What is a marketing strategy?
Its a stripped down version of your 10 year business plan. Minus things like staff planning, work space requirements, financial planning, legal details, share holder details. Marketing strategy deals only with your core products and services, the things you sell to customers to pay for all the other stuff.
Do you have an agreed or official document within your company?
Many small and medium sized companies in the UK still do not have an up-to date marketing strategy. Well, there is one filed somewhere, but it may be 10 years old by now. Have you really got one? Maybe not. Global marketing is complex, so don’t attempt this project unless you know your market and understand global business. Because of this, it shows many UK businesses have little understanding of the importance of marketing and sales planning in the first place. You can’t plan anything without a plan.
What to do if your document is out of date
Consequently, we write marketing strategies for small and medium sized companies. Using well-researched information and data will enable the formation of background information that will be used to formulate the new or revised post Covid 19 marketing strategy. It will help with future sales increases and result in added brand value. People, sales, brand value and assets are the four pillars of all business activity. Marketing strategy underpins all four and enables enterprise focus.
How do we improve your marketing strategy and document it?
- Firstly, we run a number of brainstorms with your key workers.
- Secondly, we research the internet.
- Thirdly, we engage market research from national bodies.
- Fourthly, we review the infomation.
- Fifthly, we filter the reviewed information.
- Sixthly, the information is documented into easy to understand infographics and copy.
We tend to use Microsoft PowerPoint as its great for sharing and presenting with everyone involved in the process. This is not a yearly thing. It’s when transition is due, or every 10 years. MiE wrote a marketing strategy for the UK capital equipment sales, spare parts and service departments of an industrial machinery client of ours. https://www.bollfilter.com
Common marketing strategy mistakes made by small and medium sized companies
A common mistake businesspeople make is going for only 10 market segments, that’s not enough. That’s only a fifth of your potential market! A properly researched marketing strategy will do better than that, cast the net wider. Spend time brainstorming to make sure the company can engage more customers and prospects. Your market may contain 50 or more market segments!
Understanding who your customers are is crucial
Having a consistent; suspect, prospect, shopper, customer, member, advocate, and raving fan engagement programme, which includes social media, is the profitable way of not wasting money on advertising and events. It means that UK Sales can increase by 7% a year, an increase of 56% over 8 years which is above inflation.
Your marketing will be more efficient
With a marketing strategy any marketing activity aimed towards a particular market segment, is far easier and can be done in a more structured way. The increased potential market size for the company that can and will be approached to help develop future sales for 2021 and beyond is there for all concerned to see and understand.
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