Successful marketing means successful sales. Successful sales means successful business. Right?
That is why you need a marketing strategy.
A marketing strategy explains your goals with marketing efforts. It is the ‘WHAT’ of a business marketing plan. And your marketing plan is the “HOW.”
You must know your marketing strategy before creating your marketing plan.
An effective marketing strategy features 7 key elements.
Here they are:
1. Unique Selling Point
Explain the unique selling point of your product or service. The USP (Unique Selling Point) makes your product different from others.
2. Target Market
Explain your target market. How to find a target market? Here is the short answer: you will find your target market through market analysis. Your target market includes:
- The age range of your potential customer
- The gender of your potential customer
- The potential customer’s income level
- The potential customer’s family situation, i.e. single, engaged, married, divorced, etc.
- Would people buy the product: How much they will buy? are they buying for one-time? Is there any time specific sale?
- Identify special features
- Identify potential customers’ likes/dislikes
Define the benefits of your product or service. You should include your USP (Unique Selling Point), but go beyond that. List every benefit of the product.
4. Product Positioning
Describe the product positioning. Actually in another word we know it as Title Tagline! Use that not for swag, but for customer.
5. Marketing Methods
Describe the marketing methods you’ll use, like a website, direct mailing, e-mail campaigns, print advertising. Your target market helps you determine this.
6. Competitive Analysis
Describe the results of your competitive analysis. Don’t forget to do this from customers and competitors viewpoint. Consider your competitor’s strengths and weaknesses.
Include the forgotten budget. Although it’s everyone’s least favorite element. You must identify costs and divide the appropriate amounts to complete your marketing campaigns.
With your marketing strategy complete, you’re ready to begin work on your marketing plan. You’ve defined “WHAT” you need to do. Next, you’ll define “HOW” you’ll do it.
Thank you for reading this. It’ll be great if you do some comments.