In my opinion, developing and executing an effective marketing strategy is the most important job of any marketer and failure to do so is the single greatest threat to creating anything that looks and feels like business building momentum.
While few would argue with the statement above, marketing strategy as a practical tool remains little more than an academic exercise for most businesses.
I’ve spent a great deal of time wrestling with the idea of developing useful, real life marketing strategies for small businesses and have concluded that there are a handful of characteristics that can be mined, explored and shaped in order to make marketing strategy the foundation of business building.
The key to discovering an effective marketing strategy lies in understanding first that its essence is much more about why a business does something than what or how the business does something.
These elemental characteristics are rooted deeply in human wants and desires and act to create a connection between a company, its products and services, its people and ultimately its customers.
I believe any company can create a marketing strategy that will actually serve as the catalyst to creating a remarkable business by deeply exploring and embracing one, or some combination of several, of the characteristics outlined below.
Single minded purpose
If I were going to point to a requisite characteristic it might be this one. When a company is built with a single-minded purpose and can communicate that “why we do what we do” in a way that makes meaning in the lives of its customers and prospects, magic can happen.
The idea of higher purpose can be a tricky one too. A customer can resonate with the fact that your mission is to bring peace and harmony to the world, but it’s just as likely that there’s a market hungry to do business with a company that believes bringing beauty to the world through incredibly simple design is why they do what they do.
The key is a thorough understanding and simple and consistent communication of the why. You can’t fake this characteristic but you can move your higher purpose front and center in your marketing strategy.
Some of the companies that enjoy the highest levels of staff and customer loyalty focus almost entirely on why they do what they do, as opposed to simply trying to do what they do better.