Picture: Brooke Lark / Unsplash
A marketing strategy is a company’s game plan for finding curious consumers and turning them into paying customers. Every marketing strategy is different, but they all cover four essential elements: product, price, place, and promotion.
Of course, including these essential elements won’t ensure your marketing strategy will be 100% successful. If you feel like you’ve been doing all the right things but are still struggling with one failed marketing project after another, it might be time to take some of these steps for success:
Step 1: Understand Your Goals
After seeing similar businesses to yours launching a certain style of marketing campaign, you might be tempted to follow suit. After all, you’re appealing to the same target audience, and you can’t let your competitors have it all! This may be true, but don’t be in a rush to launch a campaign without thinking about why you’re doing it in the first place.
Do you want to highlight a social procurement initiative that sets you apart from your competitors? Are you trying to promote a new product? Maybe you want to build consumer trust and, eventually, gain sales. Understanding your goals can pave the way for a successful marketing strategy, so make this first step your priority.
Step 2: Know Your Customers
Even beautifully designed marketing materials can fall flat if they don’t appeal to the right audiences. So identify your target market before flexing your creative muscles with professionally designed social media posts and ads.
Not only will this guide you on the creative front, but it can also ensure you’re ticking that critical ‘place’ element off your list. Understanding your audience means you’ll know the best platforms via which to share your business news.
Step 3: Set Your Budget
Whether your budget is large or small, it’s entirely possible to create a winning marketing strategy that has customers lining up to buy your goods and services. However, knowing precisely what that budget is will establish parameters for what you can afford to do.
Most corporations with packaged goods will allocate around 22% of their budgets to marketing expenses. Education organizations set aside an average of 17%. Some businesses go all out with Super Bowl ads, while others have enough money set aside for a few social media ads and flyers. Find your perfect balance, and work from there.
Step 4: Choose Your Channels
We are spoilt for choice when it comes to advertising channels. Some companies stick with traditional options like TV and radio ads or billboards. Others focus on their websites and social media.
Consider where you’ll typically find your target market, and let that guide your decision. For example, truck accessory providers might appeal to truck drivers on radio ads and in truck driving magazines. However, beauty product companies often experience great success on social media – especially by leveraging influencer marketing.
Step 5: Involve the Experts
After understanding your goals, identifying your target market, setting a budget, and selecting your channels, you might realize that creating an effective marketing strategy is actually quite challenging. Don’t give up and admit defeat. Instead, reach out to marketing experts. Rather than having another failed campaign launch, you can receive help to make it your best one yet!
Marketing companies can thoroughly research your business, refine your branding, and test various campaign strategies to find the right one for your business needs and goals.
Creating a successful marketing strategy with no experience can be daunting – there’s no denying that. However, anyone who works hard can experience success. Take the steps above, and you should be in a strong position to achieve your business marketing goals.