A good marketing strategy comes from regular analysis

Could your marketing strategy do with a health check?

We all benefit from regular health checks. A doctor asks a number of questions and conducts various tests to establish how healthy we are and how we could make changes to improve our health and wellbeing – now and into the future. It’s no different for your marketing strategy.

For a good marketing strategy to stay in good health the following elements must be accurate and understood – the business model, the competitive landscape; target market; SMART objectives; value proposition and unique selling proposition (USPs); and the effectiveness of recent marketing campaigns.

A good marketing strategy - Marketing strategy health check

Is your competitor analysis up to date?

Your marketing strategy will only be successful if the bigger picture is understood – a good marketing strategy will take into account the competitor landscape. You want to know what they are doing well, so that you can present counter arguments/perspectives. Equally you need to know what they aren’t doing well as this provides opportunities to add value and differentiate.

The competitive landscape can change dramatically over a short space of time – new entrants, new technologies, new usage cases – and your marketing activities need to adapt accordingly.

Does your marketing strategy reflect your ideal customer?

This may seem a ridiculous statement but you have to talk to your customers if you want to win more. The tastes, needs and requirements of your target market change. You may even find that the target market you focused on a few years ago doesn’t actually match the profile of your best customers now. The difference may be subtle, but it could mean that much of your marketing effort has been trying to attract and convert the wrong segment. A good marketing strategy will provide a detailed description on the customers your business wants to win.

Why should prospects buy from you anyway – do you have a strong value proposition?

We can all suffer from marketing myopia – and whilst our solutions may be wonderful, it is vital to sense check it against the needs of our target market. You have to keep exploring what their pain points are and the value they seek from a solution. Not only will this give you insight into how to improve you product/service but it will also allow you to better define your value proposition – the reason why prospects should buy your offering.

A good marketing strategy will pull together findings from your competitor analysis and market requirements. This ensures your value proposition is built upon your solutions USPs – building upon strengths and diluting weaknesses.

Has your marketing mix delivered a ROI?

If the answer is no – then your marketing strategy is showing the classic symptoms of neglect. The good news is that by investing time researching competitor activity, the value your customers seek and the USPs of your solution will create the firm foundation you need to build more effective marketing campaigns.

Marketing strategy analysis enables you to set the right marketing objectives moving forward – strategic, measurable, achievable, realistic and timed (SMART). If you don’t know whether your recent marketing activity has worked, this suggests SMART objectives weren’t set last time round. Objectives are critical not only for planning but measuring. To measure success, there are a number of techniques you can apply to measure response and conversion rates – Google Analytics is a prime example. There is no point undertaking any promotional activity if you don’t track and measure performance.

If you would like to ensure you are working from a good marketing strategy then book it in for a health check. Get in touch – we would be pleased to talk through

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