Struggling to Make Time For Marketing Strategy

Developing a Marketing Strategy takes time and effort. These could be the reasons why so many companies without a dedicated marketing resource end up struggling to complete strategic planning. The following personal management reasons could be to blame

• Attempting to do to much – this is especially true in businesses that have limited resources and are having to cope with
• Managing other peoples mistakes – often because you haven’t got time to put systems and processes in place
• The inability to say no – so when other activities occur ( urgent sales proposal, other meetings etc) these get actioned
• Conflicting deadlines – when business strategy needs to be completed by sales / operations people, there is every opportunity that conflicting deadlines and other priorities will occur

Building habits to create time for strategy

There are 3 motivational drivers

• FEAR – if I don’t do this bad things will happen
• Reward –  if I do this good things will happen
• Attitude – habit of thought

Is Marketing Strategy Important

Getting the marketing strategy spot on is critical for any successful company. This helps you identify, reach and communicate with your target audience and eventually helps you grow your company sustainably in the long term.

Marketing is very important because without it, you won’t be seen and your company literally won’t go anywhere

But marketing your business without professional guidance is one thing, and marketing your business with a definite strategy is another thing. The findings are fairly different. At this point its worth reiterating that marketing is a professional discipline. If you were having your gas fire serviced you would use a qualified gas fitter. If you were having your electrics repaired you would use a qualified electrician. So why take marketing advice form an unqualified marketer.

That’s when a plan for marketing comes into play

The importance of a marketing strategy

Think of a marketing plan as getting a road map (or a cheat sheet) that will lead you through almost every business decision you make. Unfortunately the value of a marketing strategy for a campaign has not been discovered by many business owners.

What exactly does a marketing campaign entail? A marketing plan should illustrate the direction you are taking to accomplish your particular goals and objectives. This sounds straightforward, and it is. But asking the hard questions that come with developing a marketing plan isn’t always easy. This is where an external professional marketing consultant can pay dividends as they can ask the correct challenging marketing questions.

And this is the primary reason why the value of a marketing campaign is not understood by many smaller to medium businesses.

The consequence of not having a Marketing Strategy

After five years, why do almost fifty percent of businesses fail? So why do many small businesses fail? They fail to grasp the requirement of a marketing strategy and do not completely incorporate digital marketing into their marketing plan, resulting in the following

• They lose out to rivals
• Loss of market share to current and start-up rivals
• Reduced profitability by having incorrect pricing
• They have less success in gaining and retaining clients
• Identify fewer prospects for increased targeting and optimisation

Lack of preparation also leads to suboptimal implementation. It ensures that rivals can pose more of a risk, filling in the holes in the mediocre service you provide.

And finally, many organisations do not devote enough resources to it, considering the efficiency of digital marketing. For the astute business owner, this offers a chance.

Manufacturing Marketing Challenges in relation to BHAG

BHAG The need to Increase & Reduce

The following are key points from a blue chip manufacturing presentation I recently attended.

• They are looking to increase speed of production by 2 times over the next 5 years
• They are looking to reduce production costs by 30%
• The product they supply is designed to be fit and forget for the next 25 years
• To achieve the above their design criteria is based on a 250 year product life cycle
• The organisation has a sector focus and is looking to grow its business by 50% over the next 5 years

When I listened to the presentation I thought ‘Big Hairy Audacious Goals (BHAG’s)’. With such challenging targets this will be fascinating to see if the company achieves them. My guess is that because it has so specifically targeted a specialist niche, it will.

BHAG and Your Business

So does your organisation have BHAG’s and if it did what would they be and would they help drive the business forward?

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