Develop an effective marketing strategy

Developing a marketing strategy is the most important first step in bringing your product or service to market. 

If you have not outlined a plan based on research and analysis, you are wasting your money and time. We can assume that our customers review their emails or Linkedin to make a final purchase decision - but how do we validate that? We start by taking a deep dive into our market and our customers' needs and problems. 

Research your market and target client or customer first.

Otherwise you will spend marketing dollars on marketing efforts that target the wrong audience. You may also receive  leads or inquiries from the wrong audience. All these efforts will be a waste of your time without the proper research. 

Start with a detailed analysi in these 3 key areas:

• Market analysis: Research the size of your market, understand how quickly it’s growing. Take time to understand your customers by looking at their spending and lifestyle habits. According to Business News Daily “You can use a marketing analysis at several stages of your business, and it can even be beneficial to conduct one every year to keep up to date with any major changes in the market.”

• Competitor analysis: It’s important to review your competition from the lens of your target customer. How does your direct and indirect competition compare with your services in sales and marketing efforts. Review their customers, their brand, price, convenience of location, sales channels, and so on.

• Company analysis: What are your company's business objectives? Understand how you will achieve them and what your strengths and weaknesses are. This is a SWOT analysis.

Identify and deeply research your customers by customer segment.  

• Segment your target audience into existing and new target customers into groups based on what they need from your business. Do they want cost-effectiveness, quality, great customer service, etc?
• How do you position your services vs the competition? Do this for each customer segment. Are you the fastest at delivery, have the best customer service, etc?

Identify how your product or service is better then the competition. 

• What is your unique selling position or USP? What do you offer that other products or businesses do not? 
• Take your USP and identify the benefits you offer to each customer segment. Take the time to look closely at what the customer sees: while Starbucks sells coffee, the benefit to the customer is a place to relax and have a chat with a friend or a place to sit with a laptop. Your USP may be that you deliver pizza faster than competitors to people in your area, but the benefit to the customer is that they don't have to cook and can receive a ready-made meal quickly. The way you define the benefits will shape your marketing message.

In the next blog we will share how to put together a marketing plan that is based on your established priority. The key is to get started so you are prepared for 2025 and beyond.

Digital marketing strategy is a critical part of your success. A well thought out plan will ensure your business is successful. Reach out and learn how we can create an omnichannel approach and strategy that will bring you more revenue. Reach out today!

Photo by Austin Distel on Unsplash