Data suggests that marketing teams that document their strategy are more than 313% more likely to report success than those that don’t. Yet, despite this, most small businesses still aren’t using professional marketing strategists to develop a strategy for them. We’re still in the “in-house era,” where companies attempt to acquire the skills they need internally – and that’s holding them back.
In this article, we describe what a marketing strategy is and the benefits of having one in place for your business. Then, we look at how many small and medium-sized companies are letting themselves down by not having one.
What is a Marketing Strategy?
A marketing strategy is a comprehensive and detailed framework that helps you know your target audience, how to reach them, and the tactics to use. Think of it as a blueprint that reaches out to the people you serve, amplifying the impact of your outreach efforts.
A great marketing strategy should include:
Clear marketing objectives to support the business goals.
A competitive review to determine how you will position your company relative to the competition.
Target audience profiles detailing the pain points and solutions that will compel your target customer to action.
The channels you will use to reach your target audience.
The time of day, month, or year you will pursue the most aggressive marketing drives.
How you will organise your content strategy, including how frequently you will post, the types of content you will create, and how it will align with the buyer’s journey.
Whether you will work with any partners or influencers to amplify your reach.
The software and customer relationship management tools you will use to improve service.
The budget and resourcing plan to implement the strategy.
Generally, businesses write down their marketing strategies across a series of documents. Keeping them safe is essential for maintaining competitive advantage and ensuring company secrets don’t leak out.
Benefits of a Marketing Strategy in Sydney
As you might expect, the benefits of a well-developed marketing strategy are substantial and include:
A deeper understanding of what motivates your customers to buy and the products/services they want.
A more thorough understanding of your unique selling point (and why prospective customers would choose you over your rivals).
Better knowledge of how to position your product in the marketplace to secure better margins.
A clearer direction on which products and services you should invest in next and what consumers are most willing to pay for.
Better decision-making about which marketing strategies to follow and how to make the best possible use of your budget.
A more consistent effort across platforms to build trust and confidence over time.
More flexibility in your response to changes in technology, consumer tastes, and regulations.
An eye for the long-term success of your enterprise, including fostering consumer loyalty and scalability over time.
Most marketing strategy benefits only become apparent over the long-term. It can take years for ideas to come to fruition, so patience is essential.
Why Outsource to a Marketing Strategist?
The benefits of a comprehensive marketing strategy should be clear. However, many businesses struggle to attract talented strategists to their organisations. Salaries are high, and there aren’t enough professionals with the required skill set to go around.
As such, most small and medium-sized enterprises don’t have an in-house marketing strategy. Nobody on their team has the skills to devise an effective plan to enable their success. The negative consequences of this can be severe and include:
Inconsistent branding or lack of a marketable voice that prospective customers can trust.
Inconsistent messaging across platforms, with conflicting statements, offers, and value propositions.
Poor-quality, reactive decision-making that only considers the short-term
Ineffective use of marketing channels (or failing to use lucrative options, such as social media, at all).
Missed opportunities to target specific markets.
Failing to adapt to changing market circumstances, such as new trends or technologies.
Erosion of company image as a result of missteps, PR issues, or customer mistrust.
Lack of focus or overall objectives in marketing efforts.
For these reasons, outsourcing to a marketing strategist at The Change Starter is essential. With us, businesses can access professionals to help them develop a marketing strategy in Sydney and across Australia that will help them grow at a lower cost. Our experts can bring new perspectives and help businesses break out of the ruts holding them back.
Now You Know How A Marketing Strategist in Sydney Can Help You
So, there you have it; some ways a marketing strategist in Sydney can help you. Generally speaking, it is hard for businesses to acquire the talent they need in-house. Companies need external assistance and professionals to enable them to make progress on key issues and win in the marketplace. The Change Starter offers comprehensive services to get companies off the ground and help them make real progress in their marketing.
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Are you curious about how effective your marketing efforts are? Take our quiz to find out! Our 7-minute, online quiz will help you discover your relationship with marketing and determine if your marketing strategy is driving the results you want. Whether you're a small business owner or a marketing professional, our quiz is a great way to assess your current marketing efforts and identify areas for improvement.
The Change Starter® is a boutique marketing consultancy that builds outsourced marketing teams for established businesses who are committed to growth. Apply for a FREE Marketing Accelerator with Stevie to get crystal clear on the next steps you can take to promote your business to the right audience, at the right time, in the right place.