How to Identify the Best Marketing Strategy for Your Business
Your business needs a marketing strategy if you are to make any sales or progress. Without a marketing plan, you risk losing a lot of money creating and launching a product, only to have it flop once it reaches the market. Perhaps you might have assumed that there was a market for your goods because a client told you so, or maybe a member of staff came up with the idea and you believed them since they had created a well-organized proposal. Whatever it is, it is likely to fail if you don’t prepare a marketing plan for it.
What is a Marketing Strategy?
A marketing strategy is a detailed plan that explains how the business will achieve its advertising goals. Since your organization is limited in terms of how much labor it can employ or how much capital it can spend, a marketing strategy highlights the best ways to use these scarce resources to maximize on sales.
How to Identify the Best Marketing Strategy
1. Know Your Client
Before you settle on a marketing plan, do more research on your market. You can group the market according to age, height, sex, occupation, preferences, hobbies or any other characteristic that you may find relevant to your line of work. For example, if you’ve grouped your clients according to age, you can go even further and narrow down that list to include clients within specific age brackets. The reason why you need to be so specific with your target customer is because they are easier to manage and understand. For example, if people interested in your product are aged between 20 and 26 years, you know that they’re more likely to engage in similar activities; hence, you won’t have to worry about unpredictable behavior.
2. Create a Target Market Profile
Once you have identified your target market, write down their unique characteristics in relation to your product. For example, based on your past sales, current market conditions, and the expectations of your clients, come up with estimates of the expected demand and sales figures once you launch. Using statistical analysis tools, you can also predict the growth in sales. You can also include reasons as to why your target market is interested in your product. You need to know if your clients are going to buy your products out of pleasure or need, and the only way you’re going to know if is you know who you’re selling to.
3. Unique Merits
Find out if your product offers exclusive advantages to the consumer. Are your products of a better quality than the competitors? If that is the case, maintain the same standards of production, and don’t let your competitors discover your secret. If your products are not that different from what is out there, you should find a way to differentiate your products. However, remember not to get carried away by the differentiation process and mess up your product completely. Sometimes, it can be from as simple as changing the packaging to as complex as changing the formula. Just do your research thoroughly to find out what works for you. Then you can focus your marketing strategy on that uniqueness.
4. Clear Communication
Before you identify the best marketing strategy for your business, find an appropriate platform to engage your clients. You can go for paid or targeted ads on popular social network sites. Additionally, you can also create active accounts on these online platforms. Being active means being responsive to your followers. Make sure that you create regular posts related to your business and your client’s concerns. That way, you create a positive feedback loop. Your clients will be more than willing to give you their honest opinions on the product. Once you know which communication channel works best, you can use it to accomplish your marketing goals.
You should know how much you are willing to spend to build brand awareness. Does your plan involve the use of TV or radio broadcasting? If that is the case, specify which TV or radio station, and write down their charges. Alternatively, if you’re going to hold seminars and workshops, write down the venues and the leasing charges per day. If you are going to use giveaways, note how much you will spend on the freebies. For your marketing strategy to achieve the intended effect, you have to spend money on certain activities. Always make sure that the amount you have is enough before you launch the strategy.
If you want to select the best marketing strategy, follow the above guidelines. Don’t make any compromises or else you risk hurting your sales. Make the creation of a marketing plan an organizational thing, and let employees from different departments participate. That way, when you’re implementing your marketing plan, everybody will be for it.