What is a marketing strategy? Let’s be honest, it sounds like one of those impressive business terms that you only use in meetings but means nothing. For a start, it combines two of the most over-used, under performing concepts in business, namely “marketing”, and “strategy”. I don’t blame you for rolling your eyes!
But honestly, a marketing strategy is a powerful tool to focus your efforts and gain more sales. Here’s how to do it:
- Segment the market. Take everybody that might be interested in buying your product or service and group them into smaller segments that think or act the same.
- Choose a segment to target. The tighter you can define your target segment, the more effective and efficient your marketing will be.
- Choose the approach – or position – you will take in communicating your offering to the target audience. You do this by completing the sentence: “…only we….can do this….for this market segment…”. Essentially you are stating what makes you different from the alternatives.
- Communicate the marketing message in the most cost-effective manner possible. This involves selecting the best communication tools at your disposal such as your website, social media, events and even face-to-face customer visits.
- Take stock of your marketing and decide how you can improve your efforts based on feedback you have received.
By following the above process, marketing becomes an ongoing process of targetting, broadcasting, and learning.
Next time somebody uses the term “marketing strategy” don’t roll your eyes, rather ask them what they mean. You’ll be surprised by how few can answer you.