Have you ever wondered why most small businesses fail? What is the reason why 50% of companies fail after 5 years? How about a more relatable question. Have you ever wondered why your marketing initiatives fail? Even when they look promising, they still don’t seem to measure up to your expectations. That’s because, without a strategy, your marketing is ‘blind’.
Benjamin Franklin said it best when he said: “Failing to plan is planning to fail.”
Not having a strategy, or understanding how important it is, can negatively impact your business and carry consequences like:
- Losing out to your competition
- Losing market share to existing and start-up companies
- Gaining and retaining less customers
- Missing out on opportunities to improve targeting and optimization
- A lack of planning often the reason to suboptimal execution. This means that your competition companies will pose more of a threat, filling in the gaps of the service you offer.
Having a good marketing strategy in place helps businesses identify their best customers. It also helps them understand what consumers want. With a good strategy in place, it is definitely possible to implement the most effective marketing methods.