News on Youtube Dec 30 2018

Hii there my name is William Walczak and I'll talk to you about business

strategy versus marketing strategy which one do you need for your business and

which one is going to make you more successful. Turns out both let me tell

you a little more about it in a second.

First what is a business strategy? And what is a marketing strategy? What do

they do? A business strategy is actually really kind of like if you were

to think about a house like the foundation of a house and the structure

of a house and in the marketing strategy very much what happens in that house.

There are five components of a business strategy that I think every company

should not only define but also be really well aware of. The first one is

going to be what aligns your team? So this is very much the foundation of that

home so your vision statement, what do you want to be when you grow up. Your

mission statement how are you going to get there and your core values the

pillars that support your organization. The second thing is your company

structure. Roles, responsibilities the what and the who. This what this is

essentially the frame of your home. How many rooms are you gonna have, what kind of

ceilings are gonna have multiple floors. The third component is the action plan

and the measurable outcome. So this is SMART goals. How are you actually going

to build this home. The fourth component is accountability. Who is responsible?

what are the incentives and what will guide this person, which responsibility.

So who's doing the building? Who's doing the foundation? Who's doing the

electrical? Who's the plumber? Fifth one is key performance indicators. If you

were to look at the building of that home do you know if it's behind schedule?

Is it on schedule? is it on budget? Is it horribly over-budget?

Are there changes being made? Are people showing up on time? The very same

measures should be applied in every business. How much is each salesperson

bringing in? How much revenue is your company generating? How much profit is

your company generating? So part of that business strategy is an understanding

and the fundamental understanding of what your business is. So what's a

marketing strategy? Marketing strategy is kind of what happens in that house and

the marketing strategy should actually support your business strategy. The

marketing strategy is essentially your business is overall outlined for

reaching people and turning them into customers of your product or your

service. Your marketing strategy should be defined into four different

categories. Effectively the first one is your target market. Who are your ideal

clients? Which clients should you also avoid? Are you targeting women? Are you

targeting their specific age? Is there a specific

area that you're going after? Is there a specific time in their lives that your

product or service fits? Those are things that are important because they help you

target and get to them. Are they going to be on Facebook? Are they going to be on

Instagram? Are they going to be on Pinterest? Are they gonna be on Snapchat?

It completely depends who your target market is. The second component is

positioning. Are you low cost? Are you premium? Are you mass market? Are you niche?

That will very much dictate what kind of marketing strategy you're going to take

or your marketing agency is going to follow. The third component is messaging.

This is extremely key. The language that you use should connect with your target

market you sound like them are using words that they understand. Here's a

really good example. Let's say you're making a website for an optometrist

think about what the audience the target audience is going to be for an

optometrist people with poor vision. Make your buttons large on your website make

your fonts easy to read, make it high contrast. The fourth component is future

plans for expansion and diversification. Think about what will happen if it

succeeds or if it doesn't succeed. Are there potential products that you can

introduce them in the platform and given your business strategy how easy is it

going to be to expand? Your marketing strategy should very much inform that. So

it shouldn't be a business strategy versus marketing strategy, it should be

business strategy PLUS marketing strategy. The two should work well

together. Your marketing strategy should support your business strategy. So if you

have any questions or if you want us to do an audit of your business let us know

this is the stuff that we love. Thanks so

much let's get down to business. This series

was filmed the Hiilite Creative Group studio in Kelowna British Columbia

Canada and is made with the help of our creative team. If you like this video

subscribe to the channel and check us out at Hiilite.com