In order to build a profitable business, something important you need is a go-to marketing strategy for getting your new products/services in front of ideal customers.
If you create this in an organized fashion, you can rely on it for years to come. Of course, sometimes tweaking may be necessary as you gain experience or the market changes, but having the basic outline will save you a lot of time and money versus starting at square one for every new project.
Other benefits of having a go-to marketing strategy include:
- Shortening the time it takes to get new products/services on the market
- Helping to minimize cost and work efficiently
- Improving company growth and development
- Boosting your confidence and assuredly
How can you build an effective marketing strategy, that can be used over and over again? Although it will vary depending on exactly what it is your business offers, these are the main points to cover when designing a customized strategy:
#1 Define Your Target Market
Get very clear on WHO you are marketing to. Who are your dream/ideal clients? Who needs what you have? Who do you want to notice and pay attention to what you’re marketing? Consider age, demographic factors, location, types of careers (if applicable), income brackets, etc. The more specific and detailed the better.
#2 Set Your Value Proposition
How valuable is your service or product to customers? What advantages does yours have over your competitors? Is your product meeting a need or solving a problem for your clients? Knowing the answers to these questions will help you to find the right audience for your product as well as set a price they will be willing to pay. You can also decide whether you want to use a subscription to lower cost, or another pricing strategy such as value-based pricing or skimming.
#3 Brand Positioning
How will you place your brand in front of different audiences? If you have multiple target markets, you may need to come up with a separate plan for each of them. If your product will appeal to multiple age groups, for example, you are going to need to market them differently to each one. Will you have promotions? Discount opportunities? That all falls under this step.
#4 Choose Sales Channels
Determine the most effective places to promote and sell your product. This will depend largely on WHERE your target market is shopping and/or spending most of their time. Are they out shopping at physical locations? Or do they spend most of their day online? Do they shop at malls/outlet stores or places like Walmart and Costco? Are they on Facebook or Instagram? Twitter? Pinterest? Other social media channels? Do they take recommendations from influencers?
Whatever you choose, be sure to create a CONSISTENT experience for your potential customers. Whether they purchase your service or product online, in a store, from a booth or at a trade show, your brand and message should remain clear and consistent.
#5 Measure And Adjust
Have clear methods and parameters for measuring success. As time goes on, you will likely need to alter your strategy to increase profit and create maximum impact. Be flexible and conscious. Recognize what isn’t working and be willing to shift it as needed. Set high but achievable goals.
By taking the time to create a go-to marketing strategy, you will be giving your business a better chance at making it in the long run.
Have a great week!