Creating a successful marketing strategy

A marketing strategy determines how to reach prospective consumers and turn them into customers.

A thorough marketing strategy covers the four Ps of marketing: product, price, place, and promotion, as well as target customer data, brand messaging and marketing channels.

The ultimate goal of a marketing strategy is for Companies to sell more of their products and services to generate revenue and put them on the path of being a successful business. To sell their products or services, they have to let consumers know about them. They must also convince consumers to buy them as well as convert them away from competitors. Having a marketing strategy that outlines this process and more is a crucial step in achieving this.

How to Create a Marketing Strategy

Creating an effective marketing strategy requires several steps.

Market Research

The first step. Many Companies use market research to identify what is most important to potential customers and how to differentiate their products or services from those of competitors. This information can be used to identify untapped audiences and develop a plan for reaching them, which will increase sales.

Identify Goals

While sales are the ultimate goal for every company, a marketing strategy can also include short-term goals such as increasing customer engagement, brand awareness and generating leads.

Target Customer

Every product or service has an ideal customer (target market), and you should have a profile outlining what you know about yours. It can include:

• Who they are

• Where they are based

• What they are most interested in

• What solutions your competitors offer them

• What types of media are ideal for reaching them

Develop a Message

Now that you know your goals and who you’re pitching to, it’s time to create your message. Your marketing message needs to communicate the clear benefits of your product or service and how it will help your customers.

Define your Budget

How you share your messaging may depend on how much budget you have available. Will you be purchasing advertising? Working with thought leaders or influencers? Hoping for a viral moment on social media organically? Sending out press releases to the media to try to gain coverage? Your budget will dictate what you can afford to do.

Select Marketing Channels

Even the best message won't work unless it is communicated through the appropriate medium. Selecting the best channel for your marketing efforts will depend on who your customers are, who they trust, what types of media they consume, and what budget you have to work with.

Track Measurable Benchmarks

To target your marketing, you need to know whether it is reaching its audience. Determine your metrics and how you’ll judge the success of your marketing efforts. Make sure these are clearly defined and measurable. For example, you may decide to track:

• New leads

• Customer signups

• Revenue

• Sales of an individual product

• Social media followers

• Customer retention

• New accounts opened

Which metrics you track will depend on the goals of your marketing campaign and the type of business you are running.

At Amplified we can help you develop a marketing strategy that helps elevate your business to the next level. Contact us today to find out more.