Arguably, you need a marketing strategy as soon as you start a new business. Those milestones that you think you need to reach before writing a strategy – hitting a revenue target, employing staff, having a budget to spend, operating for 5 years – don’t really exist. Or rather, they do, but they aren’t barriers to writing a strategy. Even the smallest, newest, cash-strapped business should follow a strategy, as short as it may be. Because strategy is simply a set of choices to guide you forwards.
One of the biggest myths in marketing – that you don’t need a strategy until you reach a certain size – is fuelled by misinformation and a lack of understanding of what a strategy actually is. So, let’s start with the basics and keep things simple.
What is a marketing strategy?
I like to think of marketing strategy as a pathway to growth. It outlines where you want to take your business and how you’re going to get there. Strategy sets out your overall plan and direction, whilst tactics are the steps taken to get there.
Why do I need a marketing strategy?
Put simply, if you don’t have a marketing strategy, there’s a greater chance that you’ll waste resources on the wrong things. Your marketing strategy acts as a guide to decision-making so that you feel confident about investing time, energy, and money on marketing activities.
Can I write my own marketing strategy?
Absolutely. If you intend to write your own strategy, I suggest using the five Ds of navigation as a framework. If you answer the questions relating to each of these, you’ll have a simple but effective strategy that you can adjust and embellish as your business grows.
Can I use AI to write my strategy and save me money?
You can. If you’re confident prompting an AI tool to understand the context of your business and write an appropriate strategy, it can save you money. However, AI only repeats patterns that already exist. AI cannot achieve the original, divergent thinking of a human, meaning your strategy might be exactly the same as your competitors. I learnt this myself in a recent AI experiment.
Will working with a marketing consultant make my strategy better?
Arguably, yes. Working with an experienced consultant is an investment in the future growth and success of your business. They will bring a wealth of knowledge to the table which you might not have at this stage in your growth journey. In addition, an outside perspective will provide a more objective view of your business.
Whether you’ve just launched your business (congratulations!) or you’re five years in, now is the time to think strategically about your marketing. It can be as simple as writing a paragraph on where you want to take your business and how you might get there (at this stage). Use this as a guide to making decisions, especially around spending money. Over time, add what has been working and what hasn’t, and refine your strategy as you go. And if you need help, let me know.
Ready to blaze your own trail?
LETS TALK.