More than 1/3 of marketers did not have a documented marketing plan in 2013, according to a recent study by Marketo.
At the center of a business’s growth and marketing initiatives sits the marketing strategy. To define it in simple terms we can say that a ‘Marketing Strategy’ pulls together all the marketing objectives into one inclusive strategy or plan.
The basis of good marketing strategy is dependent on thorough research of the market. This is also the place where the well used term “marketing mix” comes in. Bottom line: your marketing strategy is your marketing plan.
The following is a quick 5-point guide to pulling together a comprehensive marketing strategy of your own.
1. Unique Selling Proposition– A fancy term but what it basically means is a description of why and how exactly your product sets apart from other, how it is unique and the qualities it offers. The reason consumers should choose your product over your competitors. Your first step would be to describe your USP so you know what exactly to focus on when setting out to market your product or putting together your marketing strategy.
2. Target Market – Firms would like to cater to everyone but the bitter truth is you need to narrow down and choose a specific target market. This will act as an advantage for you because it will help you refine your strategy according to what exactly your audience is like. Narrowing down your market enables you to focus your resources and build your marketing campaign around the requirements of the market.
3. Benefits – Put together the list of benefits of your products. Marketing is based on attracting consumer attention and propelling sales so it is pertinent to know your strengths and portraying them is what the strategy is exactly about.
4. Positioning– Market positioning is another very important part of the strategy. This is your firm’s efforts to mould consumer perception according to your brand and your product. How consumers view your product is the bottom-line for it is quite true without customers there will be no business. Therefore setting how you want to position your product is very important.
5. Methods – Coming down to the fine details of how exactly and what mediums you would chose to market your product; this can vary from television advertisements to social media marketing and from the newly popular out-of-home marketing to direct marketing it is your choice.