What Is A Marketing Strategy And Why Do Most Businesses Not Have One?

Whether your business is big or small, marketing is likely to be a huge part of what you do. After all, it’s how most of your customers will find out about you and what you can offer them. Despite this fact, many businesses neglect to have a well-thought-out marketing strategy. This is particularly prevalent among smaller businesses. They may think that their lack of marketing budget means that having a strategy is pointless. And, most small business owners aren’t experts in marketing themselves, so simply may not know where to start. So, what is a marketing strategy, and why do most businesses not have one? You may be surprised by the answers, and just how easy having an amazing strategy can be.

That’s what we’ll be covering in today’s blog post, alongside some of the top reasons why you should definitely consider a strategy for your own business, and some tips for a small business marketing strategy! If you want to learn more about this interesting and useful topic, keep on reading.

What is a marketing strategy?

It really is simple! In easy terms, it’s your overall plan for how your marketing is going to work, including what activities you’re going to do and the results you hope to achieve with it. The overall strategy can then inform your marketing plan- usually, a document that talks about what you’re doing, and when, in more detail than the strategy alone. If you’re struggling with where to start, or feel like you’re being torn in different directions, having a marketing strategy can give you clear goals to attain. In other words, the strategy is the definitive word at the top, informing all the marketing decisions down the line.

But strategic marketing is about more than just having a plan and clearing up confusion! It can have so many benefits for your businesses operation overall. After all, you shouldn’t look at marketing as just something that your business does to get more sales. It’s an integral part of business function, that informs other areas of the business, and is also informed by these areas! That’s why it’s so important to have a proper strategy, and why so many businesses that don’t have one definitely should!

Why do most businesses not have one?

So, now we’ve covered the question of what is a marketing strategy, why do most businesses-  especially small ones- not have one? There are countless reasons, some of which we’ve already mentioned. Small businesses are far more likely to have a much smaller budget available. So, they may shy away from strategic marketing as they feel it’s for those that have a big budget! But it really doesn’t have to be that way. There are plenty of free tactics available at the touch of a button. For example, are you utilising social media properly to show off what your business does, and target potential customers? This can be a goldmine, and if you do it cleverly, it doesn’t cost a penny! (Not sure what we’re talking about? Book in for a free Social Media Clinic and we’ll show you what to do!).

Marketing is a new area for many business owners

Furthermore, most small business owners are undoubtedly experts in their fields. If you can build a whole business, you evidently have skills in this area! However, this often means that their skills and knowledge don’t lie in marketing. Thus, it may not be prioritised in the business. Business owners may be scared of failure or wasting money in an area they know little about, and so don’t put much thought into strategic marketing. But, putting a little time and effort into devising the right strategy can really reap the rewards of more sales and business, as customers become more aware of who you are and what you do!

Outsourcing isn’t seen as an option

Following on from this, many business owners who aren’t too knowledgable abut marketing shy away from outsourcing it due to concerns about cost. But again, this often doesn’t have to be the case! Many agencies out there are more affordable than you may think. And, plenty are willing to help out small businesses as much or as little as they may need, with appropriate costs to reflect this. So, if you’re part of a business and don’t want to take the leap into a great marketing strategy on your own, take a little look around. There are plenty of agencies out there to assist you in getting the best possible results!

They think they don’t need strategic marketing

Another common reason for businesses of all sizes to neglect having a great strategy is simply because they believe there’s no need for one! Usually, this is because their current marketing is working well for them and they’re getting good sales. Or, perhaps the business relies on other methods such as word-of-mouth and referrals to get the message out. If this is the case, then that’s great news! But, just think how much better your sales could get with strategic marketing? If you put a great plan into action, they’re sure to increase even further, whatever your business may be. So, don’t shy away from strategy even though your business is booming.

Small business marketing strategy tips

So, hopefully, you now know the answer to the question of what is a marketing strategy, and are convinced that your business needs one! But how do you go about getting the best strategy for you? Here are a few tips:

Put your values at the core: No matter what your business does, it’s sure to have some sort of values or mission at the heart of it. What really drives you to run this business and deliver your products and serves? There’s no right answer to this question, but no matter what it is, make sure to keep your values at the forefront of your mind when creating your strategy, to make sure it’s the best reflection of your business possible.

Ask for help: whether this is from a marketing-savvy friend or completely outsourcing your strategy, don’t be afraid to ask for help coming up with it! This usually means it will be even better in the long run, and have great results for you and your business.

Think about your target audience: After all, they’re going to be the people you’re marketing too. Make sure you keep them in mind throughout the process. Who are they? What do they want? How are you going to deliver it to them, and when, and where? If you’re not entirely sure on the answer to these questions, consider undertaking some market research before you begin your strategy.

How will you ensure everyone is on board? Once you’ve got a great strategy, it’s important that everyone in your business in n board. No matter how many employees your business may have, they all need to be aware of the strategy and how they can help implement it throughout every area of the business. Communication is key here, so make sure you think about how you’re going to achieve this before your strategy is in place.

We hope that this blog post has been helpful in learning about strategic marketing and the benefits of a great strategy! Visit our blog page to see more articles like this.