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Old 8th March 2016, 09:47 PM   #1
mattcoco
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Default What Does Marketing Strategy Mean To You? And Do You Have One?

Looking to get some insight into the meaning of a marketing strategy to you the small business owner.

It's interesting as even the forum doesn't have a section dedicated to strategy as such. Meaning discussion on the development and use of a marketing strategy. Which is pretty normal and an indicator of what I believe to be a shortfall in the mind of small business owners.

But enough of what I think. I'd love to hear if you have a marketing strategy and if not why? And if you do what does it cover(not the strategy but the sections in your strategy).

I'll weigh in later on why you should have a marketing strategy, but would love some dialogue from the business owners first.

Cheers.

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Old 9th March 2016, 11:33 AM   #2
torka
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I think a lot of business owners don't know whether they have a marketing strategy, because they confuse "strategy" with "tactics" or "techniques." For instance, many times -- even around here -- I see "strategy" and "tactics" used interchangeably, even though they are not the same thing.

I've seen various definitions of the terms. Could you give us your definition of "strategy," to differentiate it from "tactics" and "techniques"?

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Old 9th March 2016, 10:03 PM   #3
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I'd be more than happy to

A Marketing strategy guides all your marketing efforts in a direction that results in success for your business.

A marketing strategy achieves the following:

- establishes goals and objectives
- determines target audiences (yes audiences, not audience)
- assesses your marketing environment (think SWOT but for marketing)
- develops a marketing mix (the tactics you'll use to achieve your goals and objectives)
- includes sub-strategies (such as social media strategies and content marketing strategies - once again to achieve your goals and objectives)
- establishes your marketing budget and how you intend to break it down (as it's created after your marketing mix)
- BUT MOST OF ALL - acts as a tool for success measurement!

Think road map to marketing success.

Your tactics and the techniques you use are part of your marketing mix, and should align with your strategy.

As you can see a lot of thought and time has gone into the subject (it's definitely my passion), but what I'm sensing, and the premise of my new podcast amarketingpodcast.com, is that small business owners need to first be informed on what strategy does (and the savings it creates - both financially and time wise), and then how to create one, and then how to execute.


Last edited by torka; 14th March 2016 at 11:45 AM.
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