Your marketing strategy guides your company culture, your products, and services mix, and your pricing. So, you need to be careful and focus on the key elements of marketing success. Many small businesses make the mistake to decide the marketing strategies according to market need.
- A proper marketing strategy is the foundation for creating awareness, generating interest, closing new sales, and continuing customer engagement
- In order to implement the marketing strategy, you have to be aware of the tools, technologies, and best practices that lead to marketing success
- You have to define your product or service before you can develop a marketing plan
- Identifying the target customer is the first step of developing a marketing strategy
- Proper marketing strategy will help you increase the brand awareness of your business
However, for marketing to be effective, you need to develop a strong marketing foundation by following key factors. Let’s dive in-
10 Keys To Marketing Success
Marketing is the game of influence and persuasion. It’s not just about selling your product. It’s about getting people to buy from you without having to sell them your product.
There are a lot of key factors that play into a marketing success, but there are a few key things that have been consistently found to drive success for any business:
1. Defining Your Product Or Service
Businesses are typically built around a unique idea, which can be an invention, a market niche, or a new way of doing something. The idea is what differentiates your company from others and gives it a competitive advantage.
The next step after defining your business is figuring out the right product or service to offer. This is where being flexible comes in handy because there are many options that you might not have thought of at first but that could be worth exploring later on.
Think about – how is your product or service packaged? What is it that your customers are really buying? There are enormous things you can do to help take your company forward.
If you want your new product or service to stand out, it must have a unique selling point that sets it apart from other similar products and services on the market today.
You may be selling web-based Digital Marketing tools but your customers are buying increased productivity, developed efficiency, and cost savings. And if you are planning to introduce different products or services then you need to decide which ones are the most durable to promote.
2. Identify Your Targeting Customer
The customer’s buying choices, needs, and preferences can be uncovered through market research. A good starting point is to identify the target customer of your product.
Market research can help you understand your target customer better and assist you in developing a viable business strategy.
“Who do you serve?” Identify what it is about the business that makes you different from your competitors. For instance, if the unique benefit of your business is that it saves time for busy people, target your customers toward busy families. Use market research to identify the types of customers that are interested in your product, where they are located, their preferred age groups, etc.
By understanding these facts you’ll be able to make decisions on how best to target your marketing efforts and generate sales when it’s time for commercialization.
3. Knowing Your Competition Better
You should start by being clear on what you are not going to do.
Take your time to analyze your competitors. Study their marketing strategy and understand what appears to be working for them. Even if there are no direct competitors for your products and services, there is always a competition of some kind. You need to be clear in your own mind about what your biggest competition is, this will lead you to make an effective one.
It is important to know your competition and understand the target market so that you can build a unique product or service. You need to understand your competition’s strengths and weaknesses, which will help you create a competitive advantage for your venture.
4. Developing Brand Awareness.
Marketing strategy can be used to acquire for many purposes, such as thriving sales, providing information, or promoting a special event. You have to stand in front of your customers constantly if they are going to remember your product when that need arises. It is really hard for a potential customer to purchases your product or service if they don’t even know or remember it exists.
And this is where branding comes to play the role.
Creating a brand is complex, but with the right strategy and execution, you can create a strong brand that can grow your business.
In order to establish a strong brand, it is important to create one that goes beyond your product or service and speaks to your target customer. This will help in attracting more customers and ultimately, promoting your business as one that stands out from its competitors.
5. Understanding Consumer Behavior – How Does Your Company Make Sure It Is Reaching The Consumers It Wants To Reach?
One of the most important factors in a successful startup or any kind of business is having a specifically targeted audience (Niche audience) and working with their intentions. Understanding customer behavior is paramount to this success. From understanding what motivates customers to what triggers them to purchase, there is no better way than understanding how they think and act. When you understand your consumers, it will be easier for you to figure out what their needs are and how best to meet them.
It is a cost-effective strategy to maintain existing customers. It’s much more expensive to attract new ones, always. As an entrepreneur, it’s important to know the best practices for turning leads into clients. This includes using proven and practical techniques like content marketing or networking events.
Every marketer needs to develop a clear marketing technique in order to understand how buyers are actively searching around your solution. Taking the time to focus on planning and establishing a strategy is not what companies do after they get big, it’s what small companies do to grow and get the large place.
6. Creative Campaigns & Strategies – Which creative marketing strategies work best for a certain business type? Is it a budget required or not?
Creative campaigns and strategies are used to generate awareness of your business, educate your target audience, promote your brand, increase demand for your product/service or campaign, and build customer loyalty. Some of the tactics you can use include:
– Advertising: TV commercials, radio spots, billboards, posters
– Billboards: outdoor or indoor (including bus shelters)
– Promoting Your Brand: Like a company with a great reputation for providing high-quality products or services
– Public Relations: Responding to press releases from newspapers and media outlets that are relevant to you
– Establishing a Business Presence on Social Media Platforms
7. Strategic Budgeting And Planning
A strategic budgeting and planning process is complex because it requires you to consider many factors that are beyond your control. These factors include market dynamics, competitors, customers, suppliers, and the business environment in general.
In a well-executed strategic budgeting and planning process, the key is to align your resources with your strategy. The goal should be to maximize return on investment by making the right choices for each resource allocation decision.
8. Create A SMART Goals For Better Accountability And Performance Management
In this section, you will learn about setting SMART goals, how it can be used in different ways and to improve accountability and performance management.
The SMART goal is an acronym for “specific, measurable, attainable, relevant and time-bound.” When creating a goal using the SMART strategy, one must have to make the following thing right.
– Come up with a specific goal. It helps to break down the goal into smaller tasks for which there are deadlines. For example, if your goal is to sell $100 worth of product each day then your first step would be to set a daily quota of $20 (the amount you need to sell every day).
– Be able to measure progress towards the goal through metrics. It’s important not only that you are able to measure progress but also that you can monitor your progress with the help of metrics.
– It implies that achievement is possible, but it may take a long time to achieve and is not guaranteed. This is why businesses are known as the “game of money.” Businesses are competitive and there’s always someone trying to offer better prices or more attractive services than you. If you want to succeed, you have to work harder and smarter.
There are many attainable goals in business, including profit margin growth, revenue growth, market share increase, cost reduction, etc.
– Time-bound in business refers to a certain time limit. It is usually fixed according to any kind of agreement or procedure.
Other examples are that you may have to produce some specific outcomes within specific periods of time, such as meeting sales targets for one month.
9. Use Proven Marketing Plan Templates You Can Use Immediately
Proposals for winning marketing plans typically focus on the importance of creating innovative, fresh content that is relevant to the target audience. However, following proven templates is a good way to make sure you’re on the right track.
This idea can be applied to any marketing plan, but it’s particularly useful when your company is new and you don’t have much data about what it will take for your business to thrive.
A marketing plan template includes a product or service description, market analysis, SWOT analysis, and a marketing strategy for the company.
Marketing plan templates are a great way to organize and visualize your company’s marketing strategy and apply the same model or marketing plan/template later when any new products or services are launched.
The following template can be used to create a marketing plan for your business.
Product or service description:
What does your product or service offer?
Who is the target audience? What about them makes them special?
What are the features of the product or service?
How is this product or service different from competitors’ offerings?
Where is this product/service currently available and how will it be expanded over time?
What markets will it be available in by launch date, and by what date will it enter all markets?
How much funding needs to be raised to support this launch, including any milestones that need to hit before funding can be collected from investors/others.
10. Create An Effective Customer Experience
When it comes to customer experience, there are a few key things to keep in mind. First, your goal is not just to satisfy the customer- it’s to delight them.
Delighted customers come back again and again over time. Secondly, you need to understand the customer’s perspective through “empathy mapping”. When you map your customers’ needs with your business objectives and then prioritize those needs based on revenue potential for each of those needs, you can design an effective customer experience that will delight your customers and ultimately produce more revenue and profitability.
Customer experience refers to the interactions between a company or organization and its users or customers. The goal of creating an effective experience is not just for the customer but also for the company itself as they want their users or consumers consistently coming back to them. They want to retain customers and make them loyal.
Last Updated on October 18, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.