| Strategy - and marketing strategy in particular - is one | | | | term view, focusing on building sustainable competitive |
| of the most overused phrases in business. But when | | | | advantages in addition to short term financial goals. |
| crafted correctly, your marketing strategy provides | | | | 4) Keep your marketing strategy high-level enough to |
| powerful direction to your business. For small | | | | vary your tactics. For example, one element of your |
| businesses in particular, a well defined marketing | | | | strategy might be to leverage PR to build awareness. |
| strategy can be the difference between increased | | | | That high-level strategy gives you all the guidance you |
| profitability and overspending. | | | | need to then build a workplan of tactics and evaluate |
| When defining your marketing strategy, it is important | | | | the individual tactics without changing your strategy. |
| to be clear on some key points: | | | | 5) Most importantly, your marketing strategy not only |
| 1) Your marketing strategy is NOT your business | | | | tells you what you are going to do - it also tells you |
| strategy. No matter how big or small your business, | | | | what you are not going to do. This is one of the most |
| you should have strategies (HOW you are going to | | | | common mistakes that small businesses and |
| achieve your overall business objectives) that relate to | | | | entrepreneurs make. They establish their marketing |
| finance, operations, legal, sales, etc - not just marketing. | | | | strategy, and yet when a new opportunity comes |
| 2) Everything you do isn't marketing. This is a common | | | | along that isn't part of that strategy, they pursue it |
| mistake that many small businesses make. Your | | | | anyway. And maybe, that is the right decision. But if so, |
| marketing strategy specifically defines how you are | | | | make sure to go back and change your strategy. |
| going to spend your time/resources to differentiate | | | | Because the purpose of your marketing strategy is to |
| your company and products from the competition. | | | | decide HOW you are going to spend your time |
| Each strategy should be actionable (via various | | | | resources. When it is complete, you should feel |
| tactics), measurable, and designed to reach your | | | | confident that you have the time and money to |
| overall business goals. Make sure that your marketing | | | | execute that plan. If you pursue each new "shiny |
| plan is robust, but remember that you need to have | | | | object" that isn't part of your marketing strategy - you |
| time/resources to allocate outside of your marketing | | | | will quickly get stretched too thin, likely overspending |
| plan. | | | | and reducing your profitability even while possibly |
| 3) Marketing is not sales. I have written an entire article | | | | increasing your top line sales. |
| on The Difference Between Sales and Marketing. But | | | | Clear strategy - both overall business strategy and |
| as a reminder here - specifically for small businesses - | | | | marketing strategy - are critical underpinnings to a |
| there are many tactical things that you can and should | | | | successful business of any size. For small businesses, |
| do to close a sale. Let's face it - if you only spend your | | | | remembering what to include in each, and using them |
| time doing brand building instead of selling, you won't be | | | | to manage your time and resources, can give you the |
| around for long enough for anyone to care about the | | | | edge you need to be more competitive and beat the |
| brand. But ensure that your marketing takes a longer | | | | odds. |