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What has emerged is a need for businesses of any size to develop strategic marketing plans based on their overall business strategy with key performance indicators ranked according to desired ROI calculators.
There are many reasons to engage in strategic marketing rather than adhoc marketing initiatives that have no set deliverables or KPI’s and are not aligned to the overall business strategy.
It’s like closing your eye’s and hoping that your marketing dollar lands where you want it to at that particular time and produces the results to keep going. The ‘blind-folded’ approach is well known in small business as many companies feel that hiring a marketing consultancy is too expensive and that they are not quite ready to hire a marketing manager in terms of commitment to a fulltime resource and affordability of $100k salaries.
The basis of strategic marketing is being able to:
(1) Articulate specific business goals,
(2) Succinctly define target audience or key customers,
(3) Develop campaigns to support core business goals, and
(4) Maximize ROI.
The issue arises for small business owners when ascertaining how they can operate with much more limited resources than their larger counterparts if in fact a marketing strategy actually works. The answer is that small businesses can if their marketing strategy addresses the specific growth and retention needs that are unique to the business.
Global corporations use strategic marketing to communicate initiatives and messaging across the entire company. A small business can use strategic marketing to help shape growth, develop advertising campaigns, public relations, client retention, customer acquisition and manage resources. Implementing strategic marketing into business practices can help business owners target key customers, effectively allocate resources, and improve business processes with more quality results at a lower implementation cost of both monetary and personnel resources.
With the growing trend of freelance consultants and small, highly specialised marketing consulting firms, small businesses are now able to contract a marketing professional to develop a strategic marketing plan and help implement the necessary business structure.
Affordability is key for small businesses when looking at outsourcing their marketing strategy development, but let’s face it, who can afford not to have this in place?
Marketing Eye is helping 10 businesses develop their own marketing strategies with the guidance of a marketing manager who has worked with over 200 companies on developing marketing programs.
Mellissah Smith is the founder of 4 businesses and works as the Chief Executive Officer of Marketing Eye Pty Ltd. Marketing Eye has helped over 200 companies develop marketing programs aimed at growth, expansion and customer retention. A strategic marketing plan is integral to achieving these goals and 10 lucky companies will have the opportunity to explore their businesses in details and develop a strategic marketing plan with the guidance of Marketing Eye.
