Importance of Having a Planned Marketing Strategy
Marketing strategy is usually defined as the overall plan for the business aimed at reaching the potential customers to be the consumers of goods or services offered. It carries the company’s name or brand and other important elements associated with the business. Planned marketing strategy requires an entrepreneur to have a well-defined approach which they use to achieve the outlined business objectives. It also involves having a well-defined timeframe to achieve the goals and stating the person responsible for them.
Importance of having a planned marketing strategy
There are several benefits associated with having a planned marketing strategy. Jonathan Osler uses business to a business approach which he states that the strategy can mean either a failure or a success of a business. Therefore, according to him, a well-laid business strategy would impact the business resilience in the competitive market. Therefore, in other words, a well-planned marketing strategy is key in determining the success of a business. Osler also insists on research and refers to it as a foundation of any business strategy. With research, the market trends are well analyzed and, as a result, help the business with a competitive advantage and incorporate the current advance in technology and operation methods.
Another importance of a planned marketing strategy is promoting the brand or creating a good name for the business or a company. He insists on using an online approach such as websites to promote the business. This not only informs potential and existing customers about the business but also creates a good image for the business.
Additionally, using social media in the marketing approach is also essential as it improves the flow of information between the clients and the business owners. Customer feedback is a very important tool, which is enhanced by incorporating this. Therefore laying a well-defined marketing strategy comes with the advantage of the interaction between these two parties and therefore analyzing the customer satisfaction level and identifying room for improvement. This, therefore, helps the business know what customers need and facilitates business growth through interaction and incorporating referral marketing techniques where those satisfied with the services recommend to others.
Another important aspect of planned marketing strategy, according to him, is the use of analytics. This gives the investor a clear picture of the business’s strengths from the data collected. Therefore, it becomes easy to channel most of the focus to the strengths to help the business have the upper hand in the competitive market.
Also, it is easy to avoid future uncertainties that may hit the business through market trends, customers feedback, a chain of the flow of referrals, and reaching out to new customers, and it becomes easy to make the business stand as firm as the owner is in control and most of the long term and short term risks can be predicted therefore protecting the business future.
Therefore, as per the approaches stated by Jonathan Osler, various approaches can be applied while planning for marketing strategies. These techniques usually are the backbone for achieving the short-term and long-term objectives of the business. As a result, various benefits can be noted, and the business can adapt to changes and stand out in the competitive business market.