A marketing strategy involves more than making advertisements that consumers will be attracted to. A good marketing strategy should be drawn from market research and focus on the product mix in order to achieve the maximum profit and sustain the business. The marketing strategy is the foundation of a marketing plan. The following points to be noted to make your marketing strategy competitive, stay relevant and increase your consumer base:
- Market research
Before developing a marketing strategy, you need to have a clear knowledge about your business and the position you hold in the market. Market research is very important to create a successful marketing strategy. Market research helps you to find out answer for the following questions:
- Who are your target customers?
- What are they interested in?
- What are their problems?
- Who all the competitors?
- How do your competitors meet the needs of your target customers?
- How can you do better than your competitors?
- How can you help the target customers to understand why your product or service is better than your competitors?
- Customer centric marketing – Is a must
Customer centricity is an important key in a successful marketing strategy. Customer-centric marketing is not just about building “better” relationships with your customers (although longer-term customer satisfaction is certainly a likely outcome). It’s also a source of lasting competitive advantage for marketing teams. . When contact consumers with promotions and campaigns, address them directly. Your marketing manager should have a system in place that automates the process to recognize a customer’s first name in correspondence with the registered e-mail for the account. This personalization tells consumers that you know who they are, what products they like and that you value their patronage.
- Define your marketing mix
It refers to finding the optimal strategy for the four Ps of marketing
- Place (Distribution)
These four elements are the essential elements of your marketing plan.
- Review and Reverse
Continuously evaluate the effectiveness of your marketing strategy, and revise or extend as needed.
In order for a marketing strategy to be successful, it must be multi-faceted, realistic and implemented consistently over time. There aren’t a lot of short cuts here – it takes time and patience.
Developing a successful marketing strategy requires many steps. Each component in your strategy is crucial for the company’s success. You must be innovative, creative and must be able to solve problems in a reasonable amount of time with sufficient results. Marketing strategy is a key element in brand sustainability and profitability.