A marketing strategy is something that every single business; no matter how big or small, needs to have in place. Many business owners are hesitant to set up an actual marketing strategy because they simply don’t know how to do it. This approach means simply trying something new every week or month, whether it’s Tweeting one week or running an ad in the paper the next week. Business owners who use marketing in this way are simply using different forms of marketing in hopes that one turns out to be profitable.
For a truly effective marketing strategy, you must study and evaluate your business and its target audience, then create a plan of action and follow through with it. The first part of your business that you will need to evaluate is the actual business that you’re in. This means looking at your business from a customer’s or end user’s point of view and finding what they truly get out of your company. And many business owners are surprised to find that it’s not what they actually thought. An insurance company for instance, may sell policies but it’s actually a customer’s safety and security that they’re buying, not that piece of paper. Find out what your Unique Selling Proposition is (USP) and make this the objective of every aspect of your marketing techniques.
Once you’ve discovered what customers are really getting from your business, you can then ask yourself who your ideal customer is, or in other words, looking at the demographics of your customer base. Are you trying to attract customers that are homeowners, other businesses, or teenagers? While a plumbing business might focus on homeowners, companies that supply video games might focus on teenagers. It can’t be said enough how important it is to know who your target audience is, and how you can best appeal to them.
The next part of creating a great marketing strategy is finding out what your company offers that no other company does. While you’ll definitely want to advertise the fact that you sell a certain product or service, there are probably many other companies that offer the same thing for customers to choose from. So to set yourself apart, you must also advertise the thing that makes your company special – the magic that no other company has. So whether you offer the lowest prices, the best customer service, or promotions whenever customers shop at your store, this must not only be included in your marketing strategy, but it must be a part of every aspect of marketing you do. Just make sure that whatever magic your promising your customers, that you can deliver on it.
A good marketing strategy is essential for every business to have. This will give you a clear direction as to where you should go with your marketing efforts, and will give you a better understanding of what marketing methods are going to reach your customers in the exact manner that you were hoping for.