Nowadays, with so much competition for the attention of potential customers, it is harder than ever for a small business to break through and noticed by the consumers.
If you ask someone like Roland Frasier, CEO and principal of the War Room Mastermind, an elite business group coached by captains of industry, he will tell you that selecting the right strategy for marketing your business is effectively “do or die”. For those that lack the necessary skill set, gaining traction is never simple nor straightforward.
Effective marketing starts with a considered, well-informed marketing strategy. A good marketing strategy helps you define your vision, mission and business goals, and outlines the steps you need to take to achieve these goals.
Marketing strategies give your business a direction toward effective promotion. Marketing strategies differ from one business to the next and customized to suit the needs of the particular company. The development of a marketing strategy involves the isolation of a target market segment, a set of clear-cut goals, a fair amount of consumer research, and the implementation of initiatives aimed at getting the word out.
Marketing strategy affects the way you run your entire business, so it has to be designed and developed in consultation with your team. It is a wide reaching and comprehensive strategic tool that:
Describes your business and its products and services
Explains the position and role of your products and services in the market
Profiles your customers and your competition
Identifies the marketing tactics you will use
Allows you to build a marketing plan and measure its effectiveness.
The most undervalued marketing tool today is listening. Everyone wants to post, snap, like, love, blog & vlog, but very few companies actually take the time to listen to their clients. Everyone is so busy looking for the elusive new client and in that process forget to pay attention to those who already love them. If they did, they would find a wealth of marketing opportunities- new divisions that they do not yet work with, new opportunities within the division they do, & referrals.
However, the strategy is developed by not only scanning the external factors outside of the business, but also the internal factors as well. This is often a prerequisite to determining both the opportunities in the marketplace, along with the threats that might exist from other opposing factors.