Producing a marketing strategy can at first seem daunting; however it needn't be. A decent marketing strategy doesn't have to be a War and Peace type of effort. Here are some of the most important considerations to get you started and apply a simple framework:
1. Know your market
When beginning the process of identifying your target market it is important not to focus on too large a market segment which may prove too challenging to reach all the people within it. Conversely too narrow a focus will make it difficult to generate enough business for you as a small business to survive.
Here are some key considerations when analyzing your target market. Think about who your prospective customers for your products or services are. Consider factors such as:
- Demographics including race/ ethnicity, age and sex. Also important to consider are education and earnings/income
- Geographical information
- Attitudes, needs, wants
- Buyer behaviour such as frequency of purchase, and repeat purchase behaviour, loyalty
2. Align with your business strategy
it is critical that your marketing strategy naturally flows from your business strategy. For example if your strategy is to grow your business by adding new services to your portfolio then this will need to be within your overall strategy
Do you have enough budget to execute your strategy, both now and moving forwards? How will you monitor this? Where will the money come from?
4 . Completeness
Does your marketing strategy reveal the marketing goals you have and the tactics to achieve these goals? Does it detail the various activities to drive these goals- from traditional activities to mobile marketing? Does it consider the various channels needed to speak to the different segments of your audience? Is your strategy flexible enough to accommodate a change in direction; with contingencies for different scenarios?
Does your strategy reflect an understanding of the needs, preferences and characteristics of your market/s? Does it reflect a thorough appreciation of your competition, their ability to give the market what it wants or needs? Your strengths and ability to give the market what it wants and needs?
There is of course much more flesh to put on these bones- but this is a good starting point. Good luck!
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