Whether you are a start-up entrepreneur or a veteran in the business world, you need to have a marketing strategy to keep up if not outrun the competition. What is a marketing strategy? It is basically an entrepreneur’s set of goals for their business or company that focuses on how to attract consumers in different target segments.
A marketing plan is needed to be able to lay out all the strategies to stay ahead of the competition. Creating a marketing strategy allows you to define and focus on your company or business’ vision and mission and will serve as a guide to your next step to success. To plan a comprehensive and detailed marketing strategy, you need to focus on:
- Defining your product or services and what makes it unique.
- Explaining a specific role of a product or service that will benefit the consumers.
- Determining who your target market or competitors are.
- Identifying effective tactics that you need to use.
Should I have a strong marketing strategy?
If you are expecting to generate sales and leads in your company, you need to have a strong marketing strategy to make it grow. Creating a marketing strategy will take time and effort as it is a trial and error process but it will be worth it when you are finally able to develop one.
5 Important Keys to a Great Marketing Strategy
1. Identify your goals.
This is one of the most important keys that you need to remember when making a marketing strategy. If you are not able to identify the goals of your business, how else can you create a marketing plan? It is highly important that you state the goals you want to achieve for your business, set an objective that is within your time and budget, and set goals that can help you improve your business in the long run. Some of the business goals may include increasing brand awareness or selling more products or services to consumers. Make sure to keep them realistic.
2. Identify your target market.
Once you have identified your business goals, you will then understand the importance of identifying your target market. A marketing strategy without any target market is no use and can only result in failure. Everybody is a potential customer for your product or service but if you don’t have enough capital to market your products, it is better to focus on your most ideal and relevant customer.
You need to define your target market in terms of age, income, gender, ethnicity, and, most importantly, location. For instance, you have a restaurant or bar in the city that caters to young professionals who want to dine out after a long day at work rather than cook at home. It is clear that your target market is people beyond 21 years old who can afford to get a table at the restaurant and are old enough to enjoy late nights at the bar.
3. Get to know your competition.
Your competition is the one that is running a business against you and may usually have the same business environment as yours. Focusing only on your brand is what’s important to you but, sometimes, you need to understand why other consumers are doing business with your competitor and not you.
You need to determine your competitor’s strengths and weaknesses and find possible strategies that you can use for your business. One way of knowing your competition is by buying their products or hiring their services and talking to other customers. If you like to get to know them in private, you can just visit any of their websites and call them to ask questions.
4. Build credibility for your business.
Building credibility is vital to any marketing strategy. Since you are focused on achieving your goals for your business, you also need to deliver exactly what you promised to your consumers. Customers rely mostly on a product or service that is reliable. For example, if you own a fitness gym and told potential consumers about how efficient your workout plans are then you need to let them experience it first-hand. You can give out a free 1-day pass for those who are eager to know about the techniques you use for your fitness gym.
5. Stay focused and consistent.
Focus and consistency are two things entrepreneurs must have to achieve a great marketing strategy. Focusing on your marketing strategies will allow you to utilize your resources more efficiently and will allow you to use your time wisely, instead of making wrong decisions in an untimely manner.
You also need to be consistent when it comes to how you deliver your message to your consumers, how you handle them, and how you use your resources. Being consistent will allow you to attract potential customers, engage with consumers, and grow sales.
How do I make sure I am able to achieve these marketing strategies?
Analyze whether there is growth in numbers when it comes to customers or followers in any of your websites. Use online analytics to determine where you need to make improvements to make your online market happy.
You should also look into your financial report to check on revenues and profit. The numbers will tell you if you’re doing it right on the business front where money is concerned.
Need help with finance and investment?
Speak to Brian Gaister. He is an investment and private wealth adviser you can consult with regarding business and the finance sector. He serves as an investment committee of Pennington Partners & Co. and Saas Ventures. He is also a co-founder and CEO of a multi-family office (Pennington Partners & Co.) that provides consultation services for business-minded families who built their wealth and effort on privately held businesses and real estates.