You sell products. Sure. But so does the next company. So why would people choose your company over others?
The power lies in your marketing strategy and your brand story.
What is a Marketing Strategy?
A marketing strategy is your game plan to reach potential customers and convert them into paying ones. It is the comprehensive steps explaining how your company will achieve its vision, mission, and goal. Your marketing strategy entails your business’ key proposition, branding message, target customers, and other important business details. And helps you to
- Understand your customers;
- Understand their needs;
- Know their questions;
- Understand your competitor’s tactics;
- Better refine your marketing activities to meet your customers at their pain points.
As such, your marketing strategy would include:
- In-depth research on your target customers, market price, competition, buying behavior, price triggers, demand pattern, and more;
- How to position your business, including the best packaging, value promises, and the best way to craft your content to address your customers’ needs and questions;
- .Your marketing plans such as content creation, social media ads, customer service, and relations. All these are targeted at triggering and improving customer patronage;
- Performance measurement to check the success and failure of your strategies.
Marketing Strategies versus Marketing Plan
Your marketing plan is the documented steps to implement your marketing strategies effectively. This implies that marketing plan is subsumed within your marketing strategies.
The marketing strategy has a longer lifespan than the marketing plan. Because it entail the company’s value proposition and cover more details than the marketing plan.
Below are the steps to create an effective marketing strategy.
6 Steps to Create an Effective Marketing Strategy.
- Identify your business goals: The ultimate goal of any business is to make profits and grow. But while you are focused on these goals, having short-term goals is essential. The short-term goals are the small wins that help you achieve the big wins. Your marketing strategies map out ways to achieve the identified short-term goals. These could be goals like reaching your customers, understanding their needs and questions, and maintaining a valuable online and offline brand presence.
- Research and identify your target market: Every business has a target audience. As such, your marketing strategy should involve who your target audience is, how to reach them, and their buying behavior. Beyond knowing your target audience, get familiar with them, know where they buy, and their market size. Research and identify your target market.
- Craft your message: Now that you have identified your goals and target customers creating your message is the next important thing on the list. The best message focuses on your potential customers, their questions, and how your product helps them solve their problems. These tips are the nuances of creating valuable content and building a good brand. Agree?
- Define your budget: Budget is essential to creating great marketing strategies. It determines the channel to use in creating your business awareness. It helps you to determine how much is involved in every channel and select the ones you can afford. It also determines whether you will organically reach your customers through paid advertisements or viral moments on social media.
- Choose the best channel: No matter how great your message is, you need the appropriate channels to reach your readers. Will your business thrive on Tiktok, Twitter, and Instagram? Or are Facebook, Linkedin, and Kominiti your best bet? Determine your best channels and constantly share your content there. You grow your readers and convert them into paying customers in no time.
- Measure your success: To target the effectiveness of your strategy, measure the result of each step. Measure whether it is helping you to reach your target audience. Determine your metrics and how you’ll judge your marketing effort.
Put succinctly, your marketing strategy helps you to determine the “how-to” to reach your potential customers. It enables you to direct your advertising dollars to the right audience and track their response. Having a marketing strategy helps you put the right market plan into action. It helps you improve what works and strike out what doesn’t. If you are yet to create a market strategy, you know now that you need one.
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