If you’re a business owner and you want your business model to succeed, then you’ll need a strong marketing strategy.
What exactly is a Marketing Strategy?
Just in case you were wondering, a marketing strategy focuses on what you want to achieve for your business. It shows your overall plan for finding clients and customers for your business.
It also shows you how your business fits into the market and how to develop tactics that will help you achieve your marketing goal.
The tactics you employ can include any of the following:
- Website Content
- Radio Advertising
- Social Media Content.
The success of your business depends mainly on you having a strong Marketing Strategy.
Here’s why you need a Strong Marketing Strategy:
- To promote your business to a target audience
- To create a unique and long-lasting brand
- To make one hell of a profit.
A Strong Marketing Strategy makes your business easier to run, you don’t believe me?
Let’s take a look at some of the biggest businesses in the game.
What’s the first thing you think of when you pick up a bottle of Coca-Cola? It’s probably something along the line of refreshing and feeling good.
The only reason why you feel that way is because of the strong marketing strategy that Coca-Cola has in place.
They spend an annual sum of $4.3billion on advertising alone and every single one of them gives a sense of feeling refreshed and good. \
If you’re still in doubt as to how important a strong marketing strategy let’s take a look at another power player.
For every new pair of runners, and for every new invention, Nike offers a story and not just the product specs.
Nike is more than a footwear manufacturing company. Nike sells stories which in turn sells their product.
If you want to Build a Strong Marketing Strategy, there are important questions that you must ask yourself. This questions will help you to discover the core foundations on which your business will be built on.
The 5 Core Questions That You Must Ask Yourself:
Who is your target audience:
To build a strong marketing strategy, you need to determine who your customers or clients will be. Without this knowledge, your business has already failed. Sounds brutal, yeah, but it’s a simple truth.
Knowing who your audience is, gives you an insight into their habits, their spending patterns, their likes and dislikes. With this information at your fingertips, you can launch specific ads with the sole purpose of soliciting a response from them.
And you know what? The ad will work like magic because you understand what your audience wants.
Imagine trying to sell a ploughing machine (which is state of the art and can improve productivity by tenfold) to a doctor. I can picture the look of amusement and confusion on the doctor’s face.
But if you try selling that same product to a farmer, I can see his eyes gleaming with utter joy.
Knowing your target audience is a core aspect of your Marketing Strategy.
What makes my product unique:
What makes my product special?
What differentiates my products from those of my competitors?
What special benefits will my customers or clients enjoy from using this product?
These are questions that you need to ask. Knowing what makes your product unique gives you an edge over all other products. By figuring out what makes your product unique, you can use that uniqueness to sell your product.
Your product might be unique because of how cheap it is, it might be unique for its aesthetics, it might be unique for its functionality and flexibility. It might even be unique because of how expensive it is.
Once you figure out what makes your product unique, you’re one step above your competitors.
There are thousands of car companies all over the world, but only a few manage to stand out.
Because they’re unique.
How does your product benefit your customers or client:
How will your client or customer feel after purchasing and using your product?
Will your product fulfill the need(s) it was purchased for or will it be so unsatisfactory that the client will never show up again?
These are questions that need to be asked. Knowing how your product will be useful to your client or customer gives you an added advantage over a lot of your competitors. Once you figure out the benefits of your product, marketing and running your business becomes genuinely easy.
Having a product that is genuinely useful to your target audience will always be a bang,
Because a satisfied customer will always come back. That’s just the way it is.
How much will your product cost:
The world’s most expensive perfume was recently unveiled in Dubai. The perfume “shumukh” costs about $1.3 million. Shumukh is a luxury product and it’s meant only for the top 1% of the world’s population.
The creators of this luxury product have figured out their target audience and the price of their product which has provided them with a strong marketing strategy.
Understanding how much your product will cost and how much your target audience will be willing to pay is quite important. It doesn’t matter how good your product is, if it is above the means of your target audience, then I doubt anyone would buy your product.
Once you provide a clear answer to this question, you’ll be able to build a Strong Marketing Strategy.
- How much profit do I plan to make:
In the end, making a profit is all that really matters. You wouldn’t be running a business if you weren’t in it for the profit. So, ask yourself.
How much do I really plan to make?
Having an understanding of the profit margin that you’re trying to attain will help you create a Strong Marketing Strategy.