A marketing strategy is the starting point for your marketing plan.
The purpose of your marketing strategy is to identify the benefits of your service or product and then communicate them to your target audience. The focus of your strategy should be making sure that your products and services meet identified customer needs and develop long-term and profitable relationships them. The best way to achieve this, is to create a flexible strategy that can respond quickly to changes in customer perceptions and demand. This may also help you identify new markets that you can successfully target along the way.
One of the most important elements of a successful marketing strategy is recognizing that both your existing and future customers can be divided into specific groups, characterized by their needs. Market research will help you to identify these groups and their needs. Once this is done, then filling those needs more successfully than your competitors, will be the focus of your strategy.
Your marketing strategy then should make the most of your strengths and match them to the needs of your target audience. For example, if a particular group of customers has been identified as looking for quality above all else, then any marketing activity aimed at them should draw attention to the high quality of the product or service you provide.
Now you’re ready to decide on the best marketing activity to reach your target audience and make sure they know why your product or service meets their needs. Various forms of advertising can be used to accomplish this: social media, internet blogs, local business expos, direct mail coupon books, or by creating an effective point of sale (POS) strategy if you rely solely on others to actually sell your products. To avoid spreading your budget too thinly, work with a professional marketing consultant and limit your activities to those methods you think will work best.
An important element to build into your strategy is a means of monitoring and evaluating how effective it’s working. This key element not only helps you determine how well the strategy performing, it can also help inform your future marketing strategy decisions. One simple method to do this is to make it a point ask each new customer how they heard about your business. Be sure to record and collect those answers. They can be very helpful going forward.
Once you have decided on your marketing strategy, draw up a marketing plan to set out how you plan to execute and evaluate the success of that strategy. The plan should be continuously reviewed so you can respond quickly to changes in customer needs and attitudes in your industry, and in the broader economic climate as well.
Trembling Giant Marketing, LLC is your local branding, marketing services, and public relations agency providing professional, affordable, and complete solutions to the businesses that need it most… yours.
Trembling Giant Marketing, LLC
5320 Enterprise St., Suite G,
Sykesville, MD 21784