Importance of a Marketing Strategy
A good marketing strategy is the foundation of any business. It is indeed the recipe of success. It not just gives your brand direction but guides you towards achieving your goals.
However today, many marketing managers who set out to create strategies fall short on their goals. If you too are facing challenges while marketing your business or your campaigns are not giving you the intended results, it’s time to rework on your marketing strategy.
A recent study, “Entrepreneurial India,” by the IBM Institute reveals that 90 per cent of Indian start-ups fail within the first five years due to lack of innovation in their marketing strategies.
While this is the most obvious, there are other reasons too behind the failure of your marketing strategy.
Why Marketing Strategies Fail?
- Relying on tactics instead of strategies: Today, most businesses lack a systemised, integrated marketing strategy. They are relying more on tactics instead of strategies and that’s the reason they are failing. A marketing tactic will occasionally produce results, but a strategy will ensure positive outcomes. For example, creating content for a marketing blog is easy. However, getting anyone to read that content is what requires skill. While the former is a tactic, the latter is a strategy. If you want your tactics as well as strategies to deliver results you need to link both together.
- Doing what your competition does: There’s no unique selling point in having the same strategy as your competitor. While it’s important to monitor your competitor’s campaigns and promotions, you don’t have to replicate them. Instead of competing on price alone, engage in a marketing strategy that tells the most compelling story and enhances your brand personality. Having the same strategy as your competitor will only result in failure. May be they’re using out-dated marketing strategies which may look good from the outside but lack creativity on the inside. Instead opt for a strategy that is infused with innovation and will make your brand memorable, unique and compelling to consumers.
- Not providing value: In today’s information-driven world, it’s no longer enough to simply tell your target group why they should become your customers. Instead, you need to show them why they can trust your company. The best way to do this is by aligning your strategy with content marketing. To get into the minds of your audience, create content that will add value. Figure what out drives their purchase decisions and utilise this information to create a comprehensive marketing strategy.
- Your offer is too weak or you don’t have one: Every marketing strategy you create must have an irresistible offer that people must respond to. It’s not always about ‘buy now’. Instead of using flyers and websites to run an existing offer, run it on a creative and new medium that will entice them to take some form of action. Target groups are likely to shut out familiar marketing mediums calling out for attention. They’re more like to respond to an unusual medium that imprints an exciting offer.
Creating a Successful Marketing Strategy
Whether you’re a small or large business, creating an effective marketing strategy is challenging. If you happen to make any of these mistakes, you throw off your campaign even before it has any chance to succeed.
If you’re looking to create a successful marketing strategy that meets specific goals, is infused with creativity and yields the best possible results, cup branding is the answer. It’s fresh, innovative, adds value and the perfect medium to run an exciting offer.
If your company’s marketing strategy is failing to attract customers, we’d love to help. Contact us, today!