Marketing: The Key to Successful Family Business Strategy
Starting a business is hard. Crafting the right family business strategy is necessary in order to succeed in business. But, what are the most important aspects of your strategy that you need to consider before you start your business? What do you do if you have already started a family business but have no strategy for growth?
Strategy vs Tactics
Before we discuss more on how to improve your strategy for a family business, we need to look at a key question: what is the difference between strategy and tactics?
I have been playing the oldest board game still being played, GO, and it is interesting to see how tactics and strategy play out in the game. Without getting into tow much detail, the strategy of the game is to surround as much territory as possible with your stones. The tactics of the game are all the ways to kill your opponents’ stones. While a game like chess is generally about the tactics of taking pieces, GO really separates tactics and strategy because a good strategic player rarely wins by large amounts, but they win consistently. On the other hand, a tactician in GO will either win or lose big. But, the best players in GO, including computers, use a combination of tactics and strategy to play the game.
In the same way, marketing is necessary for both family business strategy and tactics.
Many of my customers often lose sight of the strategic aspect of marketing because they want tactics to just work. This causes problems though when a business owner loses sight of the fact that strategic marketing asks and answers one simple question: who am I serving?
Tactics look at how to get a better ROI, how to use Google, how to succeed on Facebook, and so on. But without a fundamental marketing strategy, all the best tactics in the world will only make your failure more spectacular.
Since marketing looks at who you are serving, or who your market is, it is essential to good business strategy. If you want to improve your business strategy, answer the question: who am I serving? When you know the who, you will be able to create the tactics (products and services, sales funnels, paid advertisements, landing pages, and so on) to achieve your fundamental strategy of serving your customers.