Houston Business & Marketing Strategy
What is meant by business strategy?
Business strategy is your working plan for achieving your vision, prioritizing objectives, competing successfully, and optimizing financial performance with your business model.
How do I decide my business strategy?
Whether you’re looking to set new business priorities, outline plans for growth, determine a product roadmap or plan your investment decisions, you’ll need a strategy. Coming to the realization that your organization needs one is easy. Actually creating a strategy is a little trickier.
To know where you’re heading, you have to know where you are right now. So before you start looking ahead, you should review the past performance, or the current situation. Look at each area of the business and determine what worked well, what could have been better and what opportunities lie ahead.
You should look internally at your strengths and weaknesses. And for the opportunities and threats you should look at external factors. The next step is to describe the organization’s purpose and values in order to keep your plans focused in the right direction. Once the vision is set, the next step is to set SMART objectives (Specific, Measurable, Achievable, Realistic and Time-related). Your objectives must also include factors such as KPI’s, resource allocation and budget requirements.
All the planning and hard work may have been done, but it’s vital to continually review all objectives and action plans to make sure you’re still on track to achieve that overall goal. Managing and monitoring a whole strategy is a complex task, which is why many directors, managers and business leaders are looking to alternative methods of handling strategies. Creating, managing and reviewing a strategy requires you to capture the relevant information, break down large chunks of information, plan, prioritize, capture the relevant information and have a clear strategic vision.
What is meant by marketing strategy?
Effective marketing starts with a considered, well-informed marketing strategy. A good marketing strategy helps you define your vision, mission and business goals, and outlines the steps you need to take to achieve these goals.
Your marketing strategy affects the way you run your entire business, so it should be planned and developed in consultation with your team. It is a wide-reaching and comprehensive strategic planning tool that:
- describes your business and its products and services
- explains the position and role of your products and services in the market
- profiles your customers and your competition
- identifies the marketing tactics you will use
- allows you to build a marketing plan and measure its effectiveness.
A marketing strategy sets the overall direction and goals for your marketing, and is therefore different from a marketing plan, which outlines the specific actions you will take to implement your marketing strategy. Your marketing strategy could be developed for the next few years, while your marketing plan usually describes tactics to be achieved in the current year.
How to write a successful marketing strategy
Your well-developed marketing strategy will help you realize your business’s goals and build a strong reputation for your products. A good marketing strategy helps you target your products and services to the people most likely to buy them. It usually involves you creating one or two powerful ideas to raise awareness and sell your products.
Developing a marketing strategy that includes the components listed below will help you make the most of your marketing investment, keep your marketing focused, and measure and improve your sales results.
- Identify your business goals
- State your marketing goals
- Research your market
- Profile your potential customers
- Profile your competitors
- Develop strategies to support your marketing goals
- Use the ‘7 Ps of marketing’
- Test your ideas
What are the 7 P’s of marketing?
As products, markets, customers and needs change rapidly, you must continually revisit these seven Ps to make sure you’re on track and achieving the maximum results possible for you in today’s marketplace. These seven P’s are:
- Physical Evidence
If you can choose the right combination of marketing across product, price, promotion, place, people, process and physical evidence, your marketing strategy is more likely to be a success.
How do you develop a successful marketing strategy?
There are four key elements that are part of a successful marketing strategy. Below is a list of those elements with an explanation of what they involve:
1. Segmentation: A company’s current and potential customers fall into specific segments or groups. You need to characterize them according to their needs. You can identify these groups plus their needs through market reports and market research. As soon as you know what they are, you need to address those needs more effectively than your rivals. You also need to address consumers’ expectations.
2. Targeting and positioning: You must target the market segments that represent the greatest profits for your business. What your product or service offers must meet the needs and expectations of the target market you have selected. Your marketing strategy must make the most of your strengths. It must also satisfy the needs and meet the expectations of your target segment.
3. Promotional tactics: When you have designed your marketing strategy, you need to decide how to make sure your target segment knows about your product or service. You must also tell them why and how your product can meet their needs. You can do this via advertisements, public relations campaigns, exhibitions, and Internet marketing. Internet marketing means the same as digital marketing, i.e., online marketing.
4. Monitoring, assessment, and evaluation: You must monitor and evaluate or assess your strategy. It is important. Unfortunately, many people in business skip this part. Monitoring and evaluation help companies see how well their strategy is performing. It also helps them devise a future marketing strategy. In other words, it has both short- and long-term benefits.
How is a marketing strategy different from a marketing plan?
Your strategy comes before your plan
As soon as you have determined what your marketing strategy is, you can draw up a marketing plan. The plan describes how you are going to execute your strategy. It also shows how you will evaluate its effectiveness or success.
What should you expect from us as your marketing strategist?
Businesses too often invest in the wrong digital consultant, and they come out hurting in the end, after their high-end spending delivers bargain-rate results. The key to avoiding a similar fate, Social Media Today notes, is knowing what to look for when you hire a consultant. Here are five things you should expect from any worthwhile consultant.
1. Transparent Reporting
3. High-touch Local Customer Service
4. A Template for Success
5. Ongoing Optimization of Campaigns
In summary, we become a partner in your business and help you grow to your potential!
“In marketing, I’ve seen only one strategy that can’t miss – to market to your best customers first.” – John Romero
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