A marketing strategy is essentially an outline plan with a series of expectations and forecasts based on research and previous data. A good strategy should then have actionable steps to follow which prove or disprove the hypothesis and how to continually review and adapt moving forward.
This sits alongside the need for sustainable growth for businesses. Firstly it’s great to have growth but it’s a lesser known fact that many fast-growing businesses actually fail due to their accelerated growth as they could not manage or sustain the required team, supply chain or demand.
Therefore an effective marketing strategy can help you both achieve growth but in the right way so it’s sustainable and you can have a steady but consistent ascent for your business.
One of the key aspects having a clear strategy can help you achieve is identifying what matters. Often business owners will have a spike in sales and revenue but not be able to directly attribute what marketing activity it was which led to the spike. Similarly sometimes sales might actually decline and business owners aren’t able to understand why or how it happened.
A strategy can bring to light these known unknowns. And once you have a clearer picture of what is impacting your bottom line you can work back to make smarter decisions and plan for sustainable growth/avoid declines.
The ability to predict and plan for growth is a huge benefit to small business owners. You can then start to forecast and budget with a hige degree of accuracy, plotting when to hire new staff, when to invest in product development and when to launch new marketing campaigns.
This not only gives you a huge competitive advantage but it also helps protect the longevity of your business and against the threat of true unknown unknowns such as global financial issues.
Once you create a strategy is doesn’t mean you can then rely on the same strategy to deliver the same results time and again. An effective strategy is dynamic one, which adapts and is updated regularly according to the latest data & insights.
Again this only serves to help foster sustainable growth as your expectations are as accurate and up to date as they can be. Your predictions are more likely to play out and therefore your budgeting and planning can all be managed to grow at the pace you prefer.
One of the underappreciated benefits of an effective marketing strategy is its ability to support sustainable growth. This helps protect your business long-term but is also more enjoyable and less stressful to manage. You can be more confident in your decisions and gain better clarity on what really matters most.
As always if you’d like help creating your marketing strategy you can request a consultation call with me today.