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Day 11: [Marketing Audit Asset 1] Marketing Strategy

Do You Have A Strategy For Success?

All businesses have a strategy.

365 days to your small business success guy - bookThe problem is, the strategy for most businesses is not having a strategy.

This type of reactive philosophy is the exact reason one business closes in America every single minute.

Failing to plan, is planning to fail, and if you don’t think you have a marketing strategy, then your marketing is also doomed to fail.

The ironic thing is that changing your strategy is the easiest and fastest way to instantly transform your business results.  It probably won’t even cost you any extra money to plan and carry out your marketing more strategically than you are currently.

The good news is that most other businesses lack a strategy, too, so you aren’t alone.  Like everything else in life, you just need to get started.

But before you do, let’s talk about what strategy is.

What Strategy Is

marketing strategy process

  • The master purpose of all your marketing activities
  • “Working on your business”
  • A long-term plan that identifies clear broader goals
  • Requires research, analysis and communication
  • Implements all your resources and tactics
  • Includes key performance indicators
  • Drives your organization towards success

What Strategy Isn’t

  • The action steps that drive your strategy
  • “Working in your business”
  • Focusing on the here and now
  • Requires analysis and testing
  • Puts your current resources to work
  • Provides analysis of current competitive conditions
  • Drives your individual campaigns towards success

As you can see, strategy is more than just buying display advertising and waiting for people to walk through your doors.  It’s more than writing a few blog posts and spending time on Facebook.  And it’s more than just having friendly employees that greet all your customers as they enter your business.

These things are some of the tactics you might use to implement your strategy, but alone are not going to bring long-term success to your business.  And worse, without a strategy, if your tactics fail, so does your business.

ChartTo help you get started developing your own strategy, let’s take a look at Andy the Accountant as an example.

Andy’s business has been stagnant for the last several years, mainly because he didn’t have a marketing strategy in place to grow his business.  This year is going to be different, so his strategy is to maneuver his brand into the top two considerations in his market and to double his clients in the next year.

Quite a goal, right?

It would be without a plan, but now that Andy has a strategy, he can put the right tactics in place to help him make his strategy a success.

Here are just a few of the tactics Andy could use:

  • Survey all his current customers to better understand their needs
  • Run radio and television ads to build up brand recognition
  • Create a lead magnet that educates prospects about the benefits of working with him
  • Have daily coffee meetings with business owners that fit his best customer profile
  • Publish blog posts and post them on LinkedIn
  • Develop a referral system that compels current customers to recommend his services
  • Partner with a local printer for cross promotions

The list can go on and on, but you get the idea.  Andy has a very specific strategy and all the tactics he needs to implement to reach his goal.

And so will you by the end of this course.  By following along, you’ll automatically have a solid strategy to grow your business and a strong command of the tactics needed to reach any of your business goals.

The key is to stay flexible, adapt to the many changes that are headed your way and to clearly express your strategic philosophy to all three sets of customers:  your team members, your vendors and your traditional customers.

take action today
Take Action Today: Think about some goals you’d like to reach in your business.  Do you want more market share?  More customers?  More profit from your current customers?  Write down five strategic goals you’d like to reach in the next year.  This should take approximately 15 minutes.
  Have a question? Just ask in the box below!

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