A marketing strategy is basically needed by all businesses to guide them about the process of introducing a product and service in the market. A marketing strategy can be both long and short-term. It depends on what the strategy is focused on. It could be a vision of the long-term marketing plans for a new product or it could address the upcoming launch of a new service offering.
Marketing strategies serve as a guide for other departments to follow and for the management to see the direction that the company will be taking. Like all strategies, a marketing strategy also needs to be approved by the upper management, which is why there are certain parameters that it must adhere to like incorporating the company objectives.
Here are some tips on developing a marketing strategy:
- Identifying the target market
Every marketing strategy starts off with the basic exercise of defining your target market. Target market is identified on the basis of certain demographic and psychographic characteristics. Here are a few examples:
- What is your Unique Selling Proposition?
A USP is something that will set your product or service apart from all those in the market. There can be no marketing strategy without a USP because you need a competitive edge for a successful marketing plan. To define your USP think of the benefits that your product or service will offer the target market and list them down. Then see which ones have already been offered by competitors to arrive at what makes your product unique.
- SWOT analysis of your product or service
You need to know the good and the bad about your product. SWOT simply stands for Strengths-Weaknesses-Opportunities-Threats. This analysis is essentially done because it is important to know the:
- Strengths of your product to be able to highlight them.
- The weaknesses so they can be counteracted.
- The opportunities present in the market so that they can be availed.
- The threats from competitors so that they can be avoided.
- Positioning strategy for your product or service
Decide how you want to position your product to compete in the marketplace. It is the position that you want your product or service to achieve in the mind of the customer. There are a number of different position strategies that are used, depending on the type of product or service. Here is an example:
It also involves creating a perceptual map. It involves selecting two key variables of the positioning strategy. Then a diagram is constructed on the basis of these variables. Here is what a perceptual map looks like:
- Which mediums of promotion will be used to get in touch with the target market?
Finally, the medium of promoting the product or service needs to be decided. The choice of medium depends on the target market and what are their touchpoints. This can only be discovered through market research. You need to identify the places and mediums that receive maximum exposure from your target market. Then you need to use those mediums effectively to promote your product.
A marketing strategy is a sort of investment. With the correct strategy, the product or service will be accurately positioned in the target market and you will continue to reap benefits from profits that will follow.