Marketing is the process of promoting your products and services to your target market. It’s a process that involves different steps to ensure that your products and services reach your intended customer base. Marketing courses are very popular in colleges and universities because of the growing interest and demand for this creative but fast-paced field. There’s always something new to learn in marketing and you can’t afford to be left behind. We understand that not everyone has a marketing background so we’re offering Marketing Strategies 101 to help you succeed in this fun, crazy side of the business world.
First things first. What’s marketing strategy? Consider your marketing strategy as your game plan to achieve your goals and objectives. Ultimately, you want to sell your products and services to increase your business revenue. Think about what steps you need to take to get there and that’s your marketing strategy. Here are some things that you need to keep in mind.
Think about your company’s value proposition.
What value does your company offer? What relevance do you offer in today’s society? What competitive advantage do you have over your competitors? Basically, why should people buy your products or services? Marketing a product or service goes beyond just the description. It’s about your company and brand and should always represent the ideals and values that your company stands for.
Research and conceptualise.
Research is very crucial in marketing. Always do your research and study your product or service to see how it fits into the market. There are millions of products and services out there and it’s vital to set yourself apart with your unique selling point (USP). Study your target customers. What do they need? How can your product or service address that need? What are their interests? What are their buying behaviours? You have to observe every detail about your customers because all your marketing strategies will be directed towards them. By answering these basic questions, you’ll be able to better conceptualise on how to package and sell your product or service.
It’s important for you to think about the content that you’ll present to your buyers and the keywords that you’ll use to market your product or service well. Your content should be interesting and informative. Your keywords should be targeted towards your particular product or service. Keep in mind that each word you use is intentional with the sole purpose of selling.
Now that you know your customers, it’s time to let them know about your product or service. Promotion is at the heart of marketing. Promotion is all about letting your target customers know about your product or service and why they should buy it. You should be able to communicate the value that you’re offering to your target customers. There are numerous competitors in the market. How will they become aware of your brand? How will they choose you? What makes you better than the next brand? There are different ways to promote your product or service – you can advertise on TV, radio, or newsprint or you can take your advertising online. It’s important to direct your marketing campaigns through the proper channels where you’ll be able to reach your target consumers. This’ll also help you manage your resources well. You can also consider hiring a brand ambassador who represents your company’s ideals. Or you can have games or contests to attract your target customers and gain their interest.
Most people think marketing stops at promoting your products and services. But take note of the end goal. You must get your target audience to actually buy your product or service. And when they do that, you have to be ready. Do you have enough stocks? Where and how can they purchase? In other words, find a convenient way for your buyers to get ahold of your product or service. Do you have a physical store or partner establishments that carry your product or service? Should you use an online marketplace to be able to have a bigger customer base? Think about how you’ll distribute your product or service in such a way that it’ll generate larger revenues for your company.
In developing your marketing strategy, keep in mind the value that you’re offering, the role of research and conceptualisation, your promotional campaigns, and finally, the distribution of your product or service to your customers.