MARKETING STRATEGY
For Business Success, Trust In Our Marketing Strategy.HOW TO CREATE A SUCCESSFUL MARKETING STRATEGY
You need to take several steps to create a robust marketing strategy for your business.
Set definable business goals
Your company’s vision and objectives are the driving factors behind your marketing strategy. These overall objectives help determine your marketing goals, which your marketing strategy serves.
Your marketing goals are the stepping stones to your company’s success. Whether it’s achieving a specific market share, dominating a particular channel, or reaching a certain percentage of a specific type of consumer, setting reachable and measurable goals is key.
Identify and research the target market.
The goals you set help you define the target market to pursue. This requires you to get familiar with the customers in this market, which requires some market research and analysis. You need to determine the following about the target market and its customers:
- Market size and growth potential
- Trends in your market
- Competitors
- Geographic and demographic characteristics
- Customer behavior
FOCUS ON THE 7 P’S
As you develop your marketing strategy, you should focus on the traditional 7 P’s of marketing:
- Product – how you satisfy customer needs
- Price – how much customers are willing to pay for your product
- Promotion – which channels you use to tell customers about your product
- Place – where you sell your product
- People – individuals who help sell your product to customers
- Packaging – how you present your product to the customer
- Process – how you deliver your product to customers
Develop product plans
Once you understand your target customers, you can determine what products best serve their needs. Knowing what a customer wants allows you to build the right product for that customer.
Developing the product falls outside the parameters of the marketing department, of course, as does producing the product. However, marketing should have a prominent and vocal role in determining the product’s features, pricing, and packaging, as determined by customer needs and metrics.
Identify the key benefits.
Savvy marketers know that new customers don’t make decisions based on a new product’s features but rather on how that product benefits them. It’s essential to identify the key benefits of the products you develop – how that product best serves the customers’ wants or needs.
Unsuccessful products often have attractive features, but unless those features translate into benefits, customers don’t care. It’s not a matter of “if you build it, they will come.” It’s a matter of meeting your customers’ needs.
Craft your positioning and messaging.
Product positioning should focus on a product’s benefits and how it meets the needs of the target audience. You must deeply understand what your customers value and then position your product accordingly.
This follows through with all the messaging surrounding the product. The product position may be best for meeting a particular need – the messaging communicates that positioning in a clear, concise, and attention-getting fashion.
Define your marketing mix.
Finally, your marketing strategy should determine how you reach your target audience – what channels and activities you include in your marketing mix. This can consist of traditional channels like print, radio, and television, digital channels, social media, and mobile apps.
Make Optimizely part of your marketing strategy.
Optimizely One, our digital experience platform, should be part of your company’s marketing strategy. Optimizely’s online solutions help you better manage your digital assets, optimize the customer experience, and enhance your company’s e-commerce efforts, improving the effectiveness of your evolving marketing strategy.
OUR TEAM OF DIGITAL MARKETING EXPERTS ARE AVAILABLE TO HELP IN A NEIGHBORHOOD NEAR YOU
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