5 things to make or break your strategy

marketing strategy

Interactive marketing strategy. Market penetration strategy. Social media strategy. Here at Engage Them we develop these things for our clients to ensure that we meet their short term and long term goals effectively. But when it comes down to it, everyone uses strategy for different purposes in different venues.  That got us thinking. What are the common denominators that make a successful strategy? Here’s what we think it boils down to. Feel free to jump in to the discussion below.

  1. Long-term vision with short-term application. Your strategy needs to see where your business is heading in 5 years and in 10 years. And that vision for the future needs to have immediate applications in what you do today. A pie-in-the-sky dream of expansion into new markets will never be realized until you start taking steps to make it happen. On the other hand, acting on short-term goals with only a vague guess about what’s next is like a brand new driver who only looks at the road directly in front of his car. He veers all over the road because his focus is too short.
  2. Know your market. A narrowly defined target audience will keep your strategy focused, avoiding waste of time and effort on inefficient goals or advertising. Target everything in your strategy to your target market – from behaviors to benchmarks.
  3. Resource analysis. What do we have? Think of talent, time, budget, materials, technical skills, facilities… What do you already have that you can work with? What resources can you obtain creatively – through networking, barter agreements? And how will you obtain the other resources you need?
  4. Competitor analysis. You know what they say, “keep your friends close, keep your enemies closer.” Know who you’re up against and know how you can beat them. Maybe you can’t offer a better price, or maybe your raw materials aren’t as good as theirs. But figure out where you can better them, and maximize on that. If you can beat them hands down on customer service, do it well, and don’t apologize for the aspects you can’t compete on.
  5. Re-evaluation. A strategy is only as good as its keeper. Consistent re-visiting of the strategy and fearless modification when necessary will keep it relevant and useful. A strategy that sits in the back of the filing cabinet is of no use to anyone. Use it to bring continuity to your business. Use it as a yard stick when evaluating options. Redesign it as the market ebbs and flows.

That’s our 5. What works for you?

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