Marketing strategy is a method which will help an organisation to focus its limited financial resources on the most effective opportunities to improve sales and reach a sustainable competitive edge. However, with all of the available strategies available to businesses there is a constant need to be innovative in your approach to marketing. If you think that you are managing your marketing effectively, it doesn’t always mean that others are not. In fact, you could be doing things incorrectly. You have to understand that the market is dynamic and you need to change your strategy accordingly.
It is possible to use several different marketing strategies, but only a few of these strategies can deliver the kind of results that you need.
The best way to start developing a marketing strategy that works for your business is to define your customer base and identify what your competitive advantage is. This will give you a good idea of what you need to do to get to the top of the pile. The next step is to develop a value proposition or a statement of purpose, which is essentially your promise to the customer about what it will get for its money. Your value proposition should be clear, measurable and quantifiable.
Once you have developed your value proposition, you have got to develop a marketing plan or a strategy, which is what you will use to turn your vision into a reality.
The strategy will also identify the people who will execute the plan, when the strategy will be implemented and how the strategy will be monitored. The marketing plan will serve as your guide to achieving the business goals that you have identified. Without a marketing plan, you are sailing blind.
Another important factor that you need to keep in mind in developing a strategic marketing plan is your target audience.
You need to determine who your ideal customers will be and how you intend to reach out to these people. For example, if you want to market insurance in New York, you would have to focus on attracting insurance professionals. Likewise, if you are targeting the teenage crowd, you will need to hone your marketing tactics to appeal to this particular audience.
In addition, the strategic marketing plan should include market research.
You need to conduct market research in order to identify potential business objectives, business models, customers, competitors and other factors that will help you in realizing your business objectives. Market research can help you in formulating the marketing strategies that you will use to gain access to your target audience. It will also help you in identifying new markets for your business.
It is very important for you to make a business analysis of your marketing strategy and its implications.
This is basically the “what if” part of the planning process. Do the numbers and see how your chosen marketing strategies will affect your bottom line over the long-term. You must consider the long-term viability of your chosen marketing activities and make projections if necessary.
The next component of your Marketing strategy is identifying your competitive advantages.
Basically, this refers to identifying the strengths of your company or brand that already exist in the marketplace. From a market perspective, a competitive advantage exists when consumers are comfortable with purchasing what you offer. From the sales perspective, your goal is to gain more profit from sales of products and services to existing customers as well as to potential customers.
The final component of your marketing strategy is to set realistic marketing goals.
This will help you achieve your goals by establishing what you intend to do and why. It is important for you to define your desired end point and make realistic projections about how much progress has been made toward fulfilling your marketing goals. Achieving your goals will require a lot of effort and time; thus, it is critical for you to set reasonable goals that you can realistically achieve.