Why is a marketing strategy so important
Posted on 11th July 2020 at 09:26
Small businesses who have an effective marketing strategy will gain a competitive edge over their rivals. Building and planning a strategic approach to your marketing will help your business reach its objectives, generate additional leads and attract prospective customers to discover your products and services.
A marketing strategy provides a detailed roadmap, designed to guide your business on the right path to achieve your goals. If you’ve not yet considered the importance of a strategic marketing plan, then don’t worry, we’re here to help.
Read on to discover the benefits of having an effective marketing strategy:
Are you converting leads?
You think you are doing all the right things. You regularly post on social media, you have a great looking website and you’re sending a monthly newsletter to your subscribers – but none of your activity is producing leads with the potential to turn into paying customers.
If this sounds familiar, you need to take a step back and ensure you are reaching the right audience. An effective marketing strategy starts with the ability to understand your audience and deliver high-quality, relevant content to them at every stage throughout their journey.
By getting the research right when defining your customer base and communicating with them strategically, you’ll start to see your lead conversion rates increase.
How do I know my marketing strategy is working?
In today’s online world, measuring the success of your marketing activity is easy, thanks to some really intelligent tracking tools. Every visit to your website can be recorded and attributed to a marketing channel, so you’ll have complete visibility over your website traffic sources.
By understanding which marketing activities are performing (and just as importantly, which are not performing) you’ll be able to make business decisions based on data-driven intelligence to plan your ongoing strategy.
It’s a little trickier to track referral sources of printed marketing activities such as flyers or brochures, but we suggest that for every lead you receive you ask how they found you.
If your objective is to drive visitors to your website, create a webpage that is specific to your collateral and advertise that web address on the flyer. You can then use your web analytics package to check how many potential customers visited that web address to determine the success of your campaign.
Am I getting a return on my investment?
By establishing your goals clearly at the start of your marketing strategy, it will make it much easier to calculate a tangible return on investment (ROI).
By recording all referrals sources for your leads, and your conversions against the costs of your marketing stream spend, you will easily be able to calculate the cost per lead and the cost per sale for your marketing streams. You will then have a quantifiable understanding of the most effective marketing streams.
Remember to link back to the original objectives of your marketing strategy and tie it to the revenue generated.
Quantifiable goals could include increasing the average order value of a sale or reducing the cost of acquiring a customer. By measuring the key metrics, you’ll get a clear picture of the ROI from your marketing spend to help with strategic planning in the future.
Successful marketing starts with a plan…
Your business is unique. Which is why you need a marketing strategy that is tailored to your individual business goals. TJ Marketing have a wealth of experience in helping small and medium business across Northamptonshire to create a marketing roadmap.
Contact our team or call us on 07889 967779 and take the first step towards a successful marketing strategy to help generate new leads, broaden your potential customer base and maximise the return on investment of your marketing spend.
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