An introduction to choosing the correct marketing strategy
All around the internet, and even beyond, you can find content talking about the importance of having a proper online marketing strategy. And they are not wrong in doing so. After all, promoting your business online is the key to success in a rapidly digitalizing world. With only 64% of small business owners, own a business-related website, it’s easy to say the sector has some catching up to do. Yet, few are those outside marketing specialized professionals that know how to choose a good marketing strategy. To correct that, we have compiled this short guide on picking the right marketing strategy for your business.
Identify Your Marketing Goal
The first thing you’ll want to do to pick your marketing strategy has established business goals as a setting off point.
These can be things like:
- increasing awareness of your products and services among the general public
- selling more products from a particular supplier
- reaching a new customer segment or target audience.
When picking these goals, you’ll want them to be very specific, easy to measure in terms of results, realistic, relevant to your particular business, and traceable along a certain period. By ensuring it fits these qualities, you will be avoiding frustration in the future and ensuring that you are always aware of at which point in the journey your business is.
State Your Marketing Goal
Now, based on your business goals, you must define your marketing goals. These will be essential for motivating your team and benchmarking your success.
An excellent example of a marketing goal would be to increase your marketing penetration (that is, selling more of your existing products to more current customers). Your marketing goals can be more long term and, naturally, take more time to achieve, so to make this journey a little easier, set a series of steps towards achieving them, along with timestamps for each step. Make your journey towards that goal a series of small victories.
Also, keep in mind that a good marketing strategy can always be revised but never discarded. If you keep making a new plan every year, it’ll never get anywhere.
Next, you’ll want to gather information about the market and industry in which your business operates. Ask yourself questions like:
- How big is my market?
- Is it growing? If so, how fast?
- What are the current social trends?
- What are the demographics of this market ( things such as the age, gender, and lifestyle of your ideal client.)
Profile Potential Customers to market to
With the information you gathered from your market research, it’s time to figure out precisely what type of client you intend to reach through your marketing strategy. This information should answer three main questions:
- How do they buy? (Is your ideal client more conservative with money? Or do they spend often?)
- Where do they buy? (Will you be reaching out to people in your local community or focus on eCommerce?)
- What they buy? ( What is it you are trying to sell? Is it a physical product, does it have a production cost? Will it need shipping?)
By figuring out who your ideal client is, it will become easier to identify their needs and plan on meeting them. This is why it is essential to keep track of new trends as each new one generates unique needs and new markets. However, it’s important to note that in order to do this, you shouldn’t sacrifice your relationship with current clients.
Profile Competitors to market against
In a similar vein as what you did to your customers, you should create profiles for your competition that identifies their products, supply chains, pricing, and marketing tactics.
These profiles should be used to identify your competitive advantage in relation to them and what sets your business apart in the market. You’ll also want to use these profiles to identify their strengths and weaknesses and improve your comparative performance.
Developing Your Marketing Strategy
Now that you are armed with all the necessary information, it is time to develop your marketing strategy in earnest. Make a list of the markets you intend to conquer and layout strategies for each one taking the information from your market research into account.
For example, if your goal is to become more present in social media, define which platforms your company will be active on, outline content schedules and how you are going to achieve relevancy within them.
Don’t be afraid to test things out.
When deciding on your tactics for the oncoming campaign, research the effects of different strategies and which ones are more compatible with your business model.
As you begin to get new ideas, please test them on your staff and customers, reviewing what works and what doesn’t. You can’t possibly try every single tactic in the book at once, and not all of them are going to be good for your company. The only way for you to select those who do work is by trying them out like outfits from a closet. If it doesn’t fit, you change. How a tactic “fits are going to be determined by its ability to bring your business to new customers or reach out to the ones you already have. Don’t be afraid to be critical when making this evaluation. Your business only stands to gain from a more demanding look.
Conclusion on choosing the
By reading this article, one certainty must have solidified within your mind: Picking and executing a good business marketing strategy is no easy task.
Indeed, it involves a lot of trial and error, testing, long-term planning, and a good amount of insistence, but the results will, more often than not, speak for themselves.