Remember that Friends episode where Phoebe is selling toner and the guy says “we don’t need any”? It’s the same energy when I hear: “we don’t need a marketing strategy.”
Why? Because most product businesses are too busy firefighting – making products for retailers, juggling margins, and barely having time to stop and think about their own goals.
Want to create your own strategy? Download my strategy toolkit here.
So what does a product business marketing strategy include?
Product businesses who don’t have a marketing strategy could be missing out on major opportunities to streamline and to grow their business.
Here are three key things I always include when I build a marketing plan for a client. There’s a lot that goes into a strategy, but these are three big chunks that often get overlooked.
- Set clear goals for your business
Turnover, sales, launches, trust.
This is a goal setting exercise. We look at where they want the business to go at a top level. For example, it could be
- Increasing turnover
- Increasing product sales
- Launching a new product
- Building trust in their brand.
Once the goals are set, it is easier to identify what products they need to sell and the tactics they need to use to achieve their goals.
- Build a strategy that fits your time and budget
Outsource or in house?
When putting a strategy together I like to understand what can realistically be achieved within a team – specifically
- The time your team has available
- Whether budget exists to outsource
- Or whether everything must be handled in house
I can then build a strategy which fits this so that it isn’t overwhelming and gives the business a realistic outlook on what can be done by when.
- Monitoring your results (and adapt)
Measure > adjust.
Many businesses I have come across say things like “oh we tried marketing but it didn’t work.” I like to understand what didn’t work and why. We set KPIs and regularly check whether what we are doing is having an impact. You can monitor results using:
- Google Analytics
- Search Console
- Social media insights
But ultimately the test is, is what you’re doing helping you achieve your goals? If it isn’t having the desired impact we can change or amend plans to reach the right people.
The strategy toolkit helps you map goals, time, budget and results – all in one place.
“A marketing strategy isn’t a 40-page document – it’s a simple plan you can actually use.”
What else should be considered?
A marketing strategy includes a lot of information including
- internal and external analysis
- competitor research
- understanding your audience
…all before we even more on to the marketing tactics you can use.
Ready to stop the muddle and get moving? Download the strategy toolkit or, if you’d like hands-on support, book a quick discovery call.
