By definition, a marketing strategy is a process that allows an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage. Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategies of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives.
So, we are sure that you have seen or read about marketing strategies at least once or maybe a thousand times. And still, you have no idea what to do. We are going to try and help with a few tips.
Remember, first and foremost, to find success with your business you must be up to date and current with your target market. To achieve success with your business, you must create your own marketing strategy and follow it consistently while improving your strategies all the time.
Many people are intimidated from the get-go and think it is too difficult or it will cost millions of dollars, but we disagree, you just need to look at yourself and your business and find out what are your weak points and what are your strong points.
Ready, let’s go!
1) What products and services are you going to market or what products and services do you currently offer?
Is there a need or desire for your products and services?
Right! Define your product and services and define your strategies to reach your market. Think about your market space, your demographics and your target audience. What do you offer them?
Many companies struggle with this issue. But to be honest it is very vital! Don’t be like others and follow the herding mentality, be innovative, conduct market research and find out what is in real need. Combine any and all of the aspects of your marketing research as you can. Define what product/service is in real need and offer it to the customers with a unique selling proposition. Be different! What sets you apart from your competitors? Don’t follow the crowd! Be unique :)
2) What part of market do you want to capture?
Who are your potential customers? What do they look like? How would you introduce yourself to a potential client? It’s not easy to define, because basically everyone potentially can become your customer either now or later. But, we recommend that you target and focus on those customers that need your products and services and are willing to spend promoting money in the right direction. Define your customer by its income, age, location, industry, etc.
Also, think about the invisible market that may not be currently served or is served poorly. That’s a great catch for you! Go ahead, even if you are a small player or just starting out!
3) Competition and competitors
Competition is very cut throat they are trying to get you and you are trying to get them. Competition should only drive you and fuel the desire to be better, faster and more attractive for your customers. But you have to know who your competitors are, wheat they are doing and do your best to offer a better, more unique and higher quality product or service.
This is very important. You have to gain your markets trust and approval. You won’t be able to get it right out of the gate, it takes time time persistence and reliable service to build up trust in the marketplace. It is not an easy process, but without it you won’t be able to succeed. If you said your cakes are the best in the town, you have to prove it day by day till the time comes that others will say that your cakes are the best in town. You are what you offer!
What product?! I didn’t hear you.
That’s right, how is someone supposed to buy your product or service when they don’t even know you exist? You must create awareness and demand for your products and services. People need to hear and know about your product, and as much as possible. the more your market hears about your product and is exposed to your product, the more likely they will buy it. All businesses need promotion, and it is very essential! Whether it’s advertising, direct mail or networking you need to increase your client base!
It is more likely that you will succeed by focusing and promoting the one thing you are best at and most passionate about rather than buck-shotting the market or flooding the market with many things and hope it sticks to the wall. Offering too many products or services will divide and strain your focus, strengths, efforts and your pocketbook. This also, can make your products and services look poor, unstable, and without quality. Focus and effectively use your time and money.
7) Be consistent!
Send a quality and consistent message everywhere and in everything. The more quality your product and service, the less money you spend can spend on branding, because the most inexpensive form of advertising and marketing will take place-word of mouth. Be sure to be attentive to your company’s branding, marketing materials, product design, web site design, because this is how your clients see you and these are in some sense you product or service mirror.
Remember to utilize and engage all forms of advertising and marketing that are available to you including traditional and non-traditional marketing strategies. This may be via a brochure, advertisement, web-based marketing, PR, direct mail approach or networking, please, whatever you do be focused on your marketing strategy.
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