The marketing strategy will be the part that is included in the plans for the business that provides your complete strategy to find clients and potential customers for your business. Sometimes, marketing strategy gets misunderstood with a marketing strategy and a marketing plan, however, they’re different.
- Strategy for marketing is focused on what you hope to achieve for your company and marketing.
- The market plan details the steps you’ll take to achieve your objectives.
A successful marketing plan incorporates your knowledge of how your company’s position in the marketplace and also the five Ps that make up marketing to devise the strategies that will help you help you achieve your goals in marketing.
When Is a Marketing Strategy Developed?
The marketing strategy is developed prior to the start of your business.
The information you gather when developing your marketing strategy will be used to formulate your marketing plan and then start your business.
How to Create a Marketing Strategy
Before you write your marketing strategy Before you write your marketing plan, you should understand what the product you offer can benefit others and how unique it is ( unique selling proposition) in comparison to other companies on the market. Additionally, you must conduct market research in order to know the competition in your area as well as your intended market and other elements which will affect your ability to connect with and attract people to your company.
After you’ve done conducted your research, you are able to develop your own marketing strategy that incorporates the five elements that make up the strategy for marketing:
The Product Your product or service? What are the primary physical characteristics of your product, or the distinctiveness of your service? What makes what you provide distinct from the competition and what advantages does it offer your customers?
Cost: What will it cost you to buy your item or service? How does it compare with your competitors? What is your margin of profit be if you sell at this price?
Location: Where will your products and services be available to purchase? This goes beyond having an office at home, but more importantly, are the locations that customers can buy. If you’re at multiple locations it’s important to determine the percentage of sales that come from each location. For instance, what would the Internet Marketing method be? What is your sales plan? What is the procedure for the transaction? place? What’s the price of delivering the item or service to the customer/client and what will be your return or refund policy?
promotion: How are you going to inform the market about your service or product? What can you say about the advantages and features that you offer to get people to look into what you have to offer? What strategies for marketing will you employ and what will be the outcome of each strategy? Include any information regarding any coupons or incentives that you’ll employ to attract businesses.
Persons: This is a newly added “P” to the marketing mix. It is crucial when other individuals help you develop or provide products or services. Who are these individuals (i.e. virtual assistants, salespeople) and what are they doing (i.e. sales calls, customer service)? What is their level of education or experience in providing assistance for your business?
When you write your strategy, be precise by utilizing specific steps, images, and budget projections. Make sure you keep the image (your promise to your customers) in mind so that your marketing plan is consistent with what you want your client to feel when doing deals with you. Make sure you reference your marketing strategy when you create, evaluate and modify your marketing strategy.
What to Do With Your Marketing Strategy
If you’re implementing a business strategy to secure an investment loan or to attract angel investors, your marketing strategy and the marketing plan are crucial for your success.
If you’ve ever seen ” Shark Tank” you’ll notice that the majority of the questions they ask have to do about the markets (who will purchase) and what’s unique about the service or product (USP), particularly when compared to other products and services (why is your service or product needed? ).
Similar to a business plan marketing strategies are also fluid altering as necessary to boost your performance. After your business has been established it is essential to review and alter your strategy for marketing regularly to keep up with shifting market conditions, changes in demand, and other elements which affect sales in connection with your market research efforts and the performance of your business.