The Importance Of Marketing Strategy
Startup ventures pop up all the time. This is a tremendous boom to innovation and an outlet for new ideas to come to the forefront. Startups typically focus on a particular product or service, and their founders base the need to initiate a startup on a potentially novel idea they had. Perhaps, rather than reinventing the wheel, they feel that they have a way to make or do something better than competitors. As an entrepreneur you can pour your and investor money into your idea and kick off your startup, but what if you find out, that the interest in your product or service just simply isn’t there, or the right people who could be interested have no idea where to find you?
Startup founders sometimes dismiss the importance of a marketing strategy thinking it might just be a waste of time, money, and energy to put together. They take the “let the chips fall where they may” approach, optimistically thinking that their idea is so fantastic that it cannot possibly end in anything but outright success. It is a risky gambit.
Those startups hit the ground running before taking the time and effort to put together a marketing strategy that has created their company backwards. The correct order of events in launching a new product or service is to put together a marketing strategy, a tool vital for the initiation of any new business.
Instead of building something they hope will sell, a company should put in the legwork in proving that it will sell. The “if we build it, they will come” model of business usually doesn’t work out well.
Businesses often mistake advertising and publicity for a marketing strategy, but there is more involved in it than that. Advertising is costly and a company that has not figured out who they are advertising to yet, is likely to run out of money before their business picks up any traction. Advertising alone is a tactic, not a strategy, and means that the proper research and planning has not actually been done.
A marketing strategy is a preemptive building and long term planning, coupled with a forward-thinking approach. It is a definitive plan of getting to the desired goal of getting bigger sales, a loyal customer base, attracting new ones, increasing revenue, and gaining a competitive edge in the market.
Anyone getting a startup off the ground needs to not only have a creative vision, but also the pragmatic grounding of their ideas in concrete data and thorough research. This means setting goals that are realistic and plotting the most efficient method to meet your business objectives. The marketing strategy is a plan that stems from the roots of the founder’s ideas, but a plan within itself is not much if it is not put into action.
Another vital component of a marketing plan is the ability to define exactly who the product or service is being targeted for. A product hitting the market without a group of interested customers is an empty venture. If one does not know their audience, how would their company’s goals align with that of an audience?
On top of that, how would a company know to organize the development and promotion of the product? Organization of a marketing strategy is paramount and a marketing plan allows a company to decide on timing, use of automation, content planning calendars, email campaigns, other forms of promotion (like social media), etc. If a marketing strategy is disorganized, it will likely lead to lost customer leads and disorder, which is likely to dampen the company’s success in its venture.
It’s also important to think about the budgeting aspect. Running headlong into a startup without a well-plotted marketing strategy means that not enough consideration and thought has been given to how to allocate resources. These resources do not include just the financial sort, but also the people who will work on the project, how work will be divided up, and assessing the team collaboration to make sure things go as smoothly as possible.
From that standpoint, a marketing strategy is the bones under the success and growth of any company. Any action taken should be done after careful consideration and a well thought through a course to get the product or service delivered to a verifiably interested audience, made efficiently (quality and financially speaking), and rolled out as smoothly as possible. Companies who take the time and effort to put together a marketing strategy, then enter the marketplace more prepared and better equipped for success.