We rarely question how brands become household names. As consumers why should we, surely buying goods or services is proof enough of our loyalty.

Every marketeer is striving to achieve this, but how do they do it?

It is more complicated than you think, but there is always a starting point. Marketing planning and Strategy is the key to new product development and business growth. But great marketeers also understand the commercial impact the marketing plan has on a business.

• How much is it going to cost a business to launch products to open new markets?
• What is the strategy for doing this?
• What resources does the business need to achieve this?

There are hundreds of questions that will require answers and a marketeers must find them. Establishing a budget will define the key areas of expenditure determine by the marketing strategy. Once there is an established marketing budget the business can begin to monitor its return on investment.

If a business needs a new machine to increase productivity a capital expenditure proposal is raised alongside a return-on-investment calculation. Marketing should be viewed in the same way – expenditure will require a ROI.

Maintaining this marketing discipline is how you build consumer brand loyalty. Business growth requires investment and clever marketing will achieve a return.

Regardless of the size of an organization, strategic marketing should always be part of the business plan and assigned a budget. Smaller businesses sometimes neglect the importance of marketing planning. They often buy services because they feel this is marketing. E & M’s definition of marketing strategy is.

“A marketing strategy is a long-term plan for achieving a company’s goals by understanding the needs of customers and creating a distinct and sustainable competitive advantage. It encompasses everything from determining who your customers are to deciding what channels you use to reach those customers.”

 Measuring a return from any investment in a business is good practice. Marketing is no different – strategy with planning will define your objectives and budgets. Treat this as a business process and it will support any size of business that wants to grow.

If you have enjoyed reading this blog and would like to learn more about E&M Strategic Ltd and how we can help your business. Please visit our website. www.eandmstrategic.co.uk