Avoid these 4 errors when developing your marketing strategy

Developing your marketing strategy is a crucial step in achieving your overall business objectives. Here are a few common errors that can easily be avoided when creating a marketing strategy.

1- Not clearly defining your goals and objectives. Often, strategies are launched with goals but not with clear objectives. If a strategy is to be successful, both need to be present.

What is the different between a goal and an objective?

Goals are statements you make about the future for your business. They represent your aspirations for it. You might say, “We seek to be the most widespread widget maker in the country.” This statement demonstrates that you have lofty plans for your business, but it does not say specifically how you can meet your goal.

Objectives are the exact steps your company must take to reach its goals. Typically written as SMART objectives, they are written without emotion, they are measurable, and quantifiable. They also are realistic and attainable and have an associated timeline. For example, an objective for the goal statement of being the most widespread widget maker in the country might be, “We will increase our sales by 3 percent in each quarter of this year in each region in which we currently operate.” Another objective might be, “We will open new branches and plants in two provinces per quarter this year.”

Remember that you should also have SMART objectives for each of your marketing channels. These will help you define what actions are best and keep your team and your budget on track.

2- Not defining or analysing your target market. A clear description and analysis of your current and future target market is essential to success. With a clear picture of who your target market is you will be able to approach them in the most appropriate manner. This will also help you define the best message and channel to reach your objectives.

3-  Managing your budget poorly. It is necessary, if not crucial to effectively and proactively manage your marketing and advertising budget. The budget can be drafted on an annual, quarterly or monthly basis. Allocate your marketing investments based on your SMART goals for each of your communications channels. Set a reasonable budget at the beginning and then analyze and focus on what works best.

4- Create a mix of short-term marketing investments with long-term ones. In your marketing mix, you must invest in activities that will generate immediate sales (short-term investments). These are easy to justify and are well understood by stakeholders. On the other hand, medium or long-term marketing investments are not always so obvious. Examples are: working on your value-proposition, creating your marketing strategy, revisiting your brand image, the redesign of a website or an event designed to build notoriety.

As in any sound management practice, investments in both the short and long term are required. The perceived risks of the previously mentioned potential errors decrease dramatically when you have clear objectives.

Always a pleasure to help you make your mark!