It’s 2019. Kids are overscheduled. Parents are stressed. B2B business owners are becoming “silver foxes” well before their time because of the fear of losing market share. Leading a business in a digitally connected, borderless world means the light switch must always be on—except perhaps during meditation and sleep.
Many stress factors are largely outside a President’s or CEO’s control, such as the macro-economy, level of competition, and supply of qualified talent. Developing a marketing strategy is one way for company leaders to take control back. With a marketing strategy in place, they can dim the lights from time to time without fear of losing ground.
Is putting time, effort and budget into a marketing strategy right for your organization? If you connect to any of the leadership worries below, the answer is likely, “Yes.”
Worry #1: Our Competition is Getting Ahead
Do you have a nagging fear you’re slipping behind the competition but aren’t sure what to do about it? Is it unnerving to go on competitors’ websites to see their expansive insights and social media outreach?
Part of developing a marketing strategy involves facing the source of anxiety head on. In working with our clients on strategy, we take a deep dive into direct competition, indirect competition, and potential industry disruptors. We ensure our clients understand what markets their competitors are targeting, including industries, size of company, and geographic region.
This alleviates worry: the known is less scary than the unknown. Business leaders take comfort in knowing where they currently stand in terms of products, services, pricing, messaging, branding, and overall value. Knowledge is power, and a detailed competitive analysis gives Presidents and CEOs one less thing to worry about.
Worry #2: Our Awareness & Penetration Are Low
Does your company suffer from the “best kept secret syndrome?” That’s a common concern among the organizations we speak to and work with. We’ve found that there are two primary reasons that B2B companies suffer from low and/or declining awareness and penetration – lack of focus and inconsistent outreach.
Most companies (Fortune 500 possibly excluded) need to segment their markets and strategically focus on a discrete and reasonable number. Generalist approaches fall flat. “We can serve anyone” may be a CEO’s truth, but savvy B2B buyers with unlimited information at the tip of their fingers want specialists, award-winning vendors, longevity, and/or a certain geographic proximity.
In developing a marketing strategy, Marketri performs a market segment analysis that analyzes current and potential target markets and maps them using a BCG Growth Share Matrix. We divest dogs, milk cash cows, and plant seeds in “star” markets to position our clients for long-term growth. With a focused approach to marketing, resources can be channeled towards strategic markets only. The result is consistent outreach, a greater awareness, and higher penetration.
Worry #3: Our Brand and Messaging Aren’t Effective
Branding and messaging are foundational elements for successful marketing. When they’re not developed strategically, marketing and sales efforts will be less effective.
Many companies that have been around for decades have evolved their operations and offering but left their brand and messaging untouched. Newer, fast-growth enterprises marginalize branding and messaging in their haste to get websites launched and outreach started. In both cases, the result is the same – a disconnect where companies don’t look or say the part.
CEOs should worry about the opportunity cost associated with sub-optimal branding and messaging. With B2B buyers conducting their purchase journeys largely online, first impressions matter. Companies need to have a dynamic brand identity and clear, compelling messaging to grab fleeting attention spans.
Marketri’s marketing strategy process includes a thorough review and an enhancement or complete overhaul of our clients’ brands and messages. We review internal and external stakeholders to understand a company’s primary current and aspirational attributes, strengths, and drivers of purchase. This due diligence enables us to find the sweet spot for messaging and the visual brand. It fits a company like a perfectly tailored suit and gives company leaders the confidence only a custom fit could.
Do Something About That Worry
Worrying is tiresome and unproductive. Redirect that energy into developing a marketing strategy for your company. Don’t have the in-house talent or time? Marketri is a strategic marketing consulting firm that can help alleviate your worries and move your company towards its growth objectives.
To learn more, you can also download our guide to strategic marketing plans. It offers a broad overview of the power of marketing plans and offers insights from our experience in creating and implementing them for our clients:
- Photo by Jim Reardan on Unsplash
- Photo by Fabrizio Verrecchia on Unsplash