To start a business, it is necessary to have established ideas and goals related to your growth.

To run a successful company, you must  be equipped with smart tools that allow you to hit your objectives – within a given timeframe, budget and other constraints – strategically and successfully.

Entrepreneurship is a chosen path for many people who want to pursue their ideas, create more advanced products and services, and serve their target groups better than competitors, while making a difference and measurable impact. It requires tremendous strength, unwavering confidence, and a strong belief that what you do and what you offer can lead to a better future.

Having clear, bold ideas is crucial to start a journey as a business owner, but what makes you successful in what you do is how you translate your vision into reality. Knowledge of the practical steps that business owners and managers must take to accomplish their goals, and the perseverance required to do so, is unquestionably valuable.

Marketing strategy provides businesses with knowledge, confidence, and certainty

Marketing strategy is a guide book for your company that not only summarizes the most important goals of your business – which is crucial for your constant growth – but also clearly indicates the “whats, whys and hows” of accomplishing these goals successfully within a given timeframe, budget and resources. 

Below, I have summarized the 5 most important benefits of having a marketing strategy in place when running a business, no matter the type of industry you are in, or the size of your organization. It will help you to understand how applying a strategic approach – provided in the form of a marketing strategy – to all of your business, marketing, and sales activities will boost your confidence as a business owner. It will allow you to make more informed decisions, to better assess risks and opportunities, and consistently improve your main key performance indicators (KPIs) over time.

1. Marketing strategy is your guiding light

When establishing a marketing strategy for your firm, as a business owner, you get clear directions on how to strategically act on your vision and see your objectives hit successfully and on time. 

This approach allows you to save precious time and money. Instead of trying things that do not lead to your goals directly or efficiently, you know exactly what to do, when to start, and what resources are needed to begin.

Entrepreneurs, managers and team members all must be working towards the same goals and ensure they engage only in activities which align with the highest priority of the business. It’s necessary to know that – within your current budget and capabilities – you are investing your resources (money, people, time, and infrastructure) into processes that are beneficial and lead to success in the fastest way possible. This would not be possible without establishing a strategy, and thus executing only essential campaigns.

2. Knowing your competitors means knowing your own strengths and weaknesses

No matter the industry, there are always companies or individuals who provide services and products similar to yours. As a business owner, in order to stand out and keep attracting your target group efficiently, you have to stay informed on trends and innovations in your niche. 

The latest technology developments, new customer service initiatives, and innovative marketing campaigns that your competitors run, all indicate your own strengths and weaknesses on the market. To know how to communicate your services to ensure desirable results, you need to know everything about your niche and top players, establish your strengths, and act confidently on your vision. 

3. Brand consistency and authenticity translate to high customer engagement and loyalty

Marketing strategy is aimed to ensure your brand is consistent and authentic across all the marketing and communication channels you own as a business. It dictates your brand’s tone, language, values, mission and vision. Marketing and sales departments use marketing and communication strategies as the core of their initiatives.

Moreover, each department and each team member access clear guidelines on how your business shapes its image, and how they need to communicate within their areas of operations in order to ensure consistency and authenticity. Customer service departments stay informed on your business mission and vision, and translate it into easy to understand language for your clients. Technical teams know everything about your business goals, and deliver the best solutions, allowing you to stay aligned with the vision.

From your marketing team, through new business development, to customer service or technicians – all of these people represent your brand when working for you, and they need to know what the company stands for, what the communication standards are, and what marketing materials they may use when communicating with clients and partners. Marketing strategy allows you to keep your brand coherent and consistent on every channel, and you will quickly see how this approach pays off.

4. High-efficiency across departments

Business and sales goals have to be aligned with your marketing strategy and that’s why there are no excuses when it comes to daily, weekly or monthly performance reports. 

Everyone within your team understands the main objectives for the next quarter, or year, and receives a set of tools that guide them in how to achieve your company’s goals. Thanks to a clear marketing strategy and coherent vision, business performance and overall company efficiency increases systematically. If standards are created and followed, you can be sure your business is on the right track, and is moving fast.

5. Management and operational costs reduction 

When everyone stays informed, and knows the main business goals and objectives, the progress is visible on a daily basis. This approach also drives motivation, productivity, innovation, and a sense of satisfaction in your workplace. As you start to observe that your team efficiency and productivity has increased, you can be sure it will bring you both short-term and long-term savings, and better cost management overall.

Additionally, when working with a marketing strategy, budgets are planned properly and realistically before you begin to spend money. Now your company invests only in initiatives that have a high chance of producing the most prominent results, ensuring your profits are always higher than your spendings. At the same time, having a strategic approach requires you to stay on track with your performance and optimize results, even on a daily basis. With data analysis and proper optimization, your company will no longer waste marketing budgets and will invest only in channels that bring revenue.