Marketing Eye

Why You Can't Afford to NOT Have a Marketing Strategy

You might feel as if implementing a marketing strategy is more of a guideline than a rule, but that couldn’t be further from the truth. You wouldn’t play chess without a strategy, so you shouldn’t market your company without one. Sure, budgets may be tight, and it could be hard to justify implementing a strategy that would require time and, especially if it’s outsourced, money. But the truth is, you can’t afford to not have a marketing strategy. Here's why:

Uncoordinated Focus

Without a marketing plan, it’s easy to lose focus on the end goal. One of the major goals is to make money. But what about growth? Advancement? New products? New personnel? More than likely, whatever you are trying to accomplish will fall short because you won’t have clearly defined goals to reach. A marketing strategy can help you determine your audience and select the appropriate marketing vehicles for your organization.

Budget Problems

Any good marketing strategy will include a marketing budget to help you better manage your spending. If you have to outsource your marketing strategy, it may seem counterintuitive that spending money will help you manage money. But it absolutely will! Not only will you know how much money you can put towards different marketing efforts, but you can also implement a tracking feature to show you what works and what doesn’t. If you are pursuing a certain initiative that doesn’t yield results, a tracking feature can tell you how to divert money from one initiative to another. 

Low Traffic

Low traffic is the absolute worst-case scenario for companies without a marketing strategy. If you fail to attract enough customers to your company, whether that’s through the website, social, or other channels, your business will fail. If you don’t have customers, you don’t make money. But a marketing strategy can address how to reach a particular audience, draw them in and close the deal. 

A marketing strategy is instrumental to the success of your company. Your company may barely survive without one, but it will never thrive. You can’t afford to not have a marketing strategy because without your marketing efforts will be much weaker. A company’s strength comes from its very best plans. Why wouldn’t you want to put your company’s very best foot forward on the path to success?

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