When it comes to achieving your business goals, you should focus more on building and selecting strong marketing strategies that can be included in your plan. Failure to do so, you will find it difficult to promote or sell your company’s goods and services.
But then, how can one know which marketing techniques and channels are best when there are so many possibilities available today? Now that’s where I come in to help you with actionable steps that will help you build and choose one that works for your business. I will also include some marketing strategies examples widely used by top companies here in Nigeria. Let’s get to it.
Key Points
- Marketing strategy is a company’s overarching plan to persuade potential customers to purchase its products or services, including its value proposition, core messaging, and target audience.
- A strong marketing strategy provides direction, identifies the right audience, develops a consistent brand identity, and maximizes return on investment (ROI).
- To build a successful strategy, set clear goals, define your customer profile, craft compelling messages, allocate a budget, choose effective channels, and track performance metrics.
- Examples of common strategies include SEO, content marketing, social media marketing, event marketing, and reputation management, each tailored to different business goals and audiences.
What is a Marketing Strategy?
A marketing strategy is a company’s overall approach to persuading customers to purchase its products or services. A marketing strategy outlines how to reach potential customers and convert them into customers. It contains the company’s value proposition, core brand message, demographic information for target customers, and other high-level features.
In addition to those, I found out that a comprehensive marketing plan addresses the four Ps of marketing: product, pricing, placement, and promotion. I’ve also discovered a marketing technique that:
- Align your team around clear goals.
- Help you connect your efforts to corporate objectives.
- Allow you to discover and test what resonates with your intended audience.
- Enable you to capitalize on rising trends.
- The last one is particularly significant. Keeping up with marketing trends is critical to your plan, but it may be a full-time job.
Why is a Marketing Strategy Important?
Look at it this way, without a clear plan, you’ll essentially be tossing things at the wall and seeing what stays. And not only will that cost you time, you will also lose money and resources and no one wants that.
I can’t emphasise this enough but a strong marketing strategy will reach your target demographic and have the potential to convert those who have never heard of your company into loyal repeat consumers. You will hit right on spot.
Here are some more reasons why a marketing strategy is important:
#1. Offers Direction
When you have a marketing plan, it sets specific goals and the road to achieving them. It coordinates all marketing initiatives inside an organization for maximum effectiveness.
#2. Targets the right audience
Having a well-defined marketing plan assists you in identifying and understanding your target demographic. This allows your organization to adapt its messaging and positioning to reach the appropriate individuals at the right time.
#3. Develops brand identity
A marketing plan enables you to develop a consistent and integrated brand identity. This particular point will ensure the alignment of all marketing initiatives is aimed at increasing brand recognition and loyalty.
#4. Increases ROI
Marketing strategies assist firms in determining the most effective marketing channels and approaches to invest in by analyzing market trends, competition, and customer behavior. This allows firms to receive the most return on investment.
#5. Evaluates Performance
When you have a marketing plan, it will help outline critical metrics and performance indicators. This makes it easy for your company to measure and track the effectiveness of marketing campaigns.
How to Build a Marketing Strategy
Building a good marketing strategy isn’t a child’s play; I assure you that it comes with numerous steps and practices to be met. But I will make it easier for you to assimilate so that you can easily create one yourself. Here are my secret steps:
#1. Identify goals
The first step to building a good marketing strategy is by identifying your business goals. While any company’s ultimate goal is sales, a marketing strategy can contain short-term goals such as:
- Establishing authority
- Increasing customer engagement
- Generate leads
These smaller goals provide measurable benchmarks for tracking the progress of your marketing strategy. Think of your strategy as the overarching worldview and planning as the means by which you achieve your objectives.
#2. Create a customer profile
Another crucial step is detecting who you are trying to sell your goods and services to. Every product or service has an ideal consumer, and you should create a profile that describes what you know about yours. It could contain:
- Who are they?
- What are their main interests and problem-solving goals?
- What’s preventing them from tackling those problems?
- What solutions do your rivals provide them?
- What sorts of media are best for reaching them?
If you offer power equipment, for example, you’ll target marketing platforms where general contractors can view your message. This might be TV advertisements or social media pages dedicated to house improvement and DIY.
#3. Develop a message
Now that you’ve determined your goals and who you’re selling to, it’s time to develop your message. Your clients have a problem that needs to be solved, but there is an impediment to that solution. Your marketing message should explain how your product or service will solve their problem and improve their life. If its not catchy and convincing, I assure you, they won’t buy it.
This is also when you differentiate your solution from your competitors’ offerings and demonstrate why it is the best alternative in the industry and for your clients as well.
#4. Define your budget
How you put out your messaging may be determined by your budget. Will you be buying advertising? Working with thought leaders or influencers? Do you want to become viral on social media organically? Sending out press releases to garner media attention? Or make use of fliers and strategic billboards.
Your budget will determine what you can afford to do. In this case, cut your coat according to your size.
#5. Select your channels
Even the best message will be ineffective unless it is delivered through the suitable channel. The optimal channel for your marketing activities will be determined by who your clients are, who they trust, the types of media they consume, and the budget you have available.
Some businesses may find the most benefit in writing blog posts for their website. Others may have success with paid advertisements on social media channels. Find the best venue for your material and your target audience so your efforts will be worth it in the long run.
#6. Track measurable benchmarks
To tailor your marketing, you must first determine whether it is reaching the intended audience. Determine your measurements and how you will assess the performance of your marketing campaigns. Make sure they are clearly defined and measurable. For instance, you may choose to track:
- New leads
- Customer Signups
- Revenue
- Sales of a single product
- Social media followers
- Customer Retention
- New accounts were opened
Which metrics you track will be determined by the objectives of your marketing strategy and the type of business you operate. And practicing all these will help you a great deal when it comes to building a marketing strategy. You can reach out to me for extra help when developing one.
What are the 7 Marketing Strategies with Examples?
When it comes to reaching out to customers, businesses can use a variety of marketing methods. Let’s look at the list of some common marketing strategies with examples:
#1. Search engine optimization (SEO)
Search Engine Optimization (SEO) is a digital marketing approach that aims to increase a website’s visibility in search engine results pages. It’s like climbing the search engine rankings to be the first page visitors view. SEO is ideal for driving traffic to your website, particularly blog visibility.
In this case, after searching for social media ideas in the Google search box, a consumer will view the top pages first (after sponsored pages).
#2. Content marketing
Material marketing is a type of marketing in which you create and distribute online content to direct customers to the product you want to sell. The key to content marketing is to create fascinating, relevant, and consistent information that your target audience can relate to and act on without explicitly promoting your organization.
Consider writing a blog post, recording a podcast, or creating an intriguing video that is directly related to your target audience’s interests. If you’re reading this, you probably landed here while looking for marketing ideas.
You are looking at an example of content marketing. Here’s the secret sauce. CoSchedule uses this to provide information to consumers and market their services without openly stating so (except for now). CoSchedule is an all-in-one marketing calendar that helps organizations organize everything. As a result, they can target entrepreneurs via instructional marketing blog posts.
#3. Pay-per-click (PPC) advertising
Pay-per-click advertising is an excellent example of a marketing approach. This is a type of online marketing in which you pay only if someone clicks on your advertisement. This is a common method on platforms like Facebook and Google. These platforms allow you to target a specific audience based on demographics and provide tools for evaluating your adverts’ impact.
Here’s how Quicken leverages Facebook ads to their benefit. While many people will notice it,
Quicken pays out only when users engage with their advertisement.
#4. Public Relations
Public relations focuses on building personal connections between you and the public. It highlights your brand, fosters trust, and does so without straining your budget. Marketing tactics can encompass press releases, sponsorships, events, and community relations. This is fantastic for both new and established businesses looking to build traction and attract attention.
Each year, Spotify releases “Yearly Wrapped” for all its listeners. This musical yearbook highlights listeners’ favorite artists, songs, total listening time, and other intriguing details. This allows them to build a personal connection with their audience.
#5. Social media marketing
Approximately 70% of Americans engage with social media, and 77% of those users make purchases from the brands they follow. If your company hasn’t ventured into social media yet, now is the perfect moment to dive in! Social media marketing is all about expanding your business through popular networking platforms like Instagram, Facebook, Pinterest, LinkedIn, Twitter, Snapchat, TikTok, and many others.
Just like when you’re putting together your overall marketing plan, understanding your brand, audience, and goals will guide you in crafting a successful strategy. It’s important to understand which social media platforms your audience engages with when selecting the right channels to promote your business. One great example of an innovative and inspiring social media campaign is Dove, a personal care products company.
In 2019, the brand introduced Project #ShowUs, collaborating with women and non-binary individuals to develop a collection of over 10,000 photographs that present a broader and more inclusive perspective on beauty. The photos capture women and non-binary individuals from diverse backgrounds engaging in different activities, breaking stereotypes surrounding beauty.
#6. Event Marketing
Event marketing is all about promoting your business within the context of a larger event. You may not be the center of attention, but you are the one who holds everything together. Your goal is to provide an entertaining experience that leaves lasting memories while emphasizing your company, product, or service. It’s about creating amazing moments that people will remember long after the celebration is over.
Pepsi is quite familiar with this game. Since becoming the official sponsor of the NFL, they have hosted events every year before and during the Superbowl to generate excitement and showcase their products.
#7. Online reputation and review management
Online reputation management is a strategy for engaging with and monitoring reviews, social media posts, and other mentions of your company. To manage your online reputation, you must monitor your social network accounts, review site profiles, and other online profiles. Brand monitoring and social media monitoring tools can help you keep informed about how your company is being mentioned.
When you see your brand being mentioned, it’s usually a good idea to respond. If the comment is positive, just express your gratitude with a thank you. If the comment is negative, respond in a friendly and respectful manner and suggest resolving the issue through a private channel like direct messaging or a phone call.
Taco Bell is famous for its funny posts on social media. Social media is also utilized for customer service and managing reputation. Taco Bell has a customer care Twitter page named Taco Bell Care, where customers are encouraged to send direct messages if they need assistance or have any concerns.
Tips for Writing a Marketing Strategy
Here are some suggestions for creating a marketing strategy for your business:
#1. Showcase your uniqueness
Identify what distinguishes you from your competition and highlight these differences in your marketing plan.
#2. Know your customers
Determine who your ideal consumers are and what they want, need, and anticipate from you so that you may effectively target them.
#3. Be flexible
Formulas, such as the 4Ps mentioned above, may be more effective for products rather than services. Skilled marketing may necessitate adjusting your plan and generating new ideas.
#4. Investigate competitors
Examine your competitors’ advertisements in print, television, online, and social media to identify examples of successful and unsuccessful campaigns.
#5. Stick to your budget
When developing a marketing plan, stick to a specific budget and track how your campaign generates financial progress.
Conclusion
Companies must offer their products and services in order to create income and establish themselves as successful businesses. To market their products or services, they must inform consumers about them. They must also persuade customers to buy them and convert them away from competitors.
Having a marketing strategy that defines this procedure and others is an important step in converting prospects into clients.
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