Do you need a marketing strategy? Yes. You do.
A marketing strategy takes into consideration a company’s corporate goals, the marketing objectives to achieve those goals, your target market’s preferences and your positioning among the competition. It gives you an overview of what can be done with your resources to get the biggest return on your marketing investment.
Without a marketing strategy, a company can aimlessly attempt to sell more products or services without knowing whether or not their marketing is working properly. Oftentimes, this results with money invested into marketing efforts that seem wasted because the income that’s desired is not being received.
Here are 5 tell tale signs that you need a marketing strategy.
- You have no Marketing Plan. A marketing plan is a written document that defines the marketing objectives and how they will be achieved. It should have a tactical component that provides clear direction for who does what when. The budget requirements and evaluation methods also need to be included to asses the ROI of marketing initiatives on an on-going basis.
- Your Brand is outdated. If you're a growing company that still has a logo and tagline that you came up with yourself, it might be time to consider a professional's talents to update your brand. Improving your company’s look and messaging by way of employing a designer and copywriter will elevate your brand to the next level. Think of it as getting a new outfit for your business; how you look and present yourself will have an effect on the type of customers you attract.
- You have a Low Conversion Rate. You’ve been investing in ads both online and through traditional methods, but something’s not working. The sales aren’t coming in and you wonder what to do because you realize your marketing is missing the mark. An assessment of how to position yourself in the mind of your customer is in order to get better direction for how to appeal to your specific niche.
- You only do Traditional Marketing. If you're spending all your time and money only on traditional marketing methods such as print, radio, tv advertising, public relations, sales promotions, etc. and not including some digital marketing, you need to get on social media. Even if you think that’s not where your current market is, building some online presence is important for attracting your future market.
- You only do Digital Marketing. If you're saying to yourself, our SEO and SEM plus social media techniques are all we need because they’re working for us, you might want to more fully develop your marketing plan to include some offline methods. Spreading your brand elements out through multiple channels both on and offline over a long period of time is the real ticket to building mindshare.
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