First of all, today’s customer is demanding. Buyer cycles have increased in length; touchpoints have multiplied and providing personalised journeys is expected as standard practice. Whether in B2B or B2C, the need to engage, nurture and convert quality leads to consumers (and repeat customers) is met by marketing strategy. In short, your marketing strategy is the fuel for your business engine. Read our for the love of marketing, 5 reasons you need a marketing strategy in your (business) life this Valentine’s Day.
Now, like any relationship, your views on marketing may become strained, (yes, global pandemic we’re looking at you); forced budget cuts and increasingly competitive markets can make you fall out of love if you cannot see the return you want on your marketing efforts. Today, we hope to reignite that spark and demonstrate why a marketing strategy should be your number one.
Need to discuss your 2021 marketing strategy? Speak with our team by calling 01625 682110.
Why marketing matters in numbers – the love of marketing
Firstly, let’s take 4 quick facts to remind us why marketing is such a powerful tool:
- 70% of consumers want to learn about products through content as opposed to traditional advertising (Content Marketing Institute).
- For every £1 you spend on email marketing, you can expect a return of £32 on average (Data & Marketing Association).
- 90% of people have communicated directly with a brand via social media (Smart Insights).
- When companies align their sales and marketing departments, deal sizes increase with up to 209% more revenue realised from marketing.
It is true that marketing and finance are a match made in heaven. So why not read how you can get the two talking in our Why Marketing and Finance Should be BFF article.
5 reasons to show your marketing strategy some TLC
Now, we’re getting to the heart of the matter. All this good from marketing doesn’t just happen by chance. Creating a documented, researched strategy ensures you target the right people with the right message at the right time.
Maybe you’ve been doing okay without a documented strategy in place or you’re using a strategy that hasn’t been revisited in a couple of years. In both scenarios, it is likely that leads will soon start to dry up if you cannot bring proactive new leads into the business that meet your current demands. In summary, no organisation should be leaving lead generation to chance.
Here are 5 reasons you need a marketing strategy in your business life to help explain the benefits of a strategic approach:
You stop budget waste
Firstly, with no clear plan it’s easy to spend budget on one-off or test campaigns to “see what happens.” This not only wastes precious cash but is also unlikely to yield any real results if you flit between campaigns and marketing mediums. Consumers need regular and relevant messaging so that they engage with your brand. Additionally, adding in a neuroscience lens on your marketing campaigns can take your messaging a step further. This provides an emotional insight into your campaigns before launch so you maximise results.
You zero in on the prospects that matter and really understand them
Arguably, the biggest advantage of a marketing strategy is that it is a researched document that clearly outlines your target market, market segments and their pain points. This insight means that you truly speak to prospects and directly answer how you solve their specific problem(s).
Clearly defined goals and KPIs support business objectives
Implementing a strategic approach to your marketing ensures that wider business goals filter down into your campaigns to get the best ROI. Appropriate KPIs help you track just how close (or far) you are from satisfying these goals. Furthermore, KPIs help you to make decisions to keep you on track.
Competitive insights help you stay ahead of the competition
The key here is research. PESTLE/SWOT, competitor analysis and benchmarking are vital to not only understand the competition and the wider environment but also to understand how to stand out. Having a good value proposition is how you can differentiate in a crowded marketplace. Learn more about the benefits of a competitive marketing strategy.
You can allocate resources properly
Finally, from budgets to HR to equipment, having a proper plan in place allows you to effectively and efficiently allocate resources. This can help you plan for factors such as hiring new staff and training.
Add love to your marketing with Think Beyond
Sold on marketing strategy? You should be. However, sometimes making that leap isn’t always easy. That’s where Think Beyond help. We provide a range of strategic planning and change services to businesses big and small. From research to planning, transformation to smarketing, strategy to neuroscience, we have the expertise and tools to help you grow.
Alternatively, you can request a call back by completing our easy contact form.
Finally, why not check out our frequently asked questions or browse our full range of marketing consultancy and agency support services.