Don’t Have A Marketing Strategy? Here’s How That’s Going To Hurt Your Business

In order to be successful, many life coaches go around touting the importance of setting goals and planning. In no other field is this more important than in business. The key to successful businesses, outside of quality products, leadership, and long-term vision, is having strategies that allow for planning and proper execution. Without it, businesses are simply getting by day-by-day without plans to weather any setbacks. Here are some important ways that failing to have a proper marketing strategy will hurt your business.

1. You need benchmarks to measure success

Proper strategy in business marketing requires planning for long term goals. In order to accomplish this, leaders of a business must first agree upon the core values of the company. What is the value? What type of branding do we want? What type of company do we see ourselves being 5, 10 years from now? Once these types of questions are decided on, a long term strategy can be made that falls in line with all the prerequisites listed above. Without long term planning, the vision and quality of the company can quickly become muddled which causes conflicting messages to customers and workers alike.

2. Scope of work agreements are important

A scope of work agreement is a long-term strategy that an advertising agency will use to organize, plan, execute, and measure their long term goals. The scope of work agreement, or SOW, keeps the goals of the businesses at the forefront of all the reasons why decisions are made. Businesses that fail to utilize scope of work agreements often find themselves unable to measure the effectiveness of their own strategies. They may change aspects of a marketing plan that are working unnecessarily or continue ones that are not working well, simply because they have no way to analyze the effectiveness of their own marketing plans.

3. Goals and benchmarks

As previously mentioned, failing to set long term goals results in an inability to pivot and change with the market. Goals and benchmarks are very important for the proper execution of a quality marketing plan. Benchmarks are utilized to access how successful certain strategies are performing and why. Meeting benchmarks allows advertising companies to gain a feel for timing regarding the execution of the next steps in a scope of work agreement and to analyze the reasons for success. Proper use of data is essential for this phase of execution as it allows for statistical evidence that may often times differ from the initial gut reactions executives may have when making decisions.

Don’t hurt your own business, make sure to use a quality advertising agency and have a proper strategy in place.