Whether you’re a small business trying to launch a new product or someone who is trying to establish a brand, relying on your business isn’t the only important thing. Knowing your target market and how to market your product can make or break the success of your business.
While some people like to work with trends, having something that always stays in style is essential. However, only some are meant to strategize the best way to market a product; this is where investing in a professional comes in.
Your small business is worth investing in, not just in terms of stocks and programs that can help you manage your employees. Thinking about the market and how the market changes can help you understand how to change your brand or product.
With that, we hope to help you understand the benefits of forming a marketing strategy, hiring a marketing strategist, and generally understanding how knowing your market can help your business succeed.
Why Do You Need A Marketing Strategy?
Before discussing why businesses fail and how you can succeed despite these statistics, let’s discuss why you need a marketing strategy. Here are some of the reasons why you need a marketing strategy:
- It helps you learn about the market: When it comes to the business, knowing how the market benefits the manufacturer, and consumer gives you insight on what products you need.
- It lets you establish trust: Trust is essential when building a brand. Trust is necessary for your customers to come back to your business.
- You can use marketing to manage your reputation: When it comes to building a brand or releasing a product, your reputation matters. You can use marketing to improve your reputation.
- Marketing strategy helps your sales: A marketing strategy is one way to boost your sales. Understanding the market is the key to understanding why your sales team isn’t meeting its quota.
- You develop a better strategy: A market strategy isn’t a constant thing. Understanding what works and what doesn’t work is the goal of any market strategist. It also lets you understand the importance of lead generation and collaboration in your team.
Why Do Businesses Fail?
A general statement that is released regarding small businesses is that 95% of them fail within the first year. However, according to the U.S. Bureau of Labor Statistics (BLS), 65% of small businesses fail in the first ten years, and only 25% of businesses survive the first 15 years of operation.
But the question persists, why do small businesses fail? Here are some reasons why businesses fail within the first few years:
- They don’t have the budget: Without sufficient funds, a struggling business can go belly-up within the first few months. This is why having money is important when running a business.
- They have bad marketing: As we have mentioned previously, the market is something to master. Without a marketing strategy, your business can fall victim to bad marketing and lose prospects instead of gaining customers.
- They don’t have market insight: Going into the market blind can be seen as bold, but it can also have unfavorable outcomes. This is where lead generation and market statistics come in.
While there are more reasons why businesses fail, we want to focus more on the aspects that involve marketing because of the impact it has on creating a brand. With that, we believe that you should hire a marketing strategist to help you with the nuances of marketing.
What Is A Marketing Strategist?
Now let’s get into the specifics of a marketing strategist; these are their specific tasks:
- Running analytics with the marketing team: With the use of Google Analytics, the assigned strategist studies marketing statistics and shares them with their team.
- Generates leads: The market is constantly changing, which is why lead generation is an important task when it comes to marketing.
- Create brand awareness campaigns: The best way to build a brand is to make prospects aware of your brand. This is best done with the marketing team collaborating with the branding team.
- Ensure that the marketing strategies are aligned with overall strategies: Every branch in the business should have the same goal in mind: the success of the business. That’s why everything needs to be aligned.
With that, a marketing strategist is in charge of ensuring that the business is marketed well and that the offered service or product is in demand. In some cases, the marketing strategist is also in charge of branding, but with bigger companies, the roles are separated.
Either way, marketing is involved in branding, sales, and analyzing statistics, which is why hiring a competent employee is essential for the job.
Frequently Asked Questions:
Now that we have covered the job scope of a marketing strategist, here are the most encountered questions regarding marketing strategy:
- Does marketing strategy impact the business? Yes. With the right marketing strategy, a business can understand more about the market, the prospective customers, and which products and services can benefit the market.
- Is there a way to develop a marketing strategy? Yes! There are companies that specialize in training businesses to develop a marketing strategy that is specific to their business.
- Is learning about marketing strategy difficult? No. With the right training, we believe that all businesses can develop a plan that works for them and is easy to understand.
How To Become The Best Marketing Strategist?
When it comes to becoming a superstar marketing strategist, we believe that learning how the market works is key. As a marketing strategist, being involved and aligned with all the branches ensures that the business can run smoothly.
Understanding the market does not have to be difficult. With the right training, anyone can become a great marketing strategist. The development of digital marketing has also changed the game, which is why we believe that understanding the nuances of the market is essential.
We hope that this article is helpful in molding the best marketing strategist. Every business should have someone on their team that can help predict the market. Let us know what you think of marketing.
We believe that everyone should consider learning more about the benefits of a good marketing strategy.
