Why Marketing Strategy Is Important?
A marketing strategy aims to establish your business in its market, planting it in the heart of its target by responding to a specific need.
Marketing, which is sometimes been set aside for the benefit of commercial activities, is being brought back to the forefront, strengthened strategically, synchronized with sales and moved up the digitization ladder with the help of marketing software.
A marketing strategy must help you to reach your marketing goals. You must build this strategy accross the short term (current year), medium term (1 to 3 years) and long term (5 to 10 years).
First, it is important to carry out a clear, precise and complete analysis of your market. Otherwise, you may set objectives randomly and thus not achieve your desired objective.
Development of Marketing Actions
Your business must create value while generating a profit from its business.
In the past, firms often developed a first product and then proceeded to its commercialization. This kind of production was possible at the time, because the competition was reasonable.
Today, however, the market is completely different, and you must know the target you want to reach in order to distinguish yourself from your competition.
Marketing today takes action at all levels of the value chain:
- Before production, determining your target and how to impact it (strategic marketing)
- During creation, determining your product, price and distribution method
- Afterwards, helping to communicate with your prospects and customers.
If you work in a marketing team, one of your mission will be to find the balance point between the strategic and operational aspects of marketing. That means participating in both the strategic analysis stage and the implementation of the marketing action plan.
Implementing an Effective Marketing Dashboard
The methods of directing marketing performance may vary from one company to another, but in practice, it is often the same software that makes the measurement of the expected result of performance possible: a marketing dashboard.
Marketing professionals are required to create an effective monitoring tool by selecting relevant objectives and indicators and thus create a comprehensive dashboard.
Do you manage an e-shop?
If so, the number of visitors, the transformation rate and the generated turnover will be essential KPIs to track. But if your site offers a subscription to access quality content, it will be more judicious and beneficial to track information such as the bounce rate, the time spent discovering your site and the number of subscriptions to your various mailing lists.
This is why is important to discuss the measures of success that are appropriate to your company’s unique marketing strategy before creating your marketing dashboard.
The analysis of these different indicators will give you the opportunity to improve the management of your business, by regularly tracking the result of your marketing strategy. This management tool is therefore essential for the smooth running of your business and its development.
You can find concrete examples of dashboards and instructions for their use, additional information, and tips for creating an effective dashboard here.
On the same topic, I invite you to read our tips on marketing budgets and planning marketing tasks.
You might also be interested by:
- Why should your team use a marketing software?
- Marketing budget: How to manage and spend smartly it
- Digitalization, an essential component of the marketing budget
- Do you plan your marketing budget on Excel?
- The marketing plan, why is it so important?
- The marketing business plan: quick definition
- Marketing strategy VS Marketing plan
- How to create a marketing plan
- Marketing dashboard, an essential tool for the management of your activity
- Marketing action plan: the fulfilment of your strategy