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How Your Marketing Strategy Plan Should Support Your Business Strategy

How Your Marketing Strategy Plan Should Support Your Business Strategy


Hii there my name is William Walczak
and I’ll talk to you about business strategy versus marketing strategy which
one do you need for your business and which one is going to make you more
successful. Turns out both let me tell you a little more about it in a second. First what is a business strategy? And
what is a marketing strategy? What do they do? A business strategy is
actually really kind of like if you were to think about a house like the
foundation of a house and the structure of a house and in the marketing strategy
very much what happens in that house. There are five components of a business
strategy that I think every company should not only define but also be
really well aware of. The first one is going to be what aligns your team? So
this is very much the foundation of that home so your vision statement, what do
you want to be when you grow up. Your mission statement how are you going to
get there and your core values the pillars that support your organization.
The second thing is your company structure. Roles, responsibilities the
what and the who. This what this is essentially the frame of your home. How
many rooms are you gonna have, what kind of ceilings are gonna have multiple floors. The third component is the action plan and the measurable outcome. So this is
SMART goals. How are you actually going to build this home. The fourth component
is accountability. Who is responsible? what are the incentives and what will
guide this person, which responsibility. So who’s doing the building? Who’s doing
the foundation? Who’s doing the electrical? Who’s the plumber? Fifth one
is key performance indicators. If you were to look at the building of that
home do you know if it’s behind schedule? Is it on schedule? is it on budget? Is it
horribly over-budget? Are there changes being made? Are people
showing up on time? The very same measures should be applied in every
business. How much is each salesperson bringing in? How much revenue is your
company generating? How much profit is your company generating? So part of that
business strategy is an understanding and the fundamental understanding of
what your business is. So what’s a marketing strategy? Marketing strategy is
kind of what happens in that house and the marketing strategy should actually
support your business strategy. The marketing strategy is essentially your
business is overall outlined for reaching people and turning them into
customers of your product or your service. Your marketing strategy
should be defined into four different categories. Effectively the first one is
your target market. Who are your ideal clients? Which clients should you also
avoid? Are you targeting women? Are you targeting
their specific age? Is there a specific area that you’re going after? Is there
a specific time in their lives that your product or service fits? Those are things
that are important because they help you target and get to them. Are they going to
be on Facebook? Are they going to be on Instagram? Are they going to be on
Pinterest? Are they gonna be on Snapchat? It completely depends who your target
market is. The second component is positioning. Are you low cost? Are you
premium? Are you mass market? Are you niche? That will very much dictate what kind of
marketing strategy you’re going to take or your marketing agency is going to
follow. The third component is messaging. This is extremely key. The language that
you use should connect with your target market you sound like them are using
words that they understand. Here’s a really good example. Let’s say you’re
making a website for an optometrist think about what the audience the target
audience is going to be for an optometrist people with poor vision. Make your buttons large on your website make your fonts easy to read, make it high
contrast. The fourth component is future plans for expansion and diversification.
Think about what will happen if it succeeds or if it doesn’t succeed. Are
there potential products that you can introduce them in the platform and given
your business strategy how easy is it going to be to expand? Your marketing
strategy should very much inform that. So it shouldn’t be a business strategy
versus marketing strategy, it should be business strategy PLUS marketing
strategy. The two should work well together. Your marketing strategy should
support your business strategy. So if you have any questions or if you want us to
do an audit of your business let us know this is the stuff that we love. Thanks so much let’s get down to business. This series was filmed the Hiilite Creative Group
studio in Kelowna British Columbia Canada and is made with the help of our
creative team. If you like this video subscribe to the channel and check us
out at Hiilite.com

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