There are many layers to your business and developing your marketing strategy: There are relationships, influences and dynamics which are going on around you every day and are available for you to tap into.
Now you’ve considered the 7 Ps of the Marketing and Services Mix, analyse your business to develop your marketing strategy. Think impartially about what your advantages are and where you could improve.
As part of your strategy, you need to think about what you’ll need but don’t have, and work out how to bring them into your business at the right time. Also, think about your brand, which is made up of your values (your core beliefs, which you won’t compromise on) which your customers should agree with and reflect back to you. You live your values.
Vision is about the strategic direction of your business and where you want it to go. Whereas, the physical expression of your brand is a fancy way of saying your logo and any colours, fonts or styles you use.
These are all areas you need to think about when developing your marketing strategy.
Using SWOT to analyse your business is a snapshot of your business and you shouldn’t get too hung up on it.
Strengths are things you can build on, and weaknesses are things you can address – spend a few months working on and improving these once you’ve identified them.
Opportunities and threats are usually on a macro level, such as a new piece of technology which can help you reach a new marketplace, or a process you can use. These are things you want to use and have in one place, and it’s worth using a spreadsheet or online document to capture and track these.
Once you’ve done your research and looked at the bigger picture, you’ll have a clearer idea of where you are now.
Then you need to think about what changes you want to make.
Aims and Objectives
There are lots of ways to set aims and objectives for your business. While it’s important to have a realistic idea of what’s going on around you, you should also dream big.
Aim high, higher than you think you’re capable of, because you’re going to go further by the virtue of aiming higher.
Some people use the SMART acronym for goal-setting, and I think there is some merit in this because you can be very Specific and write down exactly what you want to do. It’s quantifiable, because you Measure what will happen and by when and it’s Realistic and Achievable, even if there’s only a small chance, and it’s Timebound, so you’ve got a timeline to build towards that strategic aim within a short period.
It’s really important to quantify your goals, because when you set controls later on, you’ll know what you’re measuring and where to look. We’ll look at a framework to help you do this later on.
We’re going to consider the ways to grow and develop your business next time.
Are you worried your marketing isn’t working right now?
If leads and enquiries are drying up, you’re not attracting the right customers or you’re not making enough profit – it’s time to investigate.
Photo by Paul Skorupskas on Unsplash