What is a business and marketing strategy?
A strategy is a series of plans, though synonymous to plan but much bigger than plan. A business strategy isn’t just a plan but a long term game plan on how you’re going to reach out to people and how you are going to turn them into customers. Marketing strategy sees to how you are going to create your marketing plans and achieve them.
Your plan is embedded in your strategy. Your strategy is “what”, while the plan is “how”
MARKETING STRATEGY => MARKETING PLAN => EXECUTION => WIN!
For instance, say a Business Objective is to expand your business outside of Africa to an international market.
Strategy will be to engage and target a global audience.
Plan will be to create a personalized marketing campaign that reaches out and engages with specific segments — language, buyer behavior, purchasing habits.
Goal is that which births a business, not plan. Your strategy is what you need to do to keep your business going, while your plan is how you implement your strategy to achieve your business goals.
Let us dive into how to come up with a good marketing strategy for your business.
Identify your business goals, or the goals you want to achieve at a particular period. Depending on how good your business is doing, there might be period you’ll have to change your goal to achieve the bigger business goals. The best way to identify a goal at a point in time is to identify a problem facing your business. Let’s say, your blog or social media isn’t converting as it should, compared to time past. At that point, your goal should focus on how to increase conversion on this medium.
Objective and SMART Objectives
Once you’re able to identify your goal, the next thing is to come up with an “Objective”. An objective in this context can be to increase calls/orders/messages through social media. After coming up with an objective, the next thing is to create a “SMART Objective” which must be Specific, Measurable, Actionable, Realistic, and Time bound. Though Objective is always ambiguous, while SMART Objective helps you to break it down and know what you want to achieve at a time.
Objective: Increase calls through social media.
SMART Objective: 30% increase in calls on Facebook by the end of the second quarter.
Identify your KPI
KPI means Key Performance Indicators. Your KPIs serve as metrics for measuring how well your marketing strategy, objectives, plans are doing. Your KPI can be increase in leads, orders, calls, messages, and people who walk in to your shop. It can help in measuring and taking into account how well or how bad your business is doing. Without KPI, you may not really be able to tell what’s working and what’s not working. You might live on the assumption that you’re doing well, and in the actual sense of it, the performance of your business is poor.
Create a persona for your customer
Persona is like creating a virtual profile for who your customers are, taking into consideration who they are, what informs their buying decision, demographics, location, interest, job, social media network used. Don’t forget your business isn’t about you, rather about the people. With this, you’ll know what medium (social media, blogs, or websites) where you can actually come in contact with your customers.
Perform a SWOT analysis for your business and all its online medium. SWOT means Strength, Weakness, Opportunities, and Threats. While performing SWOT analysis for your business, you can do this for your competitors as well, so you can use it to improve on your own business.
The content is very essential, because this is how you present yourself or your business to people and how you pass your message to people. Your content can be text, image, graphics, or video. In creating content, the most essential thing is to be creative and unique. Four things your content must do are: Educate, Entertain, Inform, and Advise but your content must not sell. Remember, Content is KING!!!
Choose appropriate channel
Your marketing strategy must include a precise channel you’ll use for publicizing your business, which includes but is not limited to, social media, blogs, websites, and Google my Business profile. Each business type or categories has a medium/channel that befits it. Your business determines what channel to use. Some business performs well on Instagram while they perform poorly on Twitter. So, you must identify which medium fit your business.
In conclusion, let me share with you the 5 P’s of marketing.
As earlier said, business is only about one thing, and that is the people. If you want to stay long in business, your business must see to the satisfaction of people. When choosing your Product, Price, Place and Promotion, you must consider the People.
Always be ready to perform a market analysis, of what’s working and what’s not, this gives you an insight of things you need to do to make yourself established in the market space. The first step in performing a market analysis or competitor’s analysis is to identify who your target audience is.
Note that your business doesn’t only run online, you run it offline too. Your business isn’t the first of its kind; you’re only adding new features to make it better than what has been in existence. For the market analysis, you randomly perform a survey on people who are perceived as your potential customers or your target audience.
Digital Skills Trainer
Digital Marketing Strategist