The main reasons businesses fail? Cash flow issues and poor planning. That’s why knowing how to create a marketing strategy is crucial!
I’ve seen countless companies pour their energy and cash into marketing efforts that end up doing little or even costing more in the long run. It’s tough because it’s not that they’re not working hard—it’s that their strategy wasn’t a good fit.
So, the question is how to create a marketing strategy that actually helps you hit your goals and keep the revenue flowing?
Invest time into market research
You’re first going to want to do a little market research…
Check out your competitors:
What marketing channels are they using?
Where do the majority of their leads come from?
How do they present themselves online?
By asking questions like these, you’ll better understand what’s working for others in your industry and what you’ll need to do to stand out.
After you’ve collected data on your competitors, it’s time to really think about your target audience. Who are you trying to reach?
Marketing to a 65-year-old woman will look very different from marketing to a 20-year-old woman. You’ll need different approaches, channels, and messaging for each.
This is why “marketing to everyone” never works. It seems like a good idea at first because you have more options but it actually limits your growth.
Here’s why: “if you market to everyone, you market to no one.”
That’s something we preach all the time here at Succeeding Small and that’s because there’s so much marketing out in the world right now. By trying to appeal to everyone you’re not going to create that connection or get people to stop and think “Wow, they’re speaking to me.” You’re going to be a lot more successful by speaking directly to the people who ARE your target audience and making the decision to work with you a no brainer.
One way you can do this — and do it very well is by creating buyer personas.
Think of buyer personas as the blueprint for how to create a marketing strategy. Just like you wouldn’t build a house without a detailed plan, you shouldn’t launch a marketing campaign without knowing exactly who you’re targeting.
A buyer persona is a detailed profile of your ideal customer—it outlines who they are, what they need, and what drives their decisions. By crafting these personas, you create a clear roadmap for your marketing efforts, ensuring your messages and offers hit the mark and resonate with your audience.
If this sounds great but you have trouble getting started, we’ve created a Buyer Persona Workbook that guides you through the process and simplifies things so you can keep all your data in one easy-to-find location as you learn how to create a marketing strategy that’s right for your small business.
Remember, your buyer personas aren’t set in stone. Just as your business evolves, so do your customers. Regularly update your personas to stay aligned with their changing needs and preferences. Adapting your strategy as your audience shifts is key to staying successful and relevant.
Get clear on your goals
So, once you’ve done your research, it’s time to get really clear on your goals. And by that, I mean not only the attainable goals, like getting “x” more leads this month, but also your bigger picture goals.
Is your dream to sell your business one day? Be able to scale it so you’re not working 80-hour weeks? Or even hit 7 figures? These are things you should be thinking about now and considering when planning your marketing strategy, because it’s the little choices you make each week, month, and year that will help turn these dreams into reality.
Your Business Model Matters
How you get there might look different for every business, and a big part of that depends on your business model (if you’re a product or service-based business).
For example, the way you market a boutique should be different from the way you market an auto repair shop. Once you spend time on your buyer personas, you’ll gain more insight into this, but just think about the mindset behind each purchase.
If you’re shopping at a boutique, you’re most likely there for pleasure. You saw it in an ad or on social media and had a “desire” to go in. While someone visiting an auto repair shop is typically driven by necessity—like needing an oil change.
Think about it: no one really “wants” to get an oil change, but it’s a need people seek out. So, while a social media post might work if someone happens to need your services, it’s less likely to be effective. You’d be better off investing your time and resources in something like search engine optimization (SEO) to ensure that when people look up “auto repair shop near me,” your business is the first one they see.
What is the Importance of a Marketing Plan in a Business?
This leads us into one of the most important decisions you’ll make: choosing the right marketing strategy for your business.
This is where the majority of business owners get stuck. I can’t tell you how many times I’ve heard someone say, “social media is free, let’s start there.” While social media can be fantastic for growing your business, relying on it alone won’t deliver leads overnight.
You need to consider your business model and the time you’re willing to invest.
The truth is, managing social media requires a significant time investment to create and manage content—time that could be spent serving customers.
If you own a business in one of the industries like retail or food and beverage that thrive on social media, this could be well worth your investment. However, for service-based businesses like chiropractors or electricians, dedicating all your time to social media might not be the most effective strategy.
In these cases, focusing on other strategies, such as a strong website and good search engine optimization (SEO), might yield faster and better results. Social media can complement these efforts 100%, but it shouldn’t be your sole focus.
how to create a marketing strategy that’s right for you
There are a few ways to figure this out:
First by thinking about your business model and target audience like we just talked about.
And then there’s trial and error…
This might not sound so-great, but it’s essential for refining your marketing strategy. Test different approaches, collect data, and determine which ones give you the best return on investment.
Then once you narrow down your best strategy, continue to track data and use it to ensure you’re performing your marketing strategy successfully.
Sometimes it’s not that you’re using the wrong marketing tactic for your business but that you’re not being strategic about how you’re using it.
This is something I never want for any of you listening, which is why I created my Marketing Strategies Quiz, which is designed to pinpoint your perfect marketing strategy whether that’s social media, SEO, a new website, email marketing, or paid ads.
And then it goes a step further, because after the quiz we’re offering you a Free Strategy Session with our experts to discuss your results and learn how you can implement this strategy to reach your unique goals!
Want to Know Your Perfect Marketing Strategy? — Take the Quiz
A Good Marketing Plan Grows With Your Business
I think we’ve covered a lot today, so before we wrap up, let’s talk about not getting too comfortable with your marketing. Once you find a strategy that works, it’s easy to fall into the routine of doing the same things over and over. If it’s working, great—keep it up! But don’t forget to keep an eye on things and make adjustments if you notice a dip in performance.
There might be times when you need to tweak your strategy, like during slower seasons. Or maybe something new happens in your industry that changes your business model. Even shifts in the economy can affect how picky your target audience is with their spending.
Stay alert and adapt your marketing as needed. You’ve got a roadmap for what works and what doesn’t—use it! Guessing or crossing your fingers won’t get you where you want to go. A solid, strategic marketing plan will.
Thanks for tuning in this week! I’m really looking forward to next week’s episode and hope you’ll join me again next Wednesday.
Until then,
Keep Succeeding Small!
