Do you need a marketing strategy?
Many small and even medium sized companies don’t have a dedicated marketing department.
In many cases, marketing is just treated as a grey area in a company that no one is responsible for, but everyone sort of “chips in”. Does this sound like you?
Many people have this view because they are not aware of the many benefits of marketing or how to create and implement a marketing strategy.
If you want to propel your sales and grow your customer base, you need to adopt a focussed marketing strategy. Below are a few signs that will help you identify if you need a marketing strategy and how it will help you.
1. Receiving little or no enquiries?
This is a very clear metric to measure. You’ll know if you’re not receiving enough enquiries, it will be obvious. But is this by choice? Are you not reaching out to potential new clients due to running at full capacity? Or do you have capacity, but not enough enquiries and business? If it’s the latter, you need to strategise. Is there a reason why you are not receiving enquiries?
Is your website the reason? Are you using the correct marketing channels? Are you reaching out to your defined audile? Do you know who your ideal customers are? Any good marketing strategy will start with asking questions for the purpose of creating structure and attainable goals.
2. Spending a lot of time and money with little or no ROI?
Have you found yourself spending a lot of money, especially on paid ads but seen no return?
This is a common problem. In order to effectively target your audience, you need to know exactly who they are, where they can be found and what time they are active. Without research and a strategy, it’s going to be a bit of a stab in the dark. An expensive one at that.
A marketing strategy can help you keep track of what you’re spending, what your conversion rate is and how much you are investing for each new customer.
3. Struggling to stand out from your competitors with a clear identity?
If you struggle to define exactly what your business offers, then it’s more than likely you’re not hitting your true potential. Know exactly what your offering is goes deeper than what your USP is. Knowing exactly what your offering and identity is will help you stand out and identify a potential gap in the market. This will also give you a better idea of exactly who your target demographic are.
By assessing both internal and external factors, you will be able to define exactly what target audiences, products and subjects are relevant to your company. A good marketing strategy serves as a powerful tool that not only gives you guidance and structure, but also important insights.
Knowing why you are performing certain activities gives you a better understanding and context that you can apply across the board.
4. When you get busy, does your marketing activity suffer?
When business picks up, do you find yourself prioritising operations and letting your marketing activity fall by the wayside? This is very common, but what happens when the incoming work tails off? You have to start all over again with your marketing activity, while your competitors have stayed consistent thought busy periods.
You could outsource to have your marketing activity managed by a marketing agency. This is a common and effective route, but what if you don’t have budget to facilitate outsourcing? Having a marketing strategy in place will give you the ability to know where you should focus your time and budget. This obviously has its drawbacks, but we understand budget dictates everything.
5. Are you failing to hit your financial targets each month?
If you’re answering yes to this question, how sustainable is missing your financial targets month on month? The term “feast to famine” is thrown around a lot in the world of business. But wouldn’t a steady and consistent work-flow be a better alternative? This would also result in you hitting your targets.
A strategy will outline what your financial goals are and how we go about creating a road map for you to achieve those targets. Without a strategy in place, there’s a lack of structure, which increases the chances of failure.
When you miss your financial targets, do you know why? Is it due to your sales funnel? Are you running effective outbound lead generation campaigns? Are they successful? If not, do you know why not? This all comes back to knowing your demographic and having powerful insights. The more you know, the better prepared you are.