Marketing Strategy

Marketing Strategy definition:

A strategy is a series of designed steps to achieve a certain goal — so marketing strategy is a plan you devise to achieve a specific business goal. To do this effectively, you need to know what to say, who to say it to, and where to say it.

In the past, this required a lot less effort than it does in the modern market. It’s simply not enough to run a couple of ads telling people to buy your product. Instead, your marketing strategy needs careful consideration to introduce your brand and your product, and nurture your leads all the way down the funnel, building trust and loyalty as you go. Here we’ll outline some of the most important things to consider when crafting your business’s tailored strategy.

Marketing Strategy
The five core principles when cooking up a marketing strategy for your business are commonly known as The Five Ps:

Product

The very first thing you need to know is exactly what you’re selling. Make sure you can explain it in a single sentence — if you can’t, then it’s unlikely your customers will be able to either. Make it clear what you’re offering, and what value this brings or what problem this solves for your potential customer. This is also the place to nail down exactly what makes you stand out from your competitors.

Price

Essentially, what is your product or service going to cost? Value for your customers isn’t always about offering the lowest price, as it often depends on the quality of what you offer. You’ll need to know how your business’s prices match up to your competitors, and also the profit margin you’ll need to reach your financial goals.

Place

How are your customers going to access your product? If you offer an online service, e.g. marketing, do you have a website set up? Or maybe you require a physical space to conduct your business. Make it clear exactly how your customers can access you and your offering. All of this will inform where you choose to target your marketing material.

Promotion

You’ll need to know how you’re planning to bring in customers’ attention. Many businesses choose to run a range of different marketing approaches, from advertising to digital content. What kind of results are you expecting from this? And do you have any promotional deals available, for example discounts or incentives to bring in leads and sales?

People

And finally, you should have a clear picture of who your business is for. Your brand is built around the people you’re looking to entice, not just you as a brand, so this needs to be consistent.

It’s helpful to draw up an audience profile by describing your ideal candidate, and making sure that all of your marketing material appeals to that specific person. It’s better to cater to the needs of a specific type of customer well, than to try and broadly capture them all in a less detailed way.

Marketing Strategies:

Businesses use different marketing strategy frameworks to achieve their goals. We deploy any one of three:

Ultimately it comes down to what is right for your business in order to achieve your objectives.

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