Writing and employing a Marketing Strategy could dramatically increase your profit and be the key to your business’ success. Your marketing strategy will need to identify your target market, recognise what your product/service is and its unique selling point (USP) and present the ways in which you will reach that target market and get your message across.
The bare bones of a marketing strategy:
1. A general summary of your business, its remit, aims and vision. This will include a brief overview of what your company delivers to its core customers.
2. Marketing objectives – i.e. increasing profit, market share or brand awareness. What do you want your marketing to achieve?
3. Target Market – specifically who are you targeting? Is it individuals or businesses, or both? Identify your target segments and your business’ position within those segments. Remember your target market will probably consist of both new and current customers.
4. Marketing Mix – how are you going to communicate the benefits of your product to your target market? What will make your product stand out within the market? Think about the actual marketing streams that will be appropriate to your business, market, product and potential customers. Using the four P’s may help with the marketing mix: Product, Place, Price and Promotion.
Once you have written a clear marketing strategy, you will be able to write a detailed marketing plan that identifies how you are actually going to employ your strategy. This will be a detailed document that specifically lists marketing activities with numbers, costs, dates and perhaps even who will carry out each activity.
Remember to keep coming back to your marketing strategy and continually re-evaluate. The market you are working in could be constantly evolving and you will need to stay on the pulse to remain competitive.