Having a business is both an exciting and a challenging process. Few people talk about what you need to do to have a successful project.
One of the keys to getting your business off the ground is having a good marketing strategy, so it’s time to get to work on creating your own digital strategy.
Without marketing, there is no product.
With it you will manage to promote your service properly, so a good marketing strategy will be your guide in every step you take in the market and will make the difference between success and failure.
Below we will give you a detailed guide on the subject:
Table of Content
- What is a marketing strategy?
- Are there differences between a marketing strategy and a marketing plan?
- 4 Benefits of applying a marketing strategy
- Challenges to consider for marketing teams
What is a marketing strategy?
It’s a detailed plan that specifies the way in which a product or service will be promoted.
The reality is that a marketing strategy encompasses much more than your company’s product.
You have to define who your target audience is, where they are, what their pain points are so you know how and in what channels you will communicate the value proposition.
What does a marketing plan entail? Let’s look at it in detail:
- Define your business proposition.
- Prepare the way you will explain the benefits of your products.
- Analyze in great detail the profile of the customer you want to reach.
- Establish the techniques you will implement to position yourself in the market.
- Evaluate the metrics that will allow you to measure the effectiveness of the strategy.
Are there differences between a marketing strategy and a marketing plan?
Did you know that a marketing plan and a marketing strategy are not the same thing? Many people think they are, and that is where confusion or launch failures begin.
The marketing strategy shows the general plan of what to do in each phase of the company. Let’s say that it takes more work because you must study many edges that are part of your organization.
Once the strategy is done, you move on to the plan, which is where you implement the actions that have been previously established. So first you develop your strategy and then you go to the marketing plan, never the other way around.
4 Benefits of applying a marketing strategy
Still doubt the benefits of marketing strategies for your business?
We have come across many businesses that feel that these types of tactics are not necessary to sell their products and services. So we’ve put together a list of the benefits of marketing strategies in case you need more than one reason to go for digital marketing:
1. Focus and direction.
Having a marketing strategy gives you focus and direction, plain and simple.
A well-established plan lets you know what steps to take at any given moment, and you’ll know the reasons why you’re taking those actions.
What does it translate into? In concrete actions and a significant decrease in uncertainty. Create your strategy and you will see what we are talking about.
2. Identify the tools
With a good marketing strategy you will know in advance what tools you will have to use to achieve your objectives.
Do you have to buy a metrics measurement program? The plan will tell you. Do you need to hire specialized personnel? The document will show you the specifications.
That’s why we think a marketing strategy will save you money, time and effort.
3. Differentiate yourself from the competition
With a well-developed strategy you will know your competitors’ strengths and weaknesses. The best way to know this data is with the famous SWOT matrix.
From here you will make an action plan that seeks to take advantage of the weak points and gaps in the market left by other companies. We are sure you will do it right!
4. Increase sales
There’s nothing more important than the sales of your business.
With a good marketing strategy you will be able to increase your sales in certain periods. In fact, the projections you make on a trimester and semester basis come from what you’ve talked about in your marketing strategy.
So if you want to sell more, a marketing strategy should be developed.
Challenges to consider for marketing teams
If you plan to develop a marketing strategy, the ideal thing is to create a multidisciplinary team to leave everything in the hands of specialists.
Your team must be updated with the latest market news and must take into account some of the challenges that will appear:
1. Creating quality leads
It’s not easy to get quality leads and that is why many entrepreneurs prefer quantity above all else. We don’t recommend that, so the best thing you can do is to get quality leads.
The key is to know your audience so you can develop personalized campaigns that provide solutions to your user’s pain points.
2. Don’t forget about ROI
Many times we focus on carrying out all the actions outlined in the marketing plan and we forget something very important: return of investment.
Everything you do must be measured over time to know if it’s giving the results you set out to achieve. To achieve this you must implement tools that allow you to obtain the metrics that are relevant in each case and then interpret them in the best way.
3. Use technology
Technology in marketing is fundamental to accelerate results. Today there are very powerful softwares that have all the tools included to measure how your strategy is going at all times.
This way you will have better planning and you will know when it is time to take a step aside.
Given this information we have no doubt that betting on a marketing strategy is an excellent option to get good customers.
If you feel you need to learn a little more about digital marketing strategies and the business world, go now to our online masters and certifications section and take a look at the great benefits of being part of The Power Business School.
Of course, let us know what you think about this exciting topic in the comments box below.