Marketing Planning | 3 min. read
Strategy development – an investment for the future
Written by Mike Nield, 03.05.2017
The marketplace is constantly evolving. Customers and end-users are demanding more from their suppliers all the time. This has had a huge impact on B2B companies, in terms of people, technology and infrastructure requirements. With the myriad of pressures businesses are faced with, it is not surprising that there can be a tendency towards inertia as demands on resources become more stretched.
In this climate, it is easy to understand how some businesses can find themselves with a fractured or even non-existent strategy, as managers try to spread a finite budget across too many areas. However, this lack of clear focus and direction can end up having a catastrophic effect on business growth, and can, in fact, become detrimental to the ultimate health of the company.
Understanding your business and your market is critical to enabling better business decisions to be made. Market research is important – with the understanding that it affords, it is possible to develop a strategy, which will identify where investment is most needed and prioritise where it should be made. By undertaking strategic marketing planning, you can not only establish your direction of travel but identify your measurable goals and monitor your return on investment. While daily ‘tasks’ are important and campaigns can provide an uplift in sales, without an overall strategy much of the ensuing activity will represent a costly waste.
Irrespective of the size of your company or the industry in which you operate, strategic planning reveals the bigger picture and identifies which actions will move your business closer to its ultimate objectives and which won’t. It gives you insight into what customers truly value and prevents you from eroding margins with communications that don’t demonstrate how you solve key issues. Having a good comprehension of your markets as well as customer needs and expectations ensures sound, cost-effective decision making.
Have confidence in your decisions and their ability to drive your business forward. Talk to Intermedia.
Originally published May 3, 2017 16:22pm, updated September 30, 2020