It’s not easy to run a business, and that’s never been truer than it is today as entrepreneurs battle skyrocketing costs, a delayed supply chain, a labor shortage, international competition, a rapidly-changing customer base and more. The numbers to confirm that fact are stark. According to the U.S. Bureau of Labor Statistics, only 25% of new businesses will last more than 15 years.
However, as savvy entrepreneurs know, it isn’t all doom-and-gloom, as long as business owners know how to strategize, especially when it comes to marketing strategy. Although some believe they can get by without a defined marketing strategy, that’s a colossal mistake. Here are three reasons why an extensive marketing strategy is the key to business longevity.
Poor research leads to blind ad spend
All businesses, and their customer bases, are completely different, and there’s no one-size-fits-all when it comes to marketing strategy. If businesses are reluctant to spending the proper funds to develop that strategy, they’re at risk of wasting countless dollars on marketing platforms that can’t perform or aren’t the right fit for their specific audience.
Instead, hone in on your business goals, whether that’s growing your consumer pool, keeping them engaged, or assessing their needs, and create a marketing strategy to reflect those goals. This way, you’ll never waste valuable time or money, and also enable your business to stick to its core objectives when obstacles threaten to thwart its way.
An auto-pilot plan becomes stale and ineffective
It’s easy to fall into the habit of following the same old-and-tired marketing plan, especially if your business has many other tasks on its plate. But as social media platforms, search engine optimization strategies, email marketing rules and other methods of online marketing rapidly change, this is a huge blunder.
However, a successful marketing strategy has checkpoints that allow business owners to evaluate if a marketing method is or isn’t working, and make sure that they are spending their resources in the right places. Without it, you could continue to languish with the same marketing methods that are long past their sell-by date.
A detailed plan of action ensures all the time, effort and money that you spend on marketing your business is well-spent to produce the best results for your business
A marketing strategy is only as great as the sum of its parts. And unfortunately, one wrong move on any of those parts – whether that’s a tone-deaf social media post, a lack of competitive messaging or a complete miss of an important marketing channel – can mean a loss of brand trust for customers.
But a comprehensive marketing strategy will ensure that all of these parts work together successfully and there’s a plan behind all of your marketing goals, rather than simply throwing many tactics at a wall and seeing what sticks. With a detailed marketing strategy, you can get the most out of every dollar – and minute – spent.
It can be daunting to create a thorough marketing strategy, especially given the range of challenges businesses face today as well as the abundance of marketing tactics at their disposal. But in the long run, it’s worth every penny to give your business the best chance at long-term success.
Mint Zebra offers guidance on developing your distinct marketing strategy, tailored just for you and your business goals. To date, we’ve helped countless businesses create comprehensive marketing strategies to drive strategic growth. Contact us today to learn more about how we can help. To share these tips with your followers, click the ‘Share’ social icons below.