Developing a marketing strategy is the key to acquiring and retaining interest in your product.
Whether starting out or already thriving, creating a buzz through strategic exposure is the bread of any business.
A marketing plan will focus advertising efforts upon conveying the strengths of a company to the consumer base, in turn directing them right to the front door of your business (which will hopefully be open and inviting). Here are some of the basics to help you.
Make Lists – Lots of Them
It is important to remember that planning is born from evaluation of the products and services you provide: strengths, weaknesses, goals, achievements and failures. By identifying and creating a list of these areas – honestly and without omission – it will help clarify which aspects of your business are working well.
Find your Perfect Client
In other words, create your perfect client. Who are they? Consider factors such as disposable income, what motivates them and their time availability as this will guide which method of advertising it is appropriate to use and how much it is wise to budget for the task. Look back at the list of marketing priorities and examine where and why this fits so well into the life of your idealised customer. Where does the brand identity of your business intersect with the values of the target market? Why do they need you and your product?
To measure the success of the marketing strategy you will need to make some realistic projections for the financial costs and paybacks, potential exposure of the company, the client rates of interest and the implications upon the perception of the product or service you provide. The best way to do this is to follow the trends of the markets and the products that are competing with your own.
This will ensure that when it is time to review the marketing strategy, there is a solid framework against which its effectiveness can be measured. Based on review and a constant monitoring of the market, you should adapt the marketing strategy to keep it fresh and relevant to its consumer base.
Posted on August 6th, 2012
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