Firms usually experience many difficulties, when it comes to boost their profits in moderately competitive markets. In such circumstances, you as a businessperson need to develop or outline a well-defined marketing strategy to have a commanding edge over your competitors.
Marketing strategy defines the products, services and position of a company in the market. The sales and marketing plans of the company show how good the firm is in formulating and implementing its marketing project.
You need to consider a number of factors before designing the marketing strategy and its impacts. Such a strategy takes into account all the basic factors of business. The portfolio of products and the expected move of competitors in the market are some basic factors that can make your marketing strategy fruitful.
Factors To Consider:
Following are some of the factors you need to consider before outlining a marketing strategy:
Identify the Target Market: Your product might be the most amazing in terms of features and usefulness. However, the effort you put in the promotion and related functions are sheer waste of time, if you are not focusing on the appropriate target group.
You can easily define your target group. In fact, you need to develop your product or service keeping in mind the target group from the very start. All you need to do is just enrich your marketing plan with innovative ideas.
Identify your USP: Unique selling proposition or USP defines the uniqueness of your product, which is difficult or impossible for your competitors to imitate. The success of your business depends on how long and how well you keep your USP unduplicated. Thus, make a strong USP and enlighten the target audiences with the benefits of your products and services.
Determine the firm’s market position: Your efficacy in positioning the product or service in a competitive market determines your success and helps you to draw an effective marketing strategy.
Next, positioning is all about determining how you want to present your product in comparison with your competitors. In short, it is the identity of your product in the market. For example, you may present your product as a high-end, high quality product or a budget product.
Identify the Key Benefits: Highlight the special features of your products or services, if any. You may present your offerings successfully in the market by focusing on such key features.
Set a Target Budget: The amount you may afford to spend for the promotion of your product is called target budget. You can use both free and paid media for promoting your products or services. Advertising, Internet marketing, Public Relations, Direct Marketing and Personal Selling are some of the commonly used promotional methods.
Evaluation and Follow Up: Keep a strong hold on the chosen marketing methods. Verify their effectiveness. Alternatively, you may experiment with other media and methods too.
Marketing strategy is just a component of the overall corporate strategy. It incorporates all the plans and actions that include the firm’s major goals and policies, which are critical for the success of a business.