How to Create a Marketing Strategy for Your Business

Maralytics Blogs How to Create a Marketing Strategy for Your Business

Why do you need a marketing strategy

  1. Clear guidelines: Your marketing strategy gives you and your employees a clear understanding of your marketing and priorities, focusing on tactics to achieve your goals.
  2. Deeper insights: With the proper research, planning, and execution, you can glean powerful insights that help you better understand your customers.
  3. Better budgeting: A marketing plan helps you prioritise your budget, allocate the right amount needed to execute, or better understand what you need.
  4. Competitive edge: Getting ahead with competitors is complex, but having a well-thought-out marketing strategy helps you stay top of mind with customers.
Maralytics Blogs How to Create a Marketing Strategy for Your Business

Before you get started

  • Financial reports: Have your latest financial statements and reports nearby. This should include profit and loss reports, balance sheets, employee payroll, and other significant financial statements. You should look at the last three Financial years (or all of your comments if you’ve been in business for less than that) to get an understanding of year-over-year (YoY) trends in your industry.
  • A list of your product offerings and roadmap: Have a document that lists your inventory, product offerings, or services. If you have plans for expansion or adding new products, include those with a timeline for opening, launch, or release.
  • Your current understanding of your market and audience: This can be as simple as writing down who you think your target audience is and what your addressable market is. It’s meant to be a reference point for you to compare once you’ve researched both of these groups.
  • Customer feedback: Comb over feedback from customer surveys or feedback from receipts. Check Google and Yelp reviews, or any other local listings, in addition to channels like social media where you can hear straight from your customer what they do and do not like about your business or offerings.

Examples of different types of marketing

  • Email marketing
  • Direct mail marketing
  • Influencer marketing
  • Social media channel marketing
  • Paid advertising
  • SEO optimisation

SWOT analysis

Maralytics Blogs How to Create a Marketing Strategy for Your Business

Internal factors

  • What advantages do we have when it comes to marketing? For example, you might already have exceptional online reviews.
  • How can we leverage our existing customer base? If you already have a strong following, you can focus on deepening those relationships.
  • What tools do we currently have available? You might already have social channels or an email marketing service set up.
  • What resources do we already have on staff to help us reach our goals? Maybe you have a social media expert to promote and leverage to help you tackle that side of your marketing strategy.
  • Where do we need to improve?
  • What is not going well, or what areas do I not feel confident in?
  • What resources or technology limitations do my business have held me back?
  • What areas take up the most time, resources, and money but don’t yield results?

External factors

  • Are there opportunities in the market that competitors are not taking advantage of?
  • What marketing tactics do my competitors not do well?
  • What new trends can we capitalise on? How can we stay on top of trends in the future?
  • Have there been recent changes in my target market that I can explore?
  • What are the roadblocks in our market that might prevent us from achieving our marketing goals?
  • What are we doing that our competition is also doing?
  • What is our competition doing better than us?
    Doing a SWOT analysis before kicking off audience and market research will help you be prepared with an in-depth knowledge of where your business stands as it is and what areas you want to focus on building out in your marketing strategy.
Maralytics Blogs How to Create a Marketing Strategy for Your Business

Target market analysis

Buyer persona

  • Age
  • Gender
  • Location
  • Job title
  • Income
  • Family size
  • Their priorities and challenges

Market research

  • Who is in your market, and what challenges do they face.
  • Which of your competitors are winning your customers, and how.
  • What products, tools, and services are trending in your industry.
  • The key factors are influencing purchases and conversions in your target market.

Primary market research

  • Interviews
  • Surveys
  • Questionnaires
  • Competitor scouting visits
  • Focus groups
    Through primary market research, you’re aiming to gather two types of information that are complementary to each other:
  1. Exploratory: This type of information is open-ended and general. It’s typically gathered through extended interviews with a small group of people or one person at a time.
  2. Specific: This type of information is very pointed and precise. You reference this information to solve a problem or issue presented from your exploratory research. This utilises more formal interviews to gather.

Secondary market research

  • Reports and studies from government agencies (including census data and labour statistics), research agencies (like Pew, Gartner, or Forrester), trade associations (like Retail Dive, QSR Magazine, and more), education institutions, or other businesses in your industry.
  • Published content from publications, trade journals, industry publications, competitor content, and more.
Maralytics Blogs How to Create a Marketing Strategy for Your Business

Marketing goals and objectives

Outlining SMART goals and objectives

  • Specific: Be as clear as possible when writing goals. The objectives should be clearly outlined and defined for any team member to understand.
  • Measurable: Include KPIs and other qualitative benchmarks to track the progress of your goals.
  • Achievable: You should have big dreams, but be realistic about what you can achieve within your limitations. You should set a high bar for your business, but don’t set yourself up for failure.
  • Relevant: Your goals should utilise the market research you’ve performed to ensure they are specific to your business and the direction you want to go in.
  • Time-bound: Each objective should have a determined timeline tied to it.
Maralytics Blogs How to Create a Marketing Strategy for Your Business

Examples of goals and objectives

Determine KPIs for precise measurement

  • Net New Customers: Increase in customers over some time, the percentage increase over some time and compared to other time frames, acquisition cost per customer.
  • Website Metrics: Number of visits to your website, time spent on each page of your website, number of visits per customer, percentage of customers who leave without purchasing.
  • Social Media Engagement: Increase in followers over some time, percentage increase over some time, number of times content was shared, number of leads generated through social media, traffic between your website and social media channels.
  • Customer Spend: Average spend per customer per visit, standard cart sizes.
  • Lead Generation: Number of new leads brought in, percentage increase over specific time frames, cost-per-lead, percentage of web traffic that converts to a lead and then to a customer.
  • Sales Growth: Like the increase in revenue, number of units sold, etc. Pay attention to changes over specific timeframes and around product launches or marketing campaigns.
Maralytics Blogs How to Create a Marketing Strategy for Your Business

Conclusion

Building off of your strategy

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Miriam van Heusden

Miriam van Heusden

Hi, I run a software company called Maralytics. My software shows you all your sales, profit, ROI and customer results from your marketing campaigns.