Building an Effective Marketing Strategy for the Business
Generally, business owners rely solely on their intuitions to make business decisions, that’s when as a company they run on the risk of becoming directionless. A Marketing Strategy gives a blueprint of achieving the marketing objectives and helps a company to make optimum use of its scarce resources on the best possible opportunities to increase sales.
Here are some of the best practices you can use to frame a marketing strategy:
- 1. Identify your Goals: Consider your end result before you start working on your marketing strategy. The strategy states the action to achieve the goals. Be it focusing on increasing the market share or growing the gross revenue, a goal will help you concentrate on your efforts and determine how and where to spend the budget.
- 2. Research: This is a very crucial part of your marketing strategy, you must have the information about the market size, trends and growth. It is important to keep an eye in the market so you can change your strategies along with the changes going on in the market.
- 3. Know your Target Audience: This is a very crucial step. In this stage you must list everything you know about your target customer, this includes their demographic information, behaviors and decisions. If you know your customer inside out, then you can frame a better strategy to reach them out.
- 4. Product: Examine your product or service as you have to outdo your competitors. You must identify your product’s value proposition to find the right audience and set proper price
- 5. Analyze Competitors: It is very important for a business to do a competitor research and identify their supply chains, products, pricing and tactics for marketing. You will get an idea of what can be done better in order to place yourself better than the rest in the market.
- 6. 7 Ps of Marketing: In order to create a more successful marketing strategy, choose the right combination of 7 Ps of marketing (product, price, place, promotion, people, process and physical evidence).
- 7. Budget: Once you have created a marketing plan, you need to allocate budget for each of the marketing activities. A well-planned marketing budget will help you in measuring and managing what is invested by you in getting a new customer.