Want to create a perfect marketing strategy.. ?? It seems too complex at first but it isn’t. In order to create a perfect marketing strategy for your startup/ business, you need to first understand that what actually is a marketing strategy. after reading this hope that you will be able to create a perfect marketing strategy for your start-up or business.
A marketing strategy is a long term plan or a definite (by definite I don’t mean that it can’t be flexible) course of action which will be followed by the company for the next several years.
It also defines a pre-determined way by which you can reach your targeted audience, customers, market via different channels and can create a brand image for your company, start-up.
Marketing can also be considered as the heart of a business.
If the strategies created are not up to the mark or are not based upon the researches of the current scenario, then there is a negligible chance of the business to survive.
If you make your marketing strategy right, it helps you create a brand awareness which will have a direct positive effect on your sales
It will also help to build goodwill for your company as a good marketing strategy always include how to make your potential customers believe that you have the best quality product in the market.
A good strategy also gives you a way, by which you can differentiate your product from other competitors.
Also, not to mention a good marketing strategy always leads to higher profits. ← CLICK HERE
check out in detail /-
Importance of marketing. ← CLICK HERE
BASICS OF HOW TO CREATE A PERFECT MARKETING STRATEGY.
1. It contains all the short term marketing goals of the company .
While the perfect marketing strategy helps in achieving long term goals, side by side it should be designed in such a way that focuses on short term goals which eventually contribute to the long-term motive.
2. Learn from competitors mistakes.
This is pretty easy and also decreases your failing chance. You need to study your competitor’s strategies that they have used in the past and find out those particular techniques which worked well and which did not.
Also, by this, you can make out that how the market reacts to a particular strategy.
This way you can make your marketing more refined without spending a bit.
3. Experience of Marketing Head.
In this field, a lot depends on the experience of that person who is responsible for developing the marketing strategy.
When best of Best’s marketing plans fail, then experience comes into play. With the help of an experienced individual, we can minimize the damage or even convert it into a profitable situation in some cases.
The chance of failing of a marketing plan is very high as the because of the dynamic nature of the business environment.
So, we can conclude that development of marketing strategy should always be in the hands of an individual who is experienced enough for at least 5 years in that field.
4. Find out a hobby/passion which your targeted audiance has.
This is a way by which you can reach your audience, and also save advertising costs.
You need to observe the interests, like and other things about your audience which they love or by which they want to be associated.
You found out that your audience loves western music. So how can it be beneficial for you.??
Rather than spending your marketing budget on each and every place and targeting combined audiences, you must place your budget on events related to western music.
Also, you can target music channels which are associated with western music, Facebook pages, and other digital media can also help.
Basically, this way you can get results at much lower costs and that too much faster.
HOW TO CREATE A PERFECT MARKETING STRATEGY.
Now, this is the step where most of the people consume their all thinking and conceptual capabilities but still, most of them don’t get the desired result.
Some people also think that after creating a very good product they have done all the work on their part. They forget that how will people be able to know that there is a brilliant product in the market created by you without a proper marketing strategy.
However, these are certain points that should be kept in mind while preparing a marketing strategy.
- Understand your product and current situation of your firm/company in every aspect.(situation analysis). /-
The product /-
Now by this I mean, deeply understand the value that you are trying to provide to your customers via the product.
Each and every product or service for that matter in the market tries to solve a particular problem and deliver the solution. Pay emphasis on the problem-solving aspect of your product.
Identify that under which category your product falls in, like luxury or essential.
By differentiating you can focus on the value of your product more efficiently.
For example /-
You have built a very fuel efficient car. So, in this case, your marketing team should focus on fuel efficient nature. This cannot be done by only stating that the car is fuel efficient but also you need to show the benefit given to the buyer like saving money, low maintenance etc.
But you should also keep in mind that other features should not be out of focus completely, you need to show all the features but make the fuel efficient nature as the USP of the car.
Build a plan which serves as benefit proposition for customers and at the same time, it should also increase the credibility of the company providing that product.
Do not encourage the buyer to buy your product at the very first time. Take time and show the value that you can offer to your customer.
This way the conversion rate can increase to a significant amount.
The Firm, Company /-
This step decides the level and the amount that you can spend on your marketing campaign.
It means understanding the current situation the firm/company by doing some analyses.
Under this you will need to study things like
- Stability etc.
By doing this you will be having a much clearer vision of how much you are able to spend and whether is it the correct time for your firm to take up a new marketing campaign.
Also, consider that whether you are unstable in terms of finances or employee turnover ratio. As these things also have a direct impact on strategies
2. Understand the thinking of your targeted customers. /-
You need to get into the mind of your potential consumers and understand their behavior and buying pattern. You can easily do this by conducting some surveys of some customers.
This will help you to create a much better plan which has a very low chance of failure.
Not only this, it will also help you to create a better vision of future in terms of the demands of the customers, as the demands are dynamic in nature.
The chance of error is also reduced to a significant amount.
Customers can be classified in these demographics for better understanding /-
- Age /–
People of the young age are not resistant to new technology as compared to elderly people. It means you need to develop a user-friendly or less technical product for elderly users.
- Sex /-
Men and women have different hormones and it results in the difference in reaction to the same thing. Some sale offers which may seem attractive to women may not work on men, the way they did on women.
- Family composition /-
A person with a big family may not be willing to spend too much on his personal need products as compared to a man who does not have a big family.
- Marital status /-
A married man would not like to spend solely on himself. Also, if he wants to buy something major, it will be the decision of the couple, not only of him. When another approval is required then chances of sales decreases.
- Income /-
This point explains itself. The amount of income is directly dependent on the purchasing power. Hence, more the income, more are the chances of sale.
- Businessman or professional /-
Professionals generally have a stable flow of income whereas businessman does not has a stable income flow, which eventually leads to a difference in buying pattern.
Some other things which can also affect the buying decision are thinking is traditional or modern, likes and dislikes, geographical location etc.
3. Analyse competition and the past. /-
Yes, you do need to observe that what your competitors are doing. By this, you’ll be able to widen your mind to new creative ideas.
Having an eye on what is happening in your niche market is as equally important as other points.
Not only we should be well aware of what is happening around, also we should respond to that change in time, otherwise, results can be fatal. (as happened with NOKIA because they ignored the changing customer preference)
Also, sometimes you’ll also be able to detect a particular problem in your competitor’s product and make a much better product of your own which will automatically have an advantage over competitor’s product.
You can also study the latest trends that have been taking place in your industry it means studying the behaviors patterns of the consumers to a particular change. This way you’ll be able to identify any opportunity or threat before it arises as.
4. Goals referred in marketing strategy needs to be SMART.
- Specific –
Mention clearly what you want to achieve. Having a clear vision on goals not only reduces the effort but also helps in changing pre-determined paths for the achievement of goals if needed.
Being specific here means that there should not be any confusion left in anyone’s mind, who is associated with these goals. Like people in the marketing team, the team for raising capital etc.
- Measurable –
This point plays a huge role when it comes to controlling or measuring the current performance with pre-determined targets.
Without having our target or goals in measurable terms no one can find out that what improvements are to be made if any.
They should be easily comparable so as to fasten up the process of changing the plan a little bit if needed.
- Achievable –
This basically means that objectives should be set within the limits of real world and budget. There is no use of having unrealistic objectives, as no matter how hard you try to achieve them, you will have to face failure every time.
For ex –
If a new start-up in automobile industry sets a target of having 60% market share in just 1 year, then it is clearly an unrealistic and un achievable goal.
- Relevant –
It’s an obvious point. No one would like to spend his time and money on a strategy, which eventually leads to nowhere or to a point which is not desired by the organization.
All the time, hard work and money are spent just to reach that desired point. So it seems an act of foolishness and stupidity if an individual develops a plan which leads to nowhere.
5. Time Bound /-
Objectives must be time-bound. It means that each and every objective/goal that we set, should be restricted to a time limit. If not done, then things will keep getting delayed and seriousness regarding deadlines will eventually vanish.
In a situation, where you have the best marketing team, a huge budget, and best advertising skills, still, there is a chance for your marketing campaign to fail, if there is no time limit. Without it everyone will just keep passing the work as there will be no deadline to meet.
In such a situation not even a single task would be achieved as the task will keep on going for decades.
6. Political stability and its favorability towards your product. /-
This is the point where most of the young entrepreneurs don’t pay focus on, but big companies consider this as a very important point.
Doing this correctly will also let you view a long term prediction of your business environment.
It means that before putting into a countless number of hours, and hard work into developing a strategy, you should always consider the view of the current government towards your industry and towards your product.
If the situation is unfavorable then, the main focus should be on developing a way by which current government can be taken on our side, otherwise, all the planning will go into vain.
Also, you should give importance to the political stability, as even a slight dispute between ruling party and opposition can have an adverse effect on an industry.
After all these points are completed you should get a nice marketing strategy which should be both attractive and practical at the same time.
If you like this article please help me, by sharing this content on various social media platforms
also check out