Marketing is one of the most important success pillars when running a business. Its effectiveness determines how your products or services are perceived and received by your target market, let alone the numbers you record as sales each month. Your marketing plan is instrumental in influencing purchases, referrals, and return orders. It also has an impact on brand popularity and customer service, not forgetting how far it could go in enticing investors or business partners.
At this point, it is safe to agree that your marketing strategy can have a mammoth impact on the growth and profitability of your business. That long-term approach to tactics and methods of promoting your brand, products, and services should be sustainable, flexible, and results-oriented. But it is not uncommon for entrepreneurs to get stuck somewhere at the beginning or middle when creating a marketing plan.
If you ask the seasoned marketers out there, they will urge you to have a deep understanding of your business, its customers, the target market, your competition, and an array of other aspects like technology. Simply put, creating an effective marketing strategy can be a daunting task, especially for startups and green marketers. Thankfully, here are a few helpful pointers you could use to build an effective marketing strategy from scratch.
1. Know Your Business and Products
When getting into any business, you must have developed an idea and projected demand for its products or services. Perhaps it was a unique idea or you decided to improve an already existing product or service. Whichever the case, you need to know the product in and out so you can present it the best way to the market.
Especially in tech-based niches, some products are overly competitive, and so are their markets. If you’re trying to sell B2B software as a service product, you will have to be even more proactive and creative in how you articulate the benefits of your offerings. A recent comprehensive guide noted that when developing a b2b SaaS marketing strategy, there is nothing such as a one-size-fits-all approach. This is all the more reason to invest time and effort in understanding your products and your business as much as you can.
2. Understand Your Target Audience In And Out
Before you advertise your brand, product, or service, one of the most important things is to identify the end-user and understand their needs or wants. This means conducting a bit of research to acquire as much information as possible about your market of interest. While at it, some questions you want to answer include the following:
- What are the common demographics of your target audience?
- What problems does your target audience face?
- How can your business/service/product address the said problems above?
- What aspects are more likely to influence their purchase decisions?
- What are some of the best ways/media platforms to reach them?
With answers to these questions from your research, you have a better understanding of your audience. It is easier to figure out which marketing approaches and tactics will benefit your business by tailoring them to your target market’s needs and preferences. If you know and understand the needs of who you’re speaking to, creating an effective marketing message becomes a breeze.
3. Have Defined Marketing Tactics
Defining your marketing methods is paramount if at all your strategy will be successful or effective. Now that you know your products and understand your customers’ needs, you want to choose the platforms to reach them and the best kinds of content to use in doing so. Some of the most common options may include:
- On Google through SEO and your business GMB profile
- Via social media platforms like Facebook, LinkedIn, IG, and Pinterest
- YouTube Video ads and online podcasts
- Through traditional advertising media like TV commercials, and Newspaper Ads
- Paid online ads like PPC campaigns
- Trade shows, press conferences
Your marketing strategy is more likely to be effective with a mix of several tactics in place.
4. Keep an Eye on the Competition
Finally, it is worth prying on your competitors. Keeping an eye on their marketing strategies can help ensure you’re not overtaken by events. It can also inspire you with ideas to develop a more unique strategy and stay a step ahead. Nothing beats the feeling of having a competitive edge in the market.
To sum it up, you need a great marketing plan in place to sell your business, products, and services. An effective and sustainable marketing strategy can help magnify your brand recognition, increase sales, and elevate the growth of your business. The above tips will hopefully maximize your chances of reaping great rewards from the marketing strategy you create.