Before you begin developing a website, placing Facebook ads or reaching out to local reporters, your small business needs a marketing strategy.
Why? Without a clear marketing strategy in place, your small business will struggle to connect deeply with customers and see return on your investment for marketing efforts.
A marketing strategy answers the question, “Why?” behind every marketing move you make. Why did you choose that headline for your home page? Why are you taking time to write long-form blog content? Why are you encouraging customers to sign up for your email newsletter?
When you know the answers to these questions, you can set strategic goals and execute them. You’ll also be able to complete projects faster because you’ll reduce the floundering that occurs from not knowing a project’s purpose.
4 Benefits of Creating A Marketing Strategy for Your Small Business
The benefits of creating a marketing strategy include the ability to focus your resources on what matters most, identify hidden opportunities, understand your customers better and organize your thoughts.
1. Focus your resources on what matters most
Without a strategy, it’s hard to know what to spend your time and money on. Should you place an ad on the local radio station or target keywords on Google search? Is Pinterest or LinkedIn better for your brand?
You have a limited marketing budget, so you can’t do it all. When every dollar needs to count, a marketing strategy helps you decide where to invest your resources.
The hard work of strategizing pays off, too. Campaign Monitor’s guide on The State of Small Business Marketing in 2019 offers this encouragement: “With the right strategies and tools in place, small businesses can operate at a high level, even with limited resources and multi-tasking personnel.”
2. Identify hidden opportunities
As a small business owner, you’re familiar with every part of your business. You are personally involved in its daily operations and you likely interact with customers regularly.
When you’re immersed deeply in anything, however, it’s easy to overlook opportunities. Taking the time to step back and create a marketing strategy — either on your own or with a marketing strategist — can help you uncover ideas that you never realized were possible.
These ideas can enhance not only your external communication and marketing, but your sales process, customer service and product offerings.
3. Understand your customers better
Perhaps one of the best reasons for to create a marketing strategy as a small business owner is that you will learn more about your customers.
While you likely already know a significant amount of information about your customers, you might be surprised how easy it is to assume things that aren’t true.
Conducting marketing research and mapping the customer journey can help you understand your customers’ pain points and frustrations in a new light.
By getting inside the minds of your customers, you will be able anticipate their hesitations before they voice them and give them exactly the information they need to succeed with your product or services.
4. Organize your thoughts
Finally, a marketing strategy helps you organize all of your thoughts and ideas so that everyone on your team knows the direction your marketing is headed.
Taking time to write down your strategy and goals will also equip you to achieve success through your marketing efforts. Citing research from CoSchedule, Nathan Ellering writes, “Marketers who set goals are 376% more likely to report success than those who don’t. And 70% of those successful, goal-setting marketers achieve them.”
As a small business owner, creating a marketing strategy will help you hone your focus and hold your team accountable to generating results.
How to Create Your Marketing Strategy
Now that you know why you need a marketing strategy, where do you begin?
Numerous marketing strategy resources exist online, but if you don’t have hours to spend learning the ins and outs of marketing, you can hire a marketing strategist.
A marketing strategist works with you to identify the best opportunities to grow your business and multiply your impact. If you’re ready to start creating a marketing strategy, get in touch with me to learn more about how I can help you and your small business.
Ellering, N. (2020, November 16). How to Set SMART Marketing Goals You Can Achieve. Retrieved from https://coschedule.com/marketing-strategy/marketing-goals/
The State of Small Business Marketing in 2019. (n.d.). Retrieved from https://www.campaignmonitor.com/resources/guides/the-state-of-small-business-marketing/