Tips to build your Marketing Strategy on
Posted by Patrick Murphy on Tue, Aug 31, 2010
Marketing strategy is something that comes up again and again. Only yesterday did we speak about your marketing strategy as an important piece of your online business development strategy. With that in mind here are some tips that can help you to define your marketing strategy and build your marketing strategy.
Marketing Strategy tip 1: Identify what your unique selling proposition (USP) is of your products or services. The unique selling proposition is a marketing term that helps to identify what is unique about your products or services that sets you aside from your competitors and ultimately leads your customers to buy from you and your company. Your proposition should be unique and should also be powerful to attract and compel customers to purchase the product or service over another. Your unique selling proposition does not have to verbal it is also possible to be visual.
Marketing Strategy tip 2: Clearly indentify and define your target market. Think about who your company will sell to and why that target market is the ideal segment for your product or services. In some cases it might be necessary to segment the market into smaller, more focused segments, due to size of your market or just financial restraints.
Marketing Strategy tip 3: Write down all the added benefits of your business to your clients or customers. Features are good and important but it is the benefits of your products or services that will convince other consumers to buy. Any successful business will know what are the critical features and benefits and how to use these to market their business. So try and isolate benefits this will help in marketing efforts.
Marketing Strategy tip 4: Do not forget the basic 4 P’s of the Marketing Mix. The 4 P’s is in every marketing book for a reason so use them for your marketing strategy.
Product – Indentify your offering in terms of packaging, features, benefits and offering
Price – Determine how to price your offering on the market. Will your company take a market approach to be a low cost vendor, or a higher price point by marketing quality and benefits?
Place – How will your product get to the consumer? What are your methods of distribution these could include retail channels, wholesale, warehouse issues or global distribution.
Promotion – How do you intend to promote your products or services? A few things to remember when creating a new marketing strategy:
Marketing Strategy tip 5: As with everything else in business always have a budget in mind. Be realistic with your budget and plan within a specific budget. Also keep in mind that a marketing strategy should be revised for effectiveness at least once each quarter. This tips should help you in the right direction!