5 reasons even microbusinesses need a marketing strategy
When you first start a business it’s all adrenaline and excitement, you can’t wait to get started and it feels like the momentum is enough to keep you going forever. I know I’ve been there. The thing is, it doesn’t and when that initial adrenaline boost runs out you can be left standing there wondering where to go next.
This is the point when business owners start trying all manner of random marketing ideas. Some of which may work but many will not, and a lot of time and money will be wasted in the process. The key is to have a marketing strategy – simply put; a roadmap outlining how you’re going to get to where it is that you want to go.
I know many will say it’s better to start without a strategy or plan than not start at all, perhaps, but it’s still a false economy. Efficiency counts, especially at the beginning when every penny is important. Marketing without a strategy is like a sprinter running with limbs flailing in all directions. You may get to your destination eventually but you’ll have wasted a lot of energy needlessly, most likely arrive behind others, and it just isn’t good technique.
Here’s 5 reasons marketing strategy is a must
- Direction is more important than speed
It’s very easy to go nowhere fast. Having a strategy ensures that you not only know where you’re going but also how you’re going to get there.
- A marketing strategy provides clarity and focus
Running a business can get chaotic and confusing because there is always so much to do. If you’re not careful you can get caught up just being busy instead of conducting meaningful marketing e.g. generating leads and engaging with potential customers. A strategy gives you clarity and focus in terms of the marketing activities you should be concentrating on and what should be delegated, dismissed or delayed.
- Strategy anchors you to the vision
Running a business is incredibly rewarding but it can also be rough at times. In the rough moments it’s so important to stay anchored to your vision. A strategy helps you do this – it is the connection between daily work and the big picture.
- A marketing strategy gets the whole team rowing in the same direction
Now, you may not have a formal team but most solopreneurs have an informal team of sorts, a set of people and partners that support their business in some way. Whether you have an established team or an informal network of connections, a marketing strategy will help keep all involved on the same page.
- A marketing strategy provides a benchmark for success
An intrinsic part of a marketing strategy is establishing key performance indicators (KPIs), success metrics that let you know when you’re getting closer to the end goal or falling short. Examples of KPIs include;
- Number of new contacts made
- Number of sales
- Social media followers and engagement
- Website traffic from Google
- Average order value
- Conversion rate from enquiry to sale
- And the list goes on…
The point is, a marketing strategy will help you identify when you’re on track and when adjustments need to be made to ensure success.
If you need support developing a marketing strategy contact me to request a free 30min consultation.