With limited knowledge, how do you develop a marketing strategy?
- On : August 19, 2022
First of all, congratulations on having a business you are ready to market! The hardest part of any business is to get it started and off the ground – especially if you feel as though you have limited knowledge on some of the practical areas of making a business successful. Quite often we can come up with the most brilliant ideas but have no idea of selling them. This is where having a well-thought-out marketing strategy comes in handy.
Hang on… but you might be thinking: “I have no bloody clue on where to start and what even is a marketing strategy?!”
Sit tight, this blog will help.
What is a Marketing Strategy?
Simply put, a marketing strategy is the long-term game plan on how a business can reach potential consumers and flip them into existing customers for the business. It can also strengthen the relationship with your customers as your company grows. Your marketing strategy can be continually developed and revised whilst providing a focus for you and your team to stay on the right track. When brainstorming a marketing strategy, you need to make sure it is aligned with your business goals and you have a clear understanding of the 4 Ps of marketing.
The 4 Ps of Marketing
The four P’s of marketing (also known as the Marketing Mix) was first introduced E. Jerome McCarthy an American marketing professor and author. He believed marketers have these 4 important pillars to think about when creating a marketing strategy. Within each of these 4 P’s, there are also important questions to consider in order to fully understand each one.
- Who needs the product/service? How can it satisfy the customer?
- What is the appearance?
- How will it be used by the customer?
- What is its name?
- How does this stand out from his competitors?
- At what price can it be sold to be profitable?
- Where could it be used?
- Where can this product/service be bought?
- Instore? Online?
- How can it be displayed the best?
- Where can it be advertised to get the most attention from consumers?
- What is this product/service worth?
- Does your product/service has existing price points within your region?
- How does our price compare with the competitors?
- Can you gain more customers from a price increase or decrease?
- Which is the best way to reach your audience?
- When are the best times to promote your product/service?
- How do your competitors promote?
Once you have an understanding of the 4 P’s of Marketing you are ready and well-equipped to take the following steps in order to create a great marketing strategy.
1. Understand your goals
Having a clear understanding of your goals and breaking those goals into smaller bite-sized chunks will help you with measurable progress and figure out what works and what doesn’t without having to fully change directions for one bigger goal.
2. Identify your customer
Knowing who your customers are by profiling will help you gather data and more insight into their behaviours. This will give you more power on how to sell appropriately and more efficiently to your target market.
3. Create your message
Once you have understood your goals and target audience you need to construct a clear and concise message. Let consumers know how your product/service can bring value to them.
4. Create your budget
Identity how much you want to spend on advertising your product/service. Are there cost-efficient ways and if so will that impact the number of potential customers you can bring across?
5. Effective channels
Finding the best channel to reach your audience is essential to not only gaining new customers but retaining existing ones. Which channels are the more effective in reaching your audience? Through paid advertising? Emailing? Social Media? Videos and podcasts?
6. Measure success
Understand the importance of metrics and data. This can help you judge how well your product/service is reaching your audience and how well it may be received. Having this data will allow you to make changes and improve your future results.
Having a well-thought-out marketing strategy is key to your business’s success. A suitable one for your business can have advantages such as an increase in sales, strong brand identity, and business growth. Not only can it help keep the business stay on track but provide a strategy on how you can effectively implement advertising to get the most audience engagement.
If all of this seems overwhelming or something you are considering putting in the “too hard basket” then simply log onto Robotic Marketer, and have artificial intelligence write your marketing strategy for you.
Author – Fion Trieu