In the past, marketing was more focused on making money. It was a simple matter of sending promotional flyers or direct mail to current customers and hoping they read and respond to them on their own initiative. The Internet changed this model suddenly, marketers were expected to be out there in the business world.
Marketing now has so much more to do than just make money. The days of selling your product on a silver platter are long gone you need to be an expert in your field, and you need to know how to sell it to potential customers.
The marketing mix has become more sophisticated, and the role of the marketer has changed from someone who makes a sale to someone who makes a company’s growth.
There are four main components of a marketing mix:
The product is the heart of the marketing mix. There’s no point in marketing a product if the marketer doesn’t know what it does it’s the product that makes the company successful.
The price can be important, but it’s not nearly as important as the product. In fact, it’s often a waste of money to spend marketing dollars on a price that doesn’t convert.
The promotion can be anything from advertising to word of mouth. It’s the ultimate goal of a marketing campaign.
The distribution can be anything from direct mail flyers to the distribution of sales brochures, or it can be anything else that helps with your marketing.
The key to a successful marketing strategy is to know where each component fits in your marketing mix, and then to put it into practice.
Every business has a marketing strategy, but in order to succeed, it must be executed well. The marketing strategy is the blueprint for how your company will promote itself.
A typical marketing strategy consists of four main steps:
- Business goal.
- Target market.
- Main marketing strategy.
- Product or service.
Each of these steps can be broken down into smaller sub-steps to make it easier to follow.
There are a couple of things you need to know in order to make your marketing strategy work. Your marketing strategy needs to be clearly defined if you expect to see success with it.
What is a marketing strategy?
Your marketing strategy is your business plan for marketing your product or service. It shows how you plan to get the most return from your marketing campaign.
When you create a marketing strategy, you need to decide what the goal of your campaign is.
Your marketing strategy should outline what you expect to achieve with your current marketing efforts. If you don’t know what you expect to achieve with your campaign, make sure you have a good idea of the goal before you begin your strategy.
Your marketing strategy should always include four main components:
- Business goal
- Target market
- Main marketing strategy
- Product or service
- Promotional materials
The product should be obvious, but other marketing elements will be less clear until you know more about the company and the target customers.
Your business goal is what you’re aiming to achieve with your marketing strategy. It should be something that you can easily communicate to your team.
A business goal is what you want your company to achieve it’s a way of measuring your company’s success.
For example, if your marketing strategy aims to increase sales, then your business goal should be to increase sales by a certain amount.
A target market is a group of people that you know your product or service is ideal for. These are the people you want to target with your marketing campaign.
The marketing strategy should outline your target market and how you will reach them.
A good marketing strategy will be clear and easy to understand. It will show how you plan to reach your target market and how you will achieve your business goals.
Your main marketing strategy will outline how you plan to reach your target market. It will set out how you plan to communicate with your target audience.
The product details your customers’ desires, or the way that you sell your product or service. This should be obvious to anyone who interacts with your brand.
Your product should be clear and easy to understand. If you’re unsure of how your product works, find someone from the company who can explain to you or help you to understand your product better.
Your product or service should be simple to explain too. If you don’t have a clear understanding of what your product is, you might struggle to explain it to customers.
Your product or service should be obvious to customers too, so that they understand how your product or service works.
A product or service that isn’t obvious to customers might cost more to produce, or requires a larger team to produce.
If you’re selling a simple product or service, you don’t need a marketing strategy.
However, if your product is complex or you’re selling a product that requires a lot of research and development before it can be produced, you need a marketing strategy to help you to promote your product or service to potential customers.
Your marketing campaign is your company’s way of communicating with your target market and explaining how your product or service will solve their problems.
A marketing campaign is a series of activities you plan to use to interact with your target market.
A marketing strategy should outline how you plan to reach your target market and how you plan to explain your product or service to your target market.
It’s also worth noting that you don’t need to implement every aspect of your marketing campaign. Your marketing campaign should be flexible and you can adjust it to suit your target market.
Your target market is the people you intend to target with your marketing campaign.
The four main components of a marketing strategy are:
Images by Freepik
Generated by AI