Developing a marketing strategy is vital for any business. Without it, it is likely that your efforts to attract customers are messy and inefficient.
Your strategy should emphasize the fact that your products and services meet customer needs, and on developing long-term profitable relationships with clients. To achieve this, you will need to create a flexible strategy that can respond to changing perceptions and customer demands. It can also help you identify whole new markets that you can successfully target.
The goal of your marketing strategy should be to identify and communicate the benefits of offering your company to your target market.
Once you’ve created and put under your strategy, monitor its effectiveness and make any necessary adjustments so that it continues to be successful.
This guide helps you identify the clients on which to focus and your key objectives to achieve them. He explains what to include in your marketing strategy and how it can be the basis for effective action.
• Key Elements of a successful marketing strategy
• Understand your strengths and weaknesses
• Develop your marketing strategy
• Tips and Traps
Key Elements of a successful marketing strategy
A key element of a successful marketing strategy is to recognize that your existing and prospective customers will fall into groups or segments of individuals, characterized by their “needs”. Identifying these groups and their needs through market research and then address them with more success than your competitors, must be central to your strategy.
You can then develop a marketing strategy that makes the most of your strengths and make them fit the needs of customers you want to target. For example, if a particular group of clients seeking first and foremost quality, then any marketing activity aimed at them should draw attention to the quality service you can provide.
Once this has been done, choose the best marketing activity which will ensure that your target market knows the products or services you offer and why they respond to their needs.
This can be done through different forms of advertising, exhibitions, initiatives in public relations, Internet activity and creating a strategy of “selling point” effective if you rely on others to sell your products. Limit your activities to the methods that you think will work best, avoiding to spread your budget too much.
Monitoring and subsequent evaluation of the effectiveness of your strategy is a key element often overlooked. Not only this element of control helps you realize how the strategy works in practice, but it can also help guide your future marketing strategy. A simple way is to ask each new customer how they heard about your business.
Once you have decided on your marketing strategy, write a marketing plan to indicate how you plan the implementation and evaluation of the success of this strategy. The plan must be constantly revised to respond quickly to changing needs and attitudes of customers in your industry, and changes in general economic climate.
Understand your strengths and weaknesses
Your strategy must consider how the strengths and weaknesses of your business affect your marketing.
Begin your papers with a marketing strategy analysis SWOT honest and thorough, covering your strengths, weaknesses, opportunities and threats against you. At this stage, it is preferable to conduct a market survey about your existing customers, as this will help build a more honest picture of your reputation within the market.
Forces may include:
• a customer service staff and flexible
• characteristics or specific advantages your product
• knowledge or expertise
Weaknesses may include:
• limited financial resources
• lack of an established reputation
• of inefficient accounting systems
The possibilities may include:
• an increase in demand from a particular market sector
• using the Internet to reach new markets
• new technologies allowing you to improve product quality
Threats may include:
• the emergence of a new competitor
• more sophisticated versions, more attractive or cheaper
product or service
• new regulations increasing costs
• an economic downturn, reducing overall
Once you have completed your analysis, you can then measure any impact that each element can have on your marketing strategy.
For example, if new regulations increased the cost of competition in a market in which you are already low, you might want to look for other opportunities. On the other hand, if you have a good reputation and your key competitor is struggling, the regulations could provide an opportunity to make your way to new customers aggressively.