Amidst large established businesses and a multitude of competitors that are currently in the market, it is crucial for a budding business to create an efficient Marketing Strategy in order for it to thrive.
The main objectives of a Marketing Strategy are to attract the target market to buy their products or services, and develop good relationships in order to generate their loyalty. Therefore, successful marketing strategy is focused on winning and keeping customers.
Word-of-Mouth Marketing, Call to Action Marketing, Viral Marketing, Relationship Marketing, Cause Marketing and Scarcity Marketing are only some of the various marketing strategies existing and are being utilized today. Many but not all of these strategies have succeeded in aiding a business. It is entirely based on the company to decide as to which particular marketing strategy it should invest on.
Creating a Marketing Strategy can really be challenging due to the various elements which could affect a company’s decision as to which strategy it should take. There are steps that could guide a company to identify several factors and address some issues that they would like to apply in their marketing strategy.
How to Develop a Successful Marketing Strategy:
1. Situation Analysis
The initial step is to analyze the market situation. A company must determine the following questions to know where a company stands among businesses and industries.
- What product or service can your company offer to the market?
- Who would be interested in buying your company’s products and or service?
- What kind of brand does your company have?
- Who are your competitors?
- What benefits or perks can your company offer to set you apart from your completion?
2. Identify and Describe your Target Market
Today’s market is now segmented and specific. Identifying your target market is essential to lead your business towards success. Identifying the target market must be specific and concise because it will be your guide as you plan your media campaigns and strategies.Observe and study your target audience. Study their buying habits, preferences, consumer behavior and trends. Knowing your Target Market Demographics such as age, sex, family consumption, annual income, geographic location and lifestyle are also equally important and essential in the creation of an effective Marketing Strategy.
3. Set your Marketing Goals
A rising company’s Marketing goals are its driving force towards generation of sales and attracting more consumers. These goals should be properly and specifically identified in order to monitor its progress. These goals should also be measurable and feasible. Ask questions such as “What do you plan to achieve?” and “How long would it take you to achieve these goals?”
4. Identify and develop the Marketing Communications Strategies that you intend to use
This the core part of Marketing Strategies.
- What particular marketing mix do you intend to use?
- How would you run your campaign?
- What methods will you use?
- Where and when will you strategically target your market?
- Would you like to attract your cold prospects through advertisements, direct marketing or public relations?
- Or would you rather improve your relationships with your warm prospects through permission-based emails, loyalty programs and customer appreciation?
- Do you intend to use traditional advertising?
- These are some questions that you need to answer and put into action in order to achieve your marketing goals.
5. Set your Marketing Budget
The creation of Marketing Strategies are risks that a particular company takes because these are very essential for a company to grow and attract more potential clients. Setting the Marketing budget of a marketing strategy is important for a business to know if its benefiting from the strategy or not.
There are many existing and yet to be born strategies which could fit even the tightest budget. It’s up to the method of the company’s implementation of that particular strategy and wise allocation of funds that may lead to its success or downfall. Nevertheless, Marketing Strategies are risks worth taking.
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