Businesses need marketing to maintain a long-lasting customer relationship and build a solid customer base. A marketing strategy that is workable and results-oriented is likely to result in business success.
However, marketing shouldn’t be your only goal. These are the other reasons why a marketing strategy is important in business:
- To build and sustain an identity in the industry.
- To grow and diversify the business.
- To engage with customers and create customer experiences.
- To inform and educate the customers.
While selling your business may seem simple and straightforward, it takes time and effort to get everything right. Below is an explanation of how important marketing strategy processes can be implemented.
Understand Your Niche
To promote your business, you need to collect relevant information about your customers and your niche. Here, you should focus on your competitors, your audience’s pain points, and what your prospects think about the available products/services.
Market research is vital to unfolding all these insights since the data you’ll get will guide your decision-making.
Segment Your Market
A marketing strategy that promotes products and services to everyone is not only costly but also ineffective. A rule of thumb is to profile your target audience and map them based on specific characteristics dictated by the product or service you offer.
As far as market segmentation is concerned, below are some marketing strategy questions that will guide your marketing efforts:
- Which location are you targeting? Where is your audience based?
- What is your target demographics? – Occupation, age, income, gender, education level, etc.
- What is the target’s lifestyle? What are their personality, social class, and personal values?
- What is that target’s behavior? What are their spending habits, attitude, and beliefs?
Before you can profile your target audience, you need access to a wide range of personal data. You can approach your target audience and conduct a questionnaire or use a social media strategy to gain valuable information. Develop a niche marketing strategy using social media by leveraging all the social media insights you’ve got about your target audience.
Define Your Unique Value Proposition
The reason why customers do business with certain companies and not their competitors lies deep within their value proposition. Your business value proposition differentiates you from the other industry players and sets you ahead of the competition. It’s a charm that must be incorporated into the marketing strategy.
For example, a company looking to enter into any business during the COVID-19 pandemic will have its marketing strategy secure. This means the business will be focused on convenience and customers’ health concerns. Here, the value proposition should be unique, relatable, and strong enough to attract the prospects’ attention.
Build Your Brand
Every business needs to identify its brand voice within its specific niche. A brand is more than a tagline, logo, or color. It’s a strategy that allows the business to connect emotionally with the audience and speak out about what the company stands for.
But branding isn’t only limited to large businesses, rather a crucial marketing strategy for small businesses. The big lie of small companies is that they have to be “cheap and accessible,” so it can serve customers only within their locality.
A marketing strategy that focuses only on local customers is self-limiting and will not sell the business to the world. If you don’t brand your business, you will lose the popularity battle, and your competitors will have a competitive edge.
Choose an Avenue for Your Marketing Strategy
When it comes to selling your business, you need to choose the right avenue to run your marketing strategy. There are several options available, from your business website, social media channels, brochures and flyers, blogging, cold calling, networking events, print advertising, and even word of mouth.
The success of your marketing strategy depends on who you target and how you target. Instead of experimenting with every channel right off the bat, you want to survey what your competitors are doing. This strategy will give you an idea of what works and what doesn’t work for the specific marketing strategy you are using.
Define Your Marketing Goals
Your marketing goals define your marketing strategy, and this is the case for every business. The goals should be attainable, measurable, specific, and relevant. The business goals and objectives should also align with the marketing strategy plan.
If you want to attract customers across the globe, your efforts should go international. Your budget should reflect your commitment to stick with the marketing strategy. For example, partner with social media influencers or run social media campaigns instead of printing flyers and roadside posters. But regardless of your goals, the marketing strategy business plan should reflect what you want to achieve now and in the future.
Grow Your Customer Base
Every marketing strategy should have a plan to nurture customers, build, and reward loyalty. In the fast-paced and highly competitive business environment, customer satisfaction is key to success. A marketing strategy that builds a solid customer base has the following qualities:
- Engages customers through the buyer journey
- Provides after-sale follow up
- Pays attention to customer feedback
- Delivers on the promises
Monitor Your Marketing Strategy
To gauge the success and importance of your marketing strategy, you need to monitor the key performance indicators (KPIs). Tracking the KPIs will tell you whether your marketing strategy is effective in meeting your business goals.
Your business’s success will depend on a couple of factors, such as the industry you are in and the specific business goals you have set. That said, below are some key KPIs you should incorporate into your strategy:
- Your website traffic – number of visitors, pages visited per session, bounce rate, etc.
- Social media engagement – comments, likes, shares, etc.
- Email open rates, click-through rate, and conversation rates
- Leads generation
- Sales performance
Healthcare, Agencies, Travel & Hospitality, and Software as a Service (SaaS) are some of the industries that cannot survive without a solid marketing strategy. The competition level and the dynamic business environment require these industries to monitor their marketing strategy to stay relevant and competitive.
The gaming industry, for example, is one of the SaaS where constant monitoring of the marketing strategies is critical for success. Household names such as Candy Crush and League of Legends invest a lot of effort, time, and money to monitor and improve their marketing strategy.
Every aspect of your company requires marketing, but not all the marketing strategy ideas will work for your business. You need to take a holistic approach and be patient enough to see what works and what doesn’t.
If you are to succeed in marketing, your strategy needs a creative approach to all the factors discussed. Whether it’s a marketing strategy for a service business, a retail shop, or a video game, always take the long-term approach and focus on the 8 factors we’ve identified above.
A question for you, which of the steps above would you prioritize in your marketing strategy, and why? Let us know in the comments.
Ellen Royce is an experienced marketer, copywriter, and entrepreneur. Having started several small businesses online, she knows the importance of effective content marketing in building companies. Ellen also shares her magic stone that will make the life of every freelancer easier.