Marketing strategy is the segment of your business plan that outlines your global game plan for finding clients and customers for your business. Marketing strategy focuses on what you want to achieve for your business and marketing efforts.
Before setting up your marketing strategy, you need to assess how the product or service will be beneficial to others and how it demarks itself in contrast to other businesses in the market. Further, you need to do market research to understand your competitors, your target market, and other factors that will impact your ability to reach and entice people to your business.
Once you have your research, you can start your marketing strategy incorporating the 5 Ps of the marketing mix which is as follows:
1. Product: What are you selling? What are the physical attributes of the product or specificity of your service? What are you offering different from your competitors and what benefits does it provide your customer?
2. Price:What is the selling price of the product or service? How does it demark itself from your competition? What will your profit margin be by selling at that price?
3. Place: Where will your products and services be available for purchase? Will there any use of social media for sales or advertisements? What are your sales strategy?
4. Promotion: How are you going to let the market know about your product or services? How will you tell them about the features and benefits you provide to entice them to check out what you offer? What marketing tactics will you use and what do you anticipate will be the results of each method?
5. People: Who will be representing the company on the sales place? To whom are you going to sell your product or service?
What should a marketing strategy achieve?
Your strategy will depend on the aims and objectives of your business.
The following are examples of what your overall business aim and objectives might be, and marketing strategies that you could use to achieve it:
- Increase sales
- Attract new customers
- Try to gain customer loyalty
- Introduce a new product or service
- Better establish your brand
- Launch an advertising campaign
- Encourage word of mouth
- Engagement of employees
- Make customers feel more valued
- Focus on staff retention
Whatever your marketing strategy will cover, you should note it down. Make everything simple to understand and accurate. Flexibility plays a vital role in a business as well as a business sustainability.
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