A good marketing strategy is needed for a product or service to make an impact in the marketplace and sell well. Without proper research and careful calculations and planning, a marketing plan might end up doing the opposite of helping the business to achieve success.
Below are the 4 Essential (and crucial) Principles of a Marketing Strategy that must be thought through carefully and then continually revisited by the whole organisation as the business grows and changes to maintain the effectiveness of the whole plan in the long term:
Generally speaking, more customers know about your business means you have more chances to increase sales. This is the reason why many businesses go out of their way to make a marketing strategy that try to reach everybody, at every price point, with every product they have.
However, let’s be real: it’s impossible to promote a general product without any special points to the mass public. Well, you can do that, but your sales will not surge dramatically like you expected. In order to really achieve some success with your marketing schemes, the marketing strategy must state clearly the specialisation points of your product or service.
This is the most important point of a marketing strategy. Your business will never succeed if what you do is replicate what others are doing or doing things just like them. Consumers must remember who you are and what you do to make the decision to buy from you. Thus, whatever you do, make sure that it is distinctively different from what others in the market are doing to make an impression in the consumer’s mind. Also, make it your mission to provide products and services that are superior to what your competitors are putting into the market.
It is likely that your business is offering more than one product or service to your customers, which means that you will have to divide the amount of potential customers into separate market segments. Try to identify clearly the characteristics and qualities of these segments as this can help you to come up with marketing plans that works effectively for each segment.
Your business doesn’t have all the resources in the world to pour into EVERY target segment, which is why you should carefully select which one is worth putting your bet into, then concentrate the limited resources you have on it. There are no specific criteria for choosing a segment because situations can be varied depends on the market your business is operating in, but to make it easy for you to choose, I suggest finding the segment that consisted of consumers who will be most likely to purchase from your business the soonest.
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