A marketing strategy is an essential tool for any business. Without a marketing strategy, a business is less efficient, and any success it has in attracting and keeping customers will be haphazard at best.
The goal of any good, effective strategy is to meet the customers’ needs.
Products and services should be created with this objective. This brief guide will help you focus your marketing strategy and use it to reach your goals.
Know Your Market
Your customers and potential customers – your target market – will be divided into groups according to needs as determined by market research.
Needs refer to the characteristics that the group values most. For example, some groups value low price over quality, whereas others value quality over price.
From there, you’ll choose the marketing activities that will target that particular segment of the market to inform them about the products or services you offer.
Know Yourself and Your Competitors
While you should have faith in your business, you should be able to look at it objectively to determine its strengths and weaknesses through a thorough SWOT analysis.
Strengths and weaknesses come from within your own organization and do not take into account your competitors.
Excellent customer service or special product benefits are strengths while lack of brand recognition and limited financial resources are weaknesses.
Opportunities and threats come from outside your business. Opportunities include such things as having a website when your competitors don’t and hiring only top performers.
Threats could be anything from new competitors entering the market to a downturn in the economy.
Set Your Goals
Finally, after you’ve given a lot of thought to where your business is strong and where you need to improve, set goals for the next year or so. Make them concrete goals with actual numbers based on past figures. Review your marketing strategy regularly to ensure that you’re on track for meeting your established objectives.
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In this fiercely competitive retail environment, the tiniest of things can make an enormous difference to your sales and profit margin.
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