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5 ways to develop a marketing strategy for your business

by Josh Biggs in Business on 24th January 2019

Just like a successful business needs a business plan, successful marketing begins with a well-informed marketing strategy. A marketing strategy defines your vision, business goals, and mission. It also outlines you are going to execute your objectives in order to achieve your goals. Generally, it spells out what you will sell, who will buy it, and the tactics you will put in place to generate strong leads that can convert.

A marketing plan is the foundation of your marketing strategy. However, with so many marketing channels available, writing a marketing plan that works for all of them seems to be a tall order for most business owners. However, with these expert tips, you can draft a marketing strategy that includes more than just promotional tactics.

Research

Conduct a market analysis to help you determine the position that your business holds in the market. Your research should seek to answer the following questions:

  • What is the size of your market?
  • How quickly is it growing?
  • Who are your customers and what are their lifestyles and spending habits?
  • Who are your competitors?
  • How do they meet customer needs?
  • What can you do better than competitors?

Conducting market research helps you come up with a great strategy, and achievable goals and objectives.

Set goals

Based on your market research set achievable, measurable, reasonable, and time-bound goals. You can use the SMART method to set goals that are as targeted as possible. A goal such as achieve 25% more sales in half a year is realistic and time-bound, as opposed to making 25% more sales in a month, which is simply not doable. Always ensure that your marketing goals are in line with the organization’s goals, mission, and values.

Describe your unique selling point

A Unique Selling Point (USP) is a compelling statement that describes the reason for your business’ existence. It sets you apart for competitors by giving your products or services a purpose. A USP is an essential part of a marketing strategy as it persuades target audiences to turn into loyal customers by showing them the value that your business gives them. For instance, if you own a New York business, your USP should tell locals why your business is worth their time and money. Why should they buy from you and not from your competitors?

Identify your target customers

When developing a marketing strategy, you have to tune it for a specific audience. Which people show the most interest in your products and services? Which platforms are they available on? Gather every possible relevant piece of information about your target customers such as their buying patterns. If you are targeting new customers, make sure that your strategy also includes ways to retain existing customers. Do not forget to add ways to regularly review customer trends during your marketing campaign to avoid the risk of becoming irrelevant.

Describe how you will reach customers

How will you position your products and services? Explore different ways to reach your customers and decide on the best one, based on the platforms that your target audience uses the most. You can reach them via social media, television, newspapers, movies, or word of mouth.

Make sure that you put into consideration your marketing methods when describing how to reach your audience. Some of the techniques you can use include direct marketing, internet marketing, and public relations. Which media, coupled with your marketing method, will bring in the greatest impact and positively transform your potential customers?

Remember to include the marketing mix that you will use to get the desired response from your target customers. Contrary to popular belief, a marketing plan does not have to be lengthy, unless you are using it to get donor funding. You can organize your strategy into beautifully written, brief, bulleted sections. Consider using the expert tips shared in this article to come up with the best marketing strategy for your business.

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