How to design effective marketing strategy
In today’s competitive market place, every business needs a marketing strategy that ensures a consistent competitive advantage for its products or services. In addition, it is important to have a methodology to implement the strategy, failure to which, it will be of little value - lacking either the resources or expertise to implement it.
Therefore, to ensure growth in your business, you need to have a plan. You should have a marketing strategy on how to go about selling your products or services as well as building your company’s brand.
So, how do you go about setting your marketing strategy?
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1. Do a situation analysis of your business
Analyse your company’s strengths and weakness in terms of resources available and its products or services’ competitive advantage, as well as the performance of your current marketingstrategy. Make sure you note any changes on the target audience of the business or preference and taste by your clients. This helps the company to identifying marketing options.
2. Have objectives for your strategy
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Select an objective that sets the direction of your strategy in line with the company’s goals and brand strategy. An objective that is most beneficial to the overall interest of your enterprise puts you in the best position competitively. Do you want to improve on sales by a certain percentage or boost on the company’s brand? Make sure to get that right before anything else.
3. Describe your target prospects.
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Having a brief profile of your prospective clients is important since it lets you know what tactic to implement that appeals to them directly. You can describe them in terms of their demographics, either by age, sex, lifestyle and their financial positions. Ask yourself simple questions such as, are my clients traditional or modern? Introverted or extroverted? How often do they buy what I offer and in what quantity? Where do they relay mostly for information? That could be where your strategy should pay attention to.
4. Develop marketing communication strategies
Now that you know your company’s strengths and weakness, you have laid out objectives for your company and you’ve identified who your target prospect is, you are in a better position to know what tactic to use. To complete your tactics section, outline your main marketing strategies, then include multiple tactics you’ll use to reach prospects at any point in your sales cycle. For example, you might want to consider outdoor billboards, print advertising and online local searches to reach cold prospects. Use direct calls and email (not spaming your clients with annoying emails, have their consent) to contact your warm prospects.
5. Set a budget for your marketing strategy
Make sure to set a budget while being conscious of your company’s financial position. If the tactics you choose to implement and best fit your business’ primary goals exceeds your budget, try to adjust it. Have marketing strategies that are affordable.
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All in all, make sure to find a way to market your products or services. Make the best use of free online avenues for your business presence and other available ways to market your business in order to make a sale. Do all you can but market your business.
Gift Kithi is a Marketing Strategist at Mobi- Network Africa.
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