A great marketing strategy plays a vital part in the success of any business. It is true that a successful business strategy will lead to successful sales and eventually high profits. But what are the key elements of a great marketing strategy? Well we talked to a number of successful entrepreneurs and this is what they had to say.
A great marketing strategy must have an effective marketing research campaign. Basically what this entails is collecting, organizing, and compiling the unique selling points that your market industry offers. To be more specific marketing research will focus on the following issues a lot.
- The buying needs, demographics, and market segments of your customers.
- The type of products being sold now and what your competitors are offering.
- The current sales and also benchmarks in the industry
- The most reliable suppliers and vendors that you could work with.
- The unique parts of your products that make them stand out.
The Target Market
This is another very important element of a marketing strategy. It has been suggested over and over again for any good marketing plan and basically defines and describes your potential customers. You only get this by doing marketing analysis. Here are the considerations.
- The age range of your potential buyers.
- The gender of your potential buyers.
- The income levels of your potential customers.
- The marital status of the potential buyer i.e single, married, divorced, engaged
- The chances of customer repetitive purchases or one time purchasing choices.
- The purchasing likes and dislikes of your customers towards your products.
Another very important element is to identify and describe the marketing methods/ promotional strategies that you will use to ensure that your products get the right publicity and ultimate conversion. Some of the best methods successful entrepreneurs say you can consider include.
- Direct marketing options – sales letters, brochures, and fliers
- Ideal advertising methods – print media, directories, radio, and TV
- The web based strategies – website, social media, direct emailing
- Use of trade shows/ fairs – exhibitions, training programs, launches
- Informative links/ skills – content creation, advice giving, press releases.
This is simply a fancy phrase or slogan that would easily/ readily describe your products to the potential buyer. It should be short, precise, direct, and very easy to master. Above all these it should easily differentiate the product from that of your competitors. Make sure you determine the right price here, find the best position for your product in the market to achieve the best awareness.
In order t succeed you have to understand what you are up against. Therefore you should develop your unique selling proposition and basically include it in your marketing plan template. Consider ever competitors strengths and weaknesses, business locations, hours of operation, and such like options. A one hour operation time difference could do so much in sales and success.
The Marketing Budget
You can’t have what you can’t afford. This purchasing phrase is so powerful it applies to the best marketing strategies too. It will include what strategies you can afford, what you can do in-house, and what you’d have to outsource. Identify all the costs that apply and allocate the most appropriate amounts of to successfully complete your marketing campaigns as you do your bills.
There are a few other elements that you could include in your marketing plan template. They include the benefits of your products and how it intends to solve the needs of your customers. Your marketing goals will also come in handy to support your mission statements.