According to Google, strategy is defined as a plan of action or policy designed to achieve a major or overall aim. What does that actually mean when it comes to developing a successful marketing strategy? Let’s start with the common misconceptions about what a marketing strategy is not:
1. A marketing strategy has to be a formal multi-page document packed with fancy vernacular.
A strategy can be as simple as a one-page document that clearly outlines your marketing goals with 2-3 tactics for achieving them. A successful strategy focuses on quality over quantity. In most cases, simplicity is key.
2. Only newer businesses need to create a marketing strategy.
No matter what your stage your business is in, every company should have a marketing strategy. It is especially important for mature brands to revisit their current strategy because the world of digital marketing is changing so you want to ensure your strategy is up-to-date.
3. Once you create your strategy, you never have to look at it again.
You should revisit your strategy with your marketing team on a quarterly basis (at a minimum) to track your progress. Not only does this foster team accountability, it gives you the opportunity to tweak goals that may need some redirection. A successful strategy is never static. Just as your company will grow, so will your strategy.
Now that you know the misconceptions, read our blog on the top 5 components to a successful marketing strategy.