Building a strong marketing strategy lies at the foundation of any growing, competitive business. A marketing strategy is the overall game plan that a business creates in order to attract customers by communicating the benefits of their business and how they are different from everyone else. It is the big picture of the company’s vision, asking the very important question, “what tactics are you going to use to meet your goals and bring your strategy to life?” The following lists seven action points that you should keep in mind while building your perfect marketing strategy.
- Run a SWOT analysis. Doing this will help you determine your business’ strengths, weaknesses, opportunities, and threats. Including fellow colleagues can make this a fun team exercise and allow for different perspectives and avoid bias. Making sure you have a clear view on what you are best at, what areas you need to work on, pinpointing the outside factors that represent the inspiration for your business to exist or factors that could put your business at risk, will give you the right tools to build a well-informed marketing strategy.
- Figure out the value proposition. A great marketing strategy originates from the company’s value proposition, which captures its main strengths and differences from competitors, as opposed to being created from scratch. Figuring out your value proposition is what you should invest most of your time and resources into. It is one of the most important conversion factors and could make the difference between closing a sale and losing one. To get started, identify the main customer benefits, the value that your products and services bring to your customers, and then outline the main differences. The best value proportions are clear, to the point, and focus on solving customers’ problems.
- Determine marketing strategy objectives. Companies define and communicate their goals by using objectives. Objectives point out specific measurable outcomes that will be achieved in a certain amount of time. They help people evaluate how successful and effective a marketing strategy is. Objectives also help marketers align expectations and plans, coordinate efforts, and hold teams accountable for achieving results. When you put together your key objectives, make sure they are specific, measurable, and have a time frame. Aim for coming up with three to five and re-evaluate them every six months, make changes if necessary, and use them to measure success.
- Understand your customers. It is important for you to understand your customer’s needs and wants and to try and solve their problems through your marketing strategy. Marketers have started to pay more attention to smart online platforms and tools that let them know everything about their customer’s demographics, online behaviors, and conversations.
- Define your buyer personas. Buyer personas are fictional, generalized representations of who your ideal customers are. They help marketers get closer to their customers and understand them better. In order to create buyer personas, you need to gather information from different platforms such as website analytics, social media, customer reviews, and actual conversations with prospects and customers. When you are doing research and building your personas, look at their background, preferences, and demographic details. The information that you gather will help determine the most appropriate way to communicate with them, when channels they prefer, style and tone of voice, etc.
- Analyze your market and competitors. In order to get to the level of having a clever marketing strategy, you need to know what is going on in your market and how your competitors are doing. What are their strengths and weaknesses? Information is power, so keeping your eyes and ears open for what’s going on in your market industry is very important. This helps identify gaps in the market, needs that aren’t being met, common frustrations, or trends, and innovative ideas.
- Establish your marketing methods. Depending on who you want to target, you will need to decide on the best marketing methods to explain, teach, and communicate your brand messaging. Figure out where they live, such as which social channels, blogs, sites, and forums they are a part of and use that information to your advantage to reach them. It is just as important to figure out at an early stage which marketing areas you want to focus your attention on, and how much time and money you will be spending on advertising, PR, community management, events, etc., depending on the type of business you have and what would attract your future customers.
Building the perfect market strategy can be overwhelming; however, with the right help, you can create a strategy that will help your new business flourish. Intergetik can be the solution to making sure your business and its vision reach the right customers in the right ways. Call us today at (314) 749-0492 so we can help you get started achieving your goals.