A marketing strategy provides the guidelines and success measurement criteria for your marketing campaigns and ongoing efforts. A marketing strategy typically included goals and objectives, and detail on target audiences among many other important marketing elements. Let’s discuss what is marketing strategy and how you can get started developing on.
There are different levels to marketing strategy depending on many factors such as, the complexity of your goals and objectives, the level of marketing ability to execute the strategy, the type of company you are marketing for, and most directly your marketing mix.
A complex as marketing strategy can be, there is a basic structure to a marketing strategy that delivers the vital information to establish a road map for your marketing and provide a powerful success measurement tool. Developing a solid marketing strategy before you start the tactical executions will save you time and money – Guaranteed!
What is marketing strategy: Do I need one?
In short no. You can jump right into marketing tactics and hope for the best.
However, if you want to ensure that your marketing is successful, meaning that it delivers on objectives and achieves goals, then I would strongly advise it.
Without a strategy in place to guide your tactical executions, you can achieve some success such as an increased number of leads, and more website traffic.
However, developing a strategy that establishes objectives that determine the number of leads, and the volume of web traffic, you will be able to determine the level of success achieved.
This means that your marketing strategy will provide a means for success measurement. Let me explain.
Achieving one of 5 objectives established in your strategy will likely be perceived as a failure at the end of the year. But without the strategy and no established objectives, achieving 1 objective may be considered a success. This is the kind of marketing performance we want to avoid by developing a solid marketing strategy.
What is marketing strategy: The basic structure
Each marketer or agency will have a slightly different structure to their strategies. It’s fair to say that different sizes and levels of business will require different structure for their strategies. However, there are a few elements that most strategies will include, and at A Marketing Podcast, this is the structure I have developed for small business and refer to in the show:
- Executive Summary
- Goals & Objectives
- Target Audiences
- Marketing SWOT
- Unique Sales Proposition
- Marketing Mix
- Campaign, and tactic strategies
There are potentially other areas your strategy can cover, but this covers the essentials. Depending on your business, it should be customized to fit your situation and way of doing business.
What is marketing strategy: Different Types
A marketing strategy is made up of many sub strategies. Although, not required at the inception of the marketing strategy you will typically develop strategies to give a higher level of detail to a campaign or tactic. For example, an email marketing strategy or a social media strategy.
It’s best to start at the highest level of strategy and then dig deeper into the sub strategies. This is because the main marketing strategy will determine the main goals and objectives, that will determine your marketing mix, that will determine the sub strategies you need to create.
Below is a quick diagram demonstrating the hierarchy of strategy for a simple 2 campaign marketing strategy. One of which includes a social content strategy.
There’s a basic run down on marketing strategy and how it’s used to provide a direction and success measurement for your marketing.
In Session 2 of A Marketing Podcast I discuss the structure of a marketing strategy in more depth and help you understand the infinite value of having a strategy in place before you get started marketing.
FREE 12 Page Marketing Strategy Template
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