Why do you need a marketing strategy

Hi everyone, it’s Nishi Patel at N-Accounting, and I hope you’re having a great day. As always, if you find this video useful, just remember to like, share, follow and subscribe, and I’ll get into what it is. So today, I want to talk about why businesses need a marketing strategy. But before I can talk why businesses need one, I should explain what a marketing strategy actually is. So we all know about business plans and what a marketing plan is, is the section of the business plan which explains exactly how the marketing section of the business is actually going to work. So marketing is about your ability to attract customers and clients. And what it also does is, good marketing will help you convert those prospects into customers and clients as well, because if your marketing’s good enough, by the time they pick up the phone to call you and say, “I want your support”, they already know they want to go with you. In the sales call, you’re just working out the details.

So yeah, marketing, when done right, is what will convert a prospect into a client. And then the sales call is just about formalities. So the marketing plan is a plan that shows exactly how your marketing’s going to work in the business. But what people often mess up on is they create a marketing plan without actually creating a marketing strategy. And I think I was guilty of this when I first started my business. I said, “I’m going to do this activity, marketing activity, now I’m going to do this marketing activity, now I’m going to do this marketing activity.” And in my business plan, in the marketing plan section, I listed out how each activity worked, and what I thought it was going to achieve for me, and how long it would take to get me those results, and what the cost involved were. So that was great. I had a marketing plan.

But it’s taken me years to realize that wasn’t good enough, and in hindsight, I’ve probably waste tens of thousands of pounds every year, just because I hadn’t realized this. A marketing plan isn’t about how you’re going to do the things you’re going to do. Sorry, a marketing plan often has that, but it shouldn’t be about that. What a marketing plan should be doing is outlining your marketing strategy and a marketing strategy is not about how you’re going to achieve a load of independent marketing activities, a marketing strategy is about how all of your marketing activities link together. That’s the key thing. The key difference between a marketing strategy and a marketing plan is a marketing strategy will really outline the interaction of all the different activities you do.

So I was talking to a marketing expert the other day, and she said, “By the time a customer buys from you or a client buys from you, then essentially they would’ve seen you or had about 12 to 13 interactions with your business.” So if you think about it, if one of your marketing activities is Google AdWords, then that’s one interaction. So fine, you’ve identified someone’s interested, but how are you going to have more interactions with them and get them to a point where without actually want to buy from you? And that’s where a marketing strategy comes in. So ultimately, you can’t just have one source of income in your business, you need to connect it up. So things like a pay-per-click campaign on AdWords, or Facebook marketing or YouTube marketing. What it’s got to do is, it’s got to put people into your sales funnel and sales and marketing funnel.

So what that means is when someone’s been to your website once, you’ve got to start popping up everywhere for them, you’ve got to start giving them relevant content to help them get to a point where they know they definitely want to buy from you. And that’s what the marketing strategy does. It says, we’re going to take all these individual components and we’re going to put them and link them together. We’re going to create a sequence so this thing comes before this thing, which comes before this thing, and the marketing strategy is going to be really clear about what every element of that funnel is meant to be doing, in terms of converting that prospect into a client.

So this is one of the challenges with a lot of marketing professionals I’ve come across as well. They don’t always put the individual activities into context. Yes, you can get a website, but how does that fit into the bigger picture of your marketing funnel? You can go and do some pay-per-click advertising, but have you got the follow up in place? Have you got the additional points of contact to make sure that you have enough points of contact to get them over the line to being a client? So ultimately, when I’m deciding which marketing agency to work with, I talk to the ones who have indicated they understand the bigger picture. It’s not enough just to get a website, you’ve got to be asking the question, “How is this going to help me convert? Or how is this going to lead them onto the next stage in the sales process?” And that’s a really important one.

So standalone marketing activities, they’re just pointless. There’s no point in just getting social media. There’s no point in just getting a website, there’s no point in just getting Google AdWords and pay-per-click stuff. What you’ve got to do is you’ve got to be asking the questions when you come to outsource. Okay, so once I’ve paid for this service and we’ve done this type of marketing, what is next for that prospect? Will they go and buy from me straight away, or will I need to push them into another part of my funnel? Will I need a different marketing activity to then take them onto the next step? So that’s really, really important. Once you understand that, and don’t get me wrong, you can spend a million pounds on marketing and you probably will get some result. But wouldn’t it be nice to get the same result with only spending £10,000 on marketing?

So that’s what the whole marketing strategy and funnel is about. It’s about really leveraging the investment that you put into marketing to get you the very, very best results. So if you found this video useful, if you want to learn anything else about this, then get in touch. We cover all this as part of that our Apex program. So our Apex program is there to plan people’s dream businesses and then give them the resources they need to actually achieve that dream business. So we do cover stuff like this. So if it’s something that’s useful to you, then please get in touch, book yourself in for a discovery call, and then book yourself in for a strategy session. Where I can help you understand and what your business is worth today, and then give you an idea of what it could be with the right kind of investment. So hope you’re having a great day and I will see you at the next video.

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Free online training for small business owners

How to Create an Exit Strategy...

This session will cover:

  • The THREE things stopping you from scaling your business
  • The ONE thing you MUST do if you’re serious about exiting on a high
  • The tried and tested model you must implement NOW to lock down a high-value business sale later

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