Today, social media and online marketing are driven by digital transformation. Digital marketing has changed the way nearly every business communicates with its current and future customers, especially since the pandemic. However, 63 percent of digital marketers still struggle to personalize their services to their intended audiences today. The challenge for brand owners is understanding how marketing strategy can help execute impactful plans and generate ROI. Business marketers must align their business goals with their marketing plans. Following are seven reasons why marketing strategy is critical for marketing return on investment.
1. A strategic marketing agency can help you understand your ideal customer profile:
Understanding buyer motivation and audience behavior is critical for any business. This is especially true in niche businesses where markets, services, and products offered may be highly specific and narrow in focus. Since one brand can’t be highly valuable to every customer, it may be necessary to narrow the target audience and identify your ideal customers. The development of a marketing strategy can help in profiling your ideal buyers and specifically target them with points of relevant value as they progress through the buyer’s journey.
2. A strategic marketing agency can help you understand your customer personas:
To capture and engage your ideal customer, you need to know and understand them. What is each buyer’s role in the decision to buy your product or service? Are they motivated by the economics, utility, or user experience? Is sustainability, customer service, or low cost most important to them? How do they discover and learn about products and how do they make decisions? Your solution and your message to each potential buyer must address their pain points and desires. An effective marketing strategic plan should probably include market and customer research to validate who you are selling to, why they care, and what processes they follow in making a buying decision.
3. A strategic marketing agency can help you illuminate your business goals and values:
It’s important for your company’s leadership team and your marketing messaging to be able to effectively articulate your brand’s ethos and values. People today tend to buy from brands with meaning and purpose. Your marketing strategy and messaging plan may be to target potential customers, investors, employees, colleagues, vendors, and partners. To reach the right audience with the right message, your marketing strategy requires a clear position on why, for whom, and how.
4. A strategic marketing agency can help you establish benchmarks and KPIs:
Marketing strategy creation can help you quantify metrics and key performance indicators (KPIs) that define the success of your campaigns, projects, and investments. Once you understand the metrics that matter the most, you can track and understand how your target audience responds to your marketing and which investments and strategies you should prioritize. Over the long term, this measurement and analysis can create the baseline to determine success or failure.
5. A strategic marketing agency can help you build a budget and plan of action:
Marketing plans are critical to ensure advanced scheduling, prioritization, proper resource allocation, and cost control. Your marketing plan will guide your team in decision making and in performance analytics. Understand all the variables in your plan, including communication channels, messaging platforms, and events. The goal is to align the short and long-term goals of your business with the marketing plan so you receive the best possible return on investment.
6. A strategic marketing agency can help you understand how you compare to your competitors:
One of the best ways to know where you stand in your market is by conducting a competitor analysis. Formulating a marketing strategy can help you understand who your competitors are targeting and how, as well as what’s working for them or not. It can be an opportunity for learning and for validating your own actions.
7. A strategic marketing agency can help you create a baseline for trend analysis:
We can see things well in hindsight because tracing patterns is simpler. A marketing strategy executed well over a period of time can help collect enormous sets of usable data for trend analysis and subsequent decision making. Data is essential for understanding audience behavior, competitors, and other market patterns that can be leveraged to push a marketing plan forward.
Developing a marketing strategy will help you focus, reduce waste, and make better business decisions. Whether you manage a business in Arizona or anywhere else in the world, a strategic marketing agency can work with you and your team to write your own roadmap that will help you navigate through the unknown ahead. If you ever decide to hire an agency, you may need to issue a web development rfp, an SEO rfp, or a social media rfp. If so, now you are armed with more knowledge about what factors to consider.