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The current unstable world situation is affecting many businesses and brings to light unexpected challenges. In unstable situations, businesses re-examine their expenses and all too often they first begin to cut from marketing.
Businesses certainly have a business strategy – vision and purpose formulated, strategic priorities defined, and KPI calculated. The brand and its visual identity are clear and guided, and marketing’s annual plan done. But the marketing strategy is missing.
Marketing strategy is based on business strategy and affects how marketing is carried out for the business to reach its strategic goals. Marketing strategy helps to define and clarify the true value, which is created through efficient and appealing marketing, in tight connection with the business strategy goals.
Marketing strategy is an excellent tool as it helps marketing to recognize focus areas which require measuring and how to allocate the marketing budget. It also helps to crystalize and demonstrate the positive effects marketing has on the success of the business.
Thus, marketing strategy helps the business and marketing to create a common language which is understood by all. Marketing does not only increase business’s attractiveness through branding campaigns, but it also helps to understand how much more can be achieved through sales measures and how many more clients or hot leads can be brought into different touchpoints. And this is the talk that sales understand!
Marketing strategy also brings awareness of the consequences of the marketing budget cuts and what kind of effect certain cuts can have on the company’s business results. It is easier to examine sale’s goals through a new perspective when marketing’s effect on business is included to the discussion. Therefore, instead of making budget cuts in marketing, it is imperative to understand the multiplier effect of different actions. Naturally, sometimes it is necessary and useful to streamline marketing, but it should be done in a controlled way – not causing problems elsewhere (e.g., sales) and just moving them to a different time.
Thus, our advice to marketers is to have a well-defined marketing strategy as it will make marketing more efficient and highlight its value to the business.
Need support in defining your marketing strategy – we are happy to help.