Defining an effective marketing strategy followed by successful execution enables businesses to grow in an ever-changing, competitive marketplace. Small businesses have to compete in a highly crowded market against big players, and setting yourself apart from the competition is never easy.
Frustratingly, many business people still mistakenly assume that when you talk about “marketing”, you’re talking about “tactical” marketing – e.g. placing ads, sending out mailers, attending trades shows, creating brochures, and so forth.
“Tactical Marketing” is the execution of your marketing plan – and the tasks you action each day – write blogs, post social content, run events or send emails – that implement the strategy.
GetSet are running a new Masterclass in Worcester in August, to help you take your business to the next level. You will learn about the most effective marketing techniques at this stage of your growth.
Clare McKee, GetSet Marketing Strategy Director, says: “If your strategy is wrong, you might execute the associated tactics perfectly, but it will be a waste of time and money, as the strategy will not deliver the results that you want. This is why it is always critical to ensure your marketing strategy is right before you deploy tactics”.
What is a marketing strategy?
In essence, your marketing strategy is an explanation of the goals you need to achieve with your marketing efforts. Your marketing strategy is shaped by your business goals, so they should go hand-in-hand.
Your strategy can only be determined if you understand your own strengths and weaknesses, those of your competitors, and value as defined by your target market.
Once you have clear marketing goals and a well-defined strategy, your marketing will be more focused and you can make more effective use of appropriate marketing tactics to grow your business.
Here is a taster of some of the things you will learn in a Marketing Masterclass:
1. Define Your Goals
You have your overall business goals for the year, so set the metrics you need to measure to ensure your marketing tactics are delivering those business goals.
2. Target Markets
You have narrowed down the competitive environment to the key markets in which you will operate. This includes the markets, locations, segments and types of customers.
3. Customer Needs
Understanding your ‘ideal client’ will allow you to identify where you should be concentrating your marketing and sales efforts. What are the wants and needs of your prospective clients and what do they value?
4. Knowing the competitive landscape
You must define what value you are able to deliver to your prospects. And this value must match what they are looking for, and be more valuable than your competitors’ offering. This is how you create competitive advantage.
5. Your Marketing Capability
What resources do you have/need to deliver your strategy? Analyse the success of your previous marketing tactics to determine which you will optimise going forward, integrated with insight into how your prospects find new information.
6. Your Competitive Strategy
Ultimately there are only three ways to win business: Compete on price, on value or on product/service differentiation. If you can’t deliver on all three, which is best for your business?
GetSet have created new services to help SMEs with a turnover of >£500k p.a. reach their next growth objectives. Part of the YTKO group, GetSet works directly with ambitious businesses, on their marketing, finance and operations, to increase sales, profitability, and growth.
Visit the GetSet website to find out more at the Get Set For Growth website.