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marketing strategy

When developing your marketing strategy, there are several factors to consider. Is your company’s marketing strategy solid?

To be successful, whether you are a Fortune 500 company or a one-person shop, you must have a marketing strategy and consistently implement it. However, it does not have to be expensive, nor do you have to be a creative genius.

The key is to create a marketing strategy that will serve as the foundation for your promotional efforts. Implementing promotional activities such as advertising, direct mail, or even networking and one-on-one sales efforts in the absence of a marketing strategy is akin to buying curtains for a house you’re building without first developing an architectural plan. How would you know how many curtains to purchase or what size they should be?

marketing strategy

You can lay a solid marketing foundation by doing the following:

Establishing the scope of your product or service

How do you package your product or service? What exactly are your customers purchasing? Your clients may be purchasing web-based software tools, but they are also purchasing increased productivity, efficiency, and cost savings. And, if you have several products or services to promote, which ones are the most viable?

Segmentation

Your existing and potential customers are divided into distinct groups or segments based on their ‘needs.’ One of the key elements of your marketing strategy should be identifying these groups and their needs through market research and market reports, and then addressing those needs more successfully than your competitors.

Positioning and targeting

You should try to sell to the market segments that will be the most profitable for your company. It’s critical that your product meets the needs of your chosen target market. Determine your target market and target your most profitable customers.

You should develop a marketing strategy that capitalizes on your strengths and aligns them with the needs of the customers you want to reach. For example, if a specific group of customers prioritizes quality, then any marketing activity aimed at them should emphasize the high quality of your products or services.

marketing strategy

Finding a niche 

Is there a market segment that is currently unserved or poorly served? Even if you are a small player, a niche strategy allows you to focus your marketing efforts and dominate your market.

Raising awareness

 It is difficult for a potential customer to purchase your product or service if they are unaware of its existence. In general, a potential customer must be exposed to your product 5 to 15 times before they are likely to consider it when the need arises. Unexpected needs frequently arise. You must consistently stay in front of your clients if they are to remember your product when the need arises.

Establishing credibility

Clients must not only be aware of your product or service, but they must also have a favorable attitude toward it. Potential customers must believe that you will deliver on your promises. Often, especially with large or risky purchases, you must allow them to “sample,” “touch,” or “taste” the product in some way. A trainer, for example, could gain credibility and allow potential customers to “sample” their product by offering free, hour-long presentations on topics related to their area of expertise.

Being Consistent

Be consistent in all aspects of your life. This includes the appearance of your collateral materials, the message you deliver, the level of customer service, and the product’s quality. It is more important to be consistent than to have the “best” product. This is one of the reasons for chain stores’ success. If you book a room at a Courtyard Marriott in Little Rock, Arkansas or New York City, you know exactly what you’re getting.

marketing strategy

Maintaining Focus

 Maintaining focus allows for more effective use of scarce resources such as time and money. Your promotional budget will yield a higher return if you use it to promote a single product to a narrowly defined target market and if you promote that same product to that same target market over time.

Promotional strategies

After developing your marketing strategy, you must decide which marketing activity or activities will ensure that your target market is aware of the products or services you provide and why they meet their needs.

Numerous methods exist for accomplishing this, including various forms of advertising, exhibitions, public relations, digital marketing, and an effective “point of sale” strategy. To avoid spreading your budget too thinly, try to limit your activities to those you believe will work best for your target market.

Evaluation and monitoring

Monitoring and evaluating the effectiveness of your strategy is a critical component that is frequently overlooked. This control element not only allows you to see how your strategy is working in practice, but it can also help you plan your future marketing strategy.

A straightforward approach is to ask each new customer how they heard about your company. Questionnaires, focus groups, and an examination of customers’ online behavior can provide more in-depth analysis.

marketing strategy

Marketing plan

Once you’ve decided on a marketing strategy, create a marketing plan outlining how you intend to implement it and measure its success. The plan should be reviewed and, if necessary, updated on a regular basis so that you can respond quickly to changes in customer needs and attitudes in your industry as well as the broader economic climate.

Before creating a brochure, running an ad, launching a direct mail campaign, joining a networking organization, or even making a sales call, map out a path to success by developing a consistent, focused marketing strategy.

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