementing a marketing strategy which is designed to promote your most important products and services and that targets your most valuable clients, you detail a path to success. This will help you make the most of the time, money, and effort you put into promoting your business.