The right marketing strategy can mean the difference between a business that expands opportunities and increases sales year after year, and one that doesn’t. So how can you tell which marketing strategy is right for you?
Whether you’re about to embark on a new campaign and wondering which channels to invest in, or you’re stuck in a rut and need to reevaluate your current techniques, building a marketing strategy that works for your business can be a challenge. There is no definitive template to follow, and application of each strategy will be unique to the business that tries it. And to make matters even more complicated, new industry trends are constantly evolving. Just when you think you have things right, the marketplace changes again!
Though success will ultimately depend on your business and its intended audience, there are a few common components that can be found in almost every successful marketing strategy. We listed them for you below:
Clearly stated goals
A new marketing strategy is a crucial investment for a business, so it’s important that you set feasible goals for what you want to achieve. Doing so will help you outline your company’s expectations and develop a plan for how you will order all your efforts. Defining your goals will also help you to examine obstacles and potential opportunities you may encounter along the way. Make sure you revisit your stated goals at least once every quarter to track your progress and see how on target you are.
A defined target market
This is where you describe the specific demographic of people you are looking to target with your content. Think about the types of needs that your product or service fulfills, and which demographic of people are most likely to engage and show interest in it. Knowing and understanding your target market is a key step because it will guide you in your choices of where and how you will broadcast your advertising message.
A unique selling proposition
What does your business have to offer people that they cannot get anywhere else? If people have access to your type of product or service somewhere else, what makes your brand different than the others? Your answer to these questions will define your company’s unique position in the marketplace and set you apart from the competition. To create a unique selling proposition that appeals to your ideal customer, figure out what it is they need and want. The online behavior of your audience can provide this direction, so refer to tools like Google Analytics and visit social sites and forums in your industry to discover what people are talking about. Then, for your unique selling proposition, explain how your product or service is a solution to their problems. Instead of focusing on what makes your business the best, incorporate your values into how you do business and how it is different from your competitors.
A primary channel
Your primary marketing channel will be how you can best position your products or services to connect with your audience. This can be advertising, public relations, email marketing, social media, mobile marketing, co-registration, etc. There are a lot of channels for marketers to choose from today, but not all channels work effectively for every business. Look for a platform that promotes your particular product or service, but also allows you to share your brand story and explain how your company stands out above the competition.
Experimentation with complimentary channels
Experimenting with other marketing channels that compliment your primary channel can add significant value to your marketing strategy. For example, social media often acts as a boost for many companies, getting more eyes on their content and expanding their reach. However, the last thing you want in your marketing strategy is misaligned channels, so do your research and take the time to evaluate how each potential channel works. As technically advanced and trendy as some new channels are (such as augmented reality or chatbots), if it doesn’t align with your primary channel or the needs of your audience, it will be a waste of your time.
Building the right marketing strategy takes time and dedication, but incorporating these components into your plan can help you get a head start. Do you know of any other ways to help businesses discover the best strategies? Feel free to leave a comment and share your thoughts!