5 Things To Keep In Mind When Developing Your Marketing Strategy
Think of certain commercial jingles, eye-catching product placement in a magazine, or even a well-placed billboard. You’re not just seeing a company’s name — you’re getting a first-hand look at a marketing strategy being put into practice. Sometimes, a company’s marketing is subtle & slowly makes its way into your psyche. Other times, you get a big ol’ wallop of market research between the eyes. No matter the approach, however, there was a lot of work that went into what you’re seeing.
It would be a little tough think of any company operating without a cohesive marketing strategy. Sure, getting one’s name out into the ether isn’t tough to do, especially with so many available social media platforms (along with traditional media).Unfortunately, this kind of work can dissipate quickly with little impact on an audience. Companies need to know how best to reach their ideal audience in a way that’s got staying power. Whether it’s through a once-in-a-generation idea that just clicks or through a series of well-orchestrated campaigns, survival in the business world requires legitimate marketing knowhow.
But if you’ve never put together a real marketing strategy before or are trying to reel in some sloppy existing work, you gotta take a few things into consideration:
Before strategizing can begin with your marketing team, everyone needs to know what the goals of the business actually are. What do you aim to accomplish with this venture? What does your presence in the market bring to the table? Unless you know what you’re all about, you can’t possibly begin to know how best to try & reach an audience.
In the same breath, it’s important to know what you actually want your marketing to do. Get your name out into the world — check. Now what? Are you trying to increase profits in a particular fashion? How are you defining ROI? Business goals are essentially establishing your branding, while marketing goals are defining the brand.
Know Your Prospective Customer Well
Market research, customer segmentation, audience definition. No matter what you want to call it, it all amounts to the same thing — knowing your ideal customer in every way you can. Budgets are precious resources that few, if any, companies can really afford to spend frivolously by chasing hunches. There are far too many resources out there that provide stellar analytic tools to zero in on the right time, place, and person for your product/service.
Don’t Forget Existing Customers
As much as marketing tends to focus on finding new customers, it’s always important to remember to not forget the folks that got you where you are right now. Remember that at its heart, good marketing is about building relationships with people. Yes, gaining new customers is nice when it comes to profits. But existing customers are the lifeblood of continued revenue over time.
Keep Tabs on the Competition
While it can be tempting to make your marketing all about you, remember that you’re up against some tough competition in the same industry. Understand what makes you different than them & push that out to prospective customers. The distinction makes you stand out, as will your ability to fill a certain need not currently being addressed.
Marketing strategy work takes, well, work. You can’t just put together a quick campaign & “set it and forget it”. Constant tweaking is the name of the game. If you do things right, though, not only will your marketing ROI look pretty impressive, but you’ll learn more about yourself & your company than you thought possible.
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