Why your marketing strategy isn’t working for your business

What exactly is marketing strategy?

A marketing strategy is a company’s overall plan for converting leads into loyal, paying customers over the long term. Simply, a marketing plan communicates exactly what your business stands for, heavily focusing on the business's value proposition. It includes a detailed plan that outlines exactly what your business has to offer and how this satisfies the demands of your target market. Lack of a solid marketing plan can significantly impact the success of your business. If your services are not adequately marketed, you run the danger of not obtaining leads. Ultimately, your marketing strategy serves as a road map for achieving marketing goals and offers a clear direction on how your company may focus its resources in the most productive directions. A marketing strategy will give your company a clear plan to accomplish set objectives, that are attainable for your business.

Here are, 5 reasons why your current marketing strategy might not be working for your business:

#1 You don’t have a solid marketing strategy

While your oraganization may already adopt simplified marketing activities for your campaigns, establishing a proficient and concise marketing strategy is essential for success. Much to the annoyance of marketers, chosen tactics do not produce instant results and require constant research and experimentation. If you are taking a simple approach to marketing, you are simply not enjoying the plethora of advantages that a well-constructed marketing strategy has to offer. Lack of a solid strategy will find your team struggling to collaborate with one another, as no clear goals have been set to follow. This will effectively risk the progression of your organization towards succeeding.

#2 You are unsure about what your value proposition is

A value proposition is a statement that businesses generate to express to their target audiences exactly why they should purchase your company’s offerings. It recognises they key distinctions that set you apart from your competitors and reaffirms the benefits that your offerings can provide. Potential leads will seek service from your major competitors if your messaging is unclear, simply because they are unaware of what exactly you have to offer, and what it will do for them. If you have a strong and well communicated value proposition, potential consumers are more likely to purchase your offerings, as they have a clear understanding on how it can satisfy their needs.

#3 You are targeting the wrong potential customers

When marketing efforts fail, it is commonly not because of the product or campaign as a whole - but simply because you are trying to sell it to the wrong audience. Many companies find themselves directing their promotional efforts to people who are not particularly interested in the products or services they are providing. If you find your marketing strategy is failing, it might be time to reconsider the audience you are communicating your products to. It is critical that your marketing plan includes a solid market segmentation strategy. Target research should be conducted thoroughly to ensure you are directing your resources correctly, rather than simply making assumptions about who your audience should be. Businesses should also consider creating buyer personas, so they can gain a greater understanding of the audience they want to reach.

#4 You are focusing on the features instead of the benefits

An extremely common reason marketing strategies don’t work is because of how businesses present their products to their core demographic. Whilst communicating the pivotal features of a product or service is essential, ensuring they are made aware of the plethora of benefits will have a significant impact on their final purchasing decision. Buyers simply cannot distinguish what your product can do for them just based on your features. By directing your campaigns towards the benefits of your offerings, you are advising prospective consumers exactly what benefits the product or service will provide them, ensuring they are making better educated purchasing decisions. This will assist in boosting your company's credibility and help your marketing efforts skyrocket to a new level of growth and performance.

#5 You are not willing to be flexible

The market is notoriously turbulent, much like consumers’ ever-changing expectations. As a business owner, is it extremely crucial that you ensure your company is keeping up with market trends, which should be accounted for in your marketing strategy. A strategy that worked well for your company a short while ago may no longer be appropriate, therefore the ability to adapt is essential. On a regular basis, revisions, data analysis and research on emerging trends in the market should be carried out to improve your strategies. Companies should commit to re-evaluating their marketing strategies quarterly, and they should repeat this each time a new product or service is introduced. This will ensure that your strategy serves a clear purpose towards your offerings, guaranteeing that your resources are distributed fittingly. 

TIP: YOU SHOULDN’T EXPECT IMMEDIATE RESULTS

Marketing tactics do not yield immediate results, much to the dismay of marketers. For a small to medium sized business, marketing results do not produce for 6-9 months, indicating that persistence is critical. While it may be tempting to ditch strategies after a short period of time, it is crucial that businesses stick to predefined strategies for results to be precise and accurate. Whilst a strong marketing strategy is extremely effective, business owners much recognize that results do not come easily.

For assistance in developing an effective marketing strategy, contact one of our professional consultants at Marketing Eye, where you can gain access to a range of services to elevate your business's marketing.