Creating a marketing strategy is an integral part of running any business, which is why it is typically one of the first things leadership teams discuss when they start their jobs. A marketing strategy includes defining your market, finding new ways to target that market, developing strong messaging and messages strategies, and then executing on those strategies consistently!
As you can see, creating a solid marketing strategy isn’t easy, but it is important because it impacts how well your business will succeed. Plus, it gives you some needed rest after all the other parts of the business process!
Here are some more reasons why having a clear strategic framework is so crucial to success as a business leader:
It helps you focus on what matters most to your company.
Your colleagues and executives depend on you to know what you're doing, and make smart decisions that support the long-term health of the organization. By having a shared understanding of where the company wants to go, you can help them achieve their goals while also ensuring that you have the resources and coverage that you need to get the job done.
It provides clarity for others.
If you don't clearly state the goal of the company, people around you won't understand the nature or purpose of their role. They may even feel pressured to create initiatives that aren't aligned with the overall plan.
And since we've talked about how important it is to define priorities, this can cause significant internal conflict.
Step 1: Define your market
In the first step of creating a marketing strategy, you will want to make sure that you understand who your market is and what kind of products they desire.
This understanding comes before any other steps in the process. By doing this, you ensure that you are not wasting time by trying to reach people who do not want what you have to offer.
By starting with a clear definition of your target audience, you can move onto more specific targets. For example, if your product is for business owners to find new customers, then instead of offering your service to all businesses, you could focus on finding new clients for a particular company.
There are many ways to identify your ideal customer. You can do it through research, talking to them, and looking at past trends.
Market research includes studying online reviews, talkings about your industry, and reading books or magazines related to your field. While no one ever says everything, there are usually patterns to how people describe their industries and what makes them successful.
Once you have gathered enough information, compare these points across different levels to determine who your potential customers are. This way, you can develop messages and strategies that appeal to them.
As we have discussed, creating an engaging marketing strategy is very much dependent upon the inner workings of your business and what messages you are putting out into the world. One of the most important parts of this process is establishing a clear company culture that leaves no one feeling like outsiders or special privileges.
A well-oiled social media campaign requires active participation from those involved. If people do not feel engaged with the project, then they will not put in the effort needed to see success. Your followers, fans, and friends will also influence the effectiveness of your campaigns, so make sure to invest time in developing strong relationships!
As mentioned before, staying focused on your messaging and promoting only products or services related to your brand voice can help keep things steady and level. When there are changes made to either, it may affect how effectively your campaign is running and what messages are received.
Making minor adjustments can be tricky at first, but stick with it and eventually everyone will get onboard.
Even if you are not planning to run for president of your firm, or launch a new line of business, it is important to have a clear understanding of who your company is and what they stand for. This will help market your company in the most effective way possible!
Your company’s brand is an integral part of how people perceive your organization. It impacts everything from how other companies perceive your company to how potential customers view your products and services.
When developing your company’s brand, think about things such as: What makes your company unique? Is there anything about your company that sets it apart from its competitors? What emotions do you want your prospective clients to feel when they use your products and services?
Your answers to these questions should be informed by your company’s mission, value prop, and/or slogan. These three pieces of your company’s puzzle form the foundation upon which your branding strategy is built.
Once those fundamentals have been established, then can be modified or refined according to the needs of the marketing campaign at hand (more on this later). For example, BMW’s “Built To Take You Where You Want To Go” could be adapted to emphasize mobility over taking action or providing dependable transportation while emphasizing their German engineering prowess.
As we mentioned before, marketing strategies are always focused on someone or something. For you to truly excel in this field, you must know who your audience is and what they want.
This is one of the most important things to do when it comes to marketing. If you don’t know who your audience is, then it will be hard to come up with ideas that appeal to them!
By knowing your audience, you can create content that appeals to them, and use different mediums to promote that content.
For example, if your target market loves listening to music, then creating an album launch event for your product/service could work well. You would need to make sure that you have enough supplies so that everyone gets some kind of copy item, but otherwise it is cost-free.
You can also send out emails to invite people to attend the event, etc. This way, your attendees won’t feel too pressured because there isn’t really a formal meeting. It will just give them extra support and motivation to use your products or services.
How about instead of having a big event, you could simply release a song that speaks about your service? That way, your potential clients can listen to the music and get inspired by it. Or maybe they like the type of music that song is, and find more information online about your business!
The possibilities are endless when you understand your audience.
A strong marketing strategy is always informed by what you know, and the field of marketing is no exception. Before you can create or implement an effective campaign, you have to be familiar with the market, the products, and the people involved in them.
As we mentioned before, knowing your audience is one of the most important things you can do as a marketer. If you are not sure who your target audience is, you can find that out through research and experimentation.
Another way to gain knowledge about your industry is to read books and online articles related to it. There are many ways to gather information about the field, so don’t hesitate to explore them!
When was the last time you re-evaluated how much money your company spends on advertising? Or questioned whether or not that spending is worth it? The answers to these questions depend on two factors: 1) What kind of return your ads produce 2) Whether those returns are directly tied to increased sales.
If you run into issues answering either question, then it might be time to evaluate the effectiveness of your current advertisements and strategies.
With all of this talk about budgets and returns, it made sense to mention the importance of having a goal. Having a goal will help determine if your campaigns are working or not.
A good place to start when defining your goals is to think about what you want the advertisement/campaign to achieve.
A marketing strategy is usually described as the way you will market your business or company. It is typically broken down into three parts: target audience, messages/tales, and execution.
As you can probably tell, creating a successful marketing strategy isn’t too difficult of an idea. But making it work for your business and achieving success with it are two different things.
It takes time to test out new strategies so don’t worry about wasting money by experimenting. Rather spend that money investing in more productive ways!
When designing your marketing strategy, think about what areas of your business need re-focused attention. Are you targeting the wrong people? Are your advertisements boring and uninteresting? These are all great opportunities to implement changes into your current system.
As we have discussed, creating a successful business means developing effective marketing strategies. But what is making up this marketing strategy?
You can use different tools and techniques to test your market research, advertising, and promotional strategies. These tests will help you determine if your strategies are working and how to make them more efficient.
The most common way to do this is by testing the effectiveness of various types of advertisements or promotions. For example, instead of using billboards as advertisement, you could create an online advertorial page with sponsored content or advertisements that link to your product. Or you could start an Instagram account featuring your products!
There are many ways to test the efficiency of your marketing strategies so never hesitate to try something new. The more frequently you test your strategies, the better chance you have at finding one that works for you.
A little bit of pre-planning is needed to succeed in developing effective marketing strategies. You will want to start by looking at what areas you are struggling in and what can be improved upon.
It is very important to understand that not every business has the same resources as others, so it is best to evaluate yourself against those businesses with similar resources.
By doing this, you will get an idea of how much effort is necessary to achieve success and which routes are taken by companies that have successful marketing strategies.
Your personal budget should also be considered as some things such as advertising on Facebook or YouTube can be done for free while other services like sending emails and producing fliers require more money.