Marketing strategy is the process through which a business uses available resources to carry out activities delivering a message to their potential customers, in order to increase future capacity for sales revenue.
A good marketing strategy will:
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Utilize limited resources to communicate information effectively to the target audience.
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Direct the business on the best path to use so they may reach out to potential customers.
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Will enable the business to achieve results that are measurable.
What it the process?
Identify your business goals.
What do you want to achieve in the long term? The long term objectives of the business should be specific, measurable, practical, relevant, and achievable within the set time. Alongside the overall business goals, define specific short term marketing goals that will help you achieve your business goals. It is vital to have both long term and short term goals. Long term goals enable you to have a final objective that all your short term goals will be aimed towards. Short term goals give you small, easily achieved goals that keep you optimistic, and on track.
Analyze your business
Evaluate your business and what it offers to get a better understanding of your value in the market. Identifying the strengths and weaknesses of your business will help you understand the competitive advantage over your competitors and the areas that need improvement. Your goals should focus on both improving your weaknesses, while simultaneously playing on your strengths. Eventually, with a bit of hard work and determination, your weaknesses have the potential to become strengths.
Identify your target market
It is important to know who your target market is, their size, what they value, and what their needs are. This knowledge will help you deliver a message that will effectively address their needs. A few things to think about when identifying your target market includes: their age, income level, family & relationship status, hobbies, interests, gender, etc.
What is your marketing mix?
Use the right combination of tools to convince your target audience to purchase your products. The Product, Price, Promotion and Place should be competitive and/or unique to attract your target customers and retain them.
Develop the plan
Use your marketing goals to detail the specific activities you will use to communicate effectively with your target audience. You can chose methods that target the general audience (such as advertising) or those that target a specific audience (such as email marketing.) A good combination of free, paid, general, and specific marketing outlets are best.
Execute the plan
Execute the plan, and keep track of the results. Measuring the results will help you know whether your plan is working, where the weaknesses are, and the adjustments that you need to make along your journey to success.
A good marketing strategy is efficient and effective. It should be applicable in the long term, allowing for adjustments to accommodate changes in the market. This saves the company time and money and helps to achieve both long and short-term goals.
