Components of a Good Marketing Strategy
A good marketing strategy consists of a comprehensive collection of marketing techniques that enables a business to direct its resources towards the best opportunities in terms of increasing sales and achieving a sustainable advantage over the competition.
A marketing strategy consists of short term and long term activities that contribute towards achieving business objectives.
Remember developing a marketing plan for your business shouldn’t be complicated.
To help you generate an effective marketing strategy, here are eight basic components of any marketing strategy.
1. Market Research
An integral component of any good market strategy is market research. To lay the foundation for your strategy you must collect, organize and write down data about the market that is currently buying the products or services you intend to sell.
You should consider looking at marketing dynamics, customer demographics, market segments, target markets, needs and buying decisions.
In terms of products and services, you need to analyze the market to gauge what’s out there now and what the competition is currently offering. Identifying current sales and benchmarks in the industry in addition to suppliers that you will need to rely on will help you build a more substantial base in which you can effectively build a good marketing strategy.
2. Target and Positioning
Any good marketing strategy begins with the identification of a target audience. This is the most important component. There is no point in wasting your time and resources trying to market your products and services to an audience that isn’t interested in what you’re selling.
You should aim to sell to the market segments that will be most profitable for your business. Direct your marketing efforts towards people that are genuinely interested in your products or services. By narrowing your marketing efforts towards your ideal target audience you will greater optimize your time and resources.
Furthermore, defining your ideal target customer will allow you to adjust the overall style of your marketing strategy in a way that suits your target audience. Your content will be more targeted, using language that connects with your customers on a more personal level.
The ultimate business goal should be to gain the trust of your clients and create brand awareness among your target audience. A combination of traditional techniques like magazines, TV and word of mouth should be paired with online techniques to boost the awareness of your brand.
In today’s digital environment it’s imperative strategies prioritize online marketing. A business must have a website and a blog where you post high-quality content that connects with your audience and generates traffic. Additional visual and audio content like videos, podcasts, and infographics work to further generate brand awareness and leave a lasting impression in your target audience’s mind.
4. Unique Advantages
To win over your competitors you need to offer your target audience a set of unique advantages that your competitors aren’t offering. You need to distinguish your brand by offering your target audience valuable content that they can’t find elsewhere. Creating unique brand offerings will help distinguish your business from your competition.
Aim to identify one or two things that make your product or service different and promote them as much as possible. In doing so you can create more effective marketing strategies that greater reach your target audience.
5. Communicate With Your Clients
It’s imperative to know how and when to communicate with your target audience. You need to strategize the types of content you are making and how you are sharing them. Think about where your target audience hangs out most and utilize the platforms that will best reach them.
The connection you develop with your customers is a key aspect for the success of your marketing strategy. It’s important to promote your products and services as the best choice on the market, but it’s even more important to focus your attention on the needs and wants of your followers. Identify the problems they have and show them how your business offers the best solution to satisfy their needs.
6. Promotional Tactics
Once you have created your marketing strategy, you must decide which marketing activities will ensure your target audience knows about the products or services you offer, and why they meet their needs.
Aim to execute a combination of tactics such as various forms of advertising, public relations, maintaining an online presence, promotions and an effective point of sale strategy. Remember every action you take must align with your marketing strategy in order to be effective and convert customers. Aim to limit your activities to those methods you think will work best with your target market.
7. Monitoring and Evaluation
This is a key component of any type of strategy and something a lot of businesses overlook. Take the time to analyze how your strategy is performing in practice. Surveying customers, tracking sales, leads, visitors to your website and percentage of sale to impressions are all worthwhile tactics to consider.
Any successful marketer will continually review the status of their marketing strategies against their set objectives. Doing so will ensure ongoing improvements to marketing initiatives and benefit future market planning.
8. Marketing Plan
Once you have finalized your marketing strategy, draw up a marketing plan that outlines how you intend to execute the strategy and evaluate its success. Your marketing plan should be excessively reviewed and if necessary updated to respond to changes in customers’ attitudes and broader economic forces.
Fundamentally, all good things take time and a successful marketing strategy takes not only time but commitment as well. When developing your marketing strategy you must be ready to invest in order to reach your business goals. Focusing on the finer details of a good marketing strategy will allow you to develop a logical, effective plan that will lead your business to success.