The importance of setting goals for a marketing strategy (SMART)
What is a marketing strategy?
By Mololuwa, Halal Incorp
Marketing strategy can be explained as the general technique of advertising that alludes to the general blueprint of getting to imminent consumers and their transformation to regular customers of the intended service or product.
This includes the organisations value proposition, important brand communication, information on the intended client demographics, and various significant components.
The sole aim of a good marketing strategy is reaching substantial customers that would engage with the brand through the purchase of a product or by engaging the services advertised.
Every organisation in business should possess a marketing strategy. Solidifying a good image for a company is highly beneficial for its success overtime.
Nowadays, digital marketing has taken the forefront of marketing strategies as lots of companies make use of the digital space such as online websites or social media platforms to push forward their brands. The level of presence attained by a company online is vital as this determines the opinions formed by the customers regarding the brand which could be positive or negative. Therefore, it is highly beneficial for a company to possess a good marketing strategy.
Benefits of a good marketing strategy
The benefits of a good marketing strategy have been highlighted as follows.
A suitable marketing strategy assists in the promotion of a business to its intended audience
In order to successfully sell a product or service, it has to be aimed at the customers that are actually in need of it. A suitable marketing strategy is essential in identifying these customers otherwise known as the target audience.
When a business is able to successfully identify these customers, marketing strategies that are in line with the behavioural tendencies of the target audience are taken into consideration. Various demographics are targeted by a brand depending on the type of product being marketed.
Additionally, the avenues being employed to market a product is considered such as the particular social media applications where the majority of the customers frequently utilise. Sometimes other traditional media such as billboards or news paper advertising might be more suitable for the intended product.
Builds better understanding of intended audience
Research about the market is usually employed before a business decides on the strategic approach when entering the market. Data that can enable the improvement of the product can be derived when this is done efficiently.
This is quite essential as the company has to be up to date with new trends and behavioural tendencies of their target audience. Therefore, from time-to-time updated market research is essential in developing marketing strategies and through this, improved sales and better customer satisfaction can also be achieved. This information can then be used to monitor the progression of the business in the long run.
Aids branding of the business
A marketing strategy does not only encompass the improvement of sales but also the expression of the purposefulness and values possessed by the company. The ability of a business to successfully communicate their value proposition to their customers is very important.
This determines how the company is viewed by the public. For instance, a bespoke fashion brand would essentially try to communicate exclusivity and uniqueness to its audience.
Alignment of the business to improved sales
A good marketing strategy enables a business to successfully translate the vision of their brand into generating increased revenue. The uniqueness of a brand would allow customers to easily identify it and make informed decisions during the selection process when competitors are involved.
This also enables companies to highlight their strengths and deal with their shortcomings subsequently to ensure sales would continue to be forthcoming.
Well-organized tactic towards marketing related undertakings
Another benefit of a good marketing strategy is emphasised where the intended marketing activities of the business are well put together and pre-outlined.
This usually comprises of detailed workflows for the intended period of time which could be even up to a whole year. Subsequently, this level of organisation allows for the business processes to run smoothly and more efficiently as it aids substantial recording of the progress attained by the business through the marketing strategy employed.
How to approach SMART
In order to achieve suitable marketing strategies for a business your goals need to be SMART. The SMART abbreviation stands for:
The marketing strategy goals of a business has to be specific to achieve a desired outcome. If the goals are not specific or well outlined, it would be very difficult for the business to attain success as the business owners would be unaware of the steps they need to take to succeed.
The marketing strategy goals of a business has to be measurable. Having measurable goals will allow you to efficiently track the progression of your marketing strategy. Quantifiable goals are essential as it is an indication of the level of accomplishment or failure of a business.
The marketing strategy goals of a business have to be realistically attainable. When deciding the mode of marketing operations for a business, it is vital to set goals that have a possibility of being achieved rather than overstretching the limits of the business. The marketing strategy must almost be done within the capacity of that particular business model irrespective of what other competitors are doing in the market.
When deciding the suitable strategy for a business, the degree of relevance has to be put into consideration. The marketing goals should relate to the overall business model in order to properly maximise profit. Additionally, it should be beneficial to the business in totality and not just in some areas only.
By setting a time frame for the marketing strategy it enables the business owners to accomplish their goals swiftly. This creates a resourceful working environment as it enables tasks to be completed in a timely fashion. Overtime, the business would be able to make significant progress through the marketing strategy engaged because setting time frames improves efficiency.
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