Why you need a marketing strategy?
There are so many promotional channels and methods to choose from and it makes developing a marketing strategy seem like an overwhelming task. However, a marketing strategy is about much more than your promotional tactics.
Put simply, your marketing strategy is how you intend to achieve your business objectives and goals. Your business plan is the foundation of your marketing plan, so it should help guide you through this process.
Who are you? Or Who you want to be?
Before you develop a marketing strategy that suits your business, you need to have a clear idea of your business and the position you hold in the market. This is called positioning your business. You can start by answering the following questions:
- Who are your target customers?
- What are they interested in?
- What are their problems?
- What do you offer?
- How do your competitors meet the needs of your target customers?
- How can you do it better?
How can you help your target customers understand why your product or service is better than or different from the competition? Why they should choose you?
This information will help you work out your market position and define who you are.
What do you want and when?
Once you’re clear about your business and its positioning, you can start thinking about what you want to achieve. Think both long and short term, and figure out your main business goals, whether it’s the size of your business, expansion plans or profit figures. Then figure out what your immediate objectives are, whether it’s to establish your business in the market, or to increase sales or customers. Your objectives need to be SMART (specific, measurable, achievable, relevant, time-bound).
How are you going to get it?
Once you know what you want, start analyzing your short-term business objectives and try and figure out what marketing activity, process, or the price will help you achieve your objectives. When choosing marketing activities, try and choose activities that suit your business and your customers. Digital marketing and social media are two vital elements that you need to think of besides other methods to approach your customers and generate leads.
It’s a good idea to choose multiple activities that complement each other, to help you get your message across. This is called comprehensive or integrated marketing mix. When used together, these strategies can start to complement each other and help you reach a broader market.
Make the first step?
Sometimes figuring out what strategies will work is a matter of trial and error. It can be useful to market to a small sample of your customers and analyze the results. If a sample isn’t possible, you can try asking ten of your best customers directly for their feedback. Recording these details in your marketing plan can also help you plan your messages and work out what channels are right for your business.
Need a solution?
Drop me a line to describe your concerns and your business needs to receive more guidelines for details or FREE templates to start your journey. I am here to help.
Or, read other relevant posts about Strategies:
- Why Macroeconomics is important for a Business Strategy?
- Small business: How differentiation helps you to compete with giants like StarBucks?
- Don’t misunderstand: Know the difference between a name and a brand