Starting a business is all about making money, and sound marketing strategies are at the centre of making this a reality. In other words, a poor marketing drive would hurt your business’ revenue and scalability.
A great marketing plan will enable you to concentrate on the most critical aspects of your business and execute them effectively.
Here are top-notch winning marketing strategies and how to deploy them to market your brand properly.
1. Conduct a market research
Before launching a product to the market, it is essential to have marketing strategies based on facts rather than speculations.
To develop a great marketing plan, first, you must have qualitative and quantitative market data, market segmentation, and competition analysis. This data would form the foundation for a solid marketing drive.
Qualitative market data
This explains ‘why’ your market research numbers are what they are. It will help you know your customers better. It reveals their perspectives, experiences, motivations, and sentiments.
If you generate your data by either interviewing people or using a focus group. You can also check out people’s opinions about your competitors’ products on social media and some online groups.
Quantitative market data
This gives you measurable facts about the market. It also offers answers to the questions of ‘what, who, how much, and how many that qualitative data raises.
The survey method is the best way of gathering the data. When constructing a survey, take note of these three things:
- Distribute it to those who qualify as potential consumers or include survey questions to help you qualify them.
- Have a representative sample.
- Make sure you ask the important questions.
Here, the aim is to construct a grid that divides the market into customer categories based on behavioural characteristics such as product preference. You can do this using the data from your quantitative research.
This is important at every stage of building your marketing strategy. Apart from learning about your competitors, it will help you have a picture of the competitive environment. This has eight phases:
- Identify your competitors
- Obtain background information
- Examine the products and services of your competitors
- Learn about their positioning and targets
- Find their distribution channels
- Check communication strategies
- Go on a ghost hunt
- Conduct a SWOT analysis
2. Choose the market segments you want to target
Deciding your market segmentation is the next stage for a good marketing strategy. This includes the target category, target market, and target audience. Use the market segmentation data to make your decision.
This is important since you cannot tailor your product to all the customers, and it is where you can make the most money. When deciding on your target segments, answer the following:
- Is the product in line with what the target segment wants?
- Does increasing the market share bring the most value?
- Do I have the necessary sales and marketing tools to expand the market share?
- How tough will it be to expand my market share in the area?
- Does this segment have any bearing on other segments? If so, how?
- What are the consequences of shifting your emphasis to new markets?
- What are the trade-offs if you shift your focus to new segments?
3. Have a good positioning that appeals to your target market
This has to do with how your target audience views the brand. It is how people see your brand and associate with it.
Positioning helps you set yourself apart from your competition. It is, therefore, vital that you consider these three C’s when positioning: company, customers, and competitors.
4. Have unique brand codes
Anything you regularly utilise in your communications is your brand code or distinguishing asset. It is a positioning tool. Your logo and visual style are the most typical brand codes.
The aim here is for the target audience to recognise your brand even if no logos are displayed. To achieve this effect, make your brand different, stand out, and be connectible for your customers to draw the links readily.
There is no boundary to creativity, so be creative. You can have brand codes such as emojis, gifs, unique words, and taglines.
5. Have futuristic strategic goals
The SMART criterion should be utilised to match your marketing objectives. That is, specific, quantifiable, feasible, timely, and relevant.
Each of your target categories should have one or two marketing objectives. That would fall under your marketing strategy.
Try to have a balance of short- and long-term goals. Set targets that directly lead to increased profit and aid brand development.