How to create a marketing strategy
Before writing your marketing strategy, you need to know how your product or service will benefit others and how unique it is (USP) relative to other companies in the market. Additionally, you need to conduct market research to understand your competitors, target market, and other factors that affect your ability to reach people and attract people to your business.
Once you have completed the research, it is time to write your marketing strategy that includes 5 elements of your marketing mix:
Product: What do you sell? What are the physical characteristics of your product or service? How is your offer different from your competitors and what are the advantages it offers to your customers?
Price: How much does it cost to acquire your product or service? How do you compare to your competitors? What would your profit margin be if you sold at that price?
Location: Where are your products and services available for purchase? This goes beyond just a home office and is a place where consumers can shop. If you are in multiple locations, you should work out the percentage of sales from each site. For example, what is your internet marketing strategy? What is your sales strategy? How will the transaction take place, what is the cost of delivering the product or service to the consumer / customer, and what is your refund / return policy?
Advertising: How will the market inform your product or service? How will you tell them about the features and benefits you offer to attract them to consider your offer? What marketing techniques will you use and what do you expect from the results of each method? Include information about any incentives or coupons you use to attract business.
People: This is the newly added “P” in the marketing mix. This is important when others help you create or introduce your product or service. Who are these people (i.e. sales reps, virtual assistants) and what do they do (i.e. sales presentations, customer service)? What is their education and / or experience providing assistance to your company?
When writing your strategy, be specific and use detailed steps, graphs, and budget projections. Think of your brand (your promise to the customer) so that your marketing strategy fits what you want the customer to experience working with you. Make sure to refer to your marketing strategy as you develop, evaluate, or amend your marketing plan.
What do you do with your marketing strategy
If you are using a business plan to obtain a loan or create angel investors, the marketing strategy and plan are essential elements of your success.
In addition to having a quality product or service, funding sources also want to make sure you understand your market and have a plan to get there.
If you look at “Shark Tank”, you will find that many of your questions are related to the market (who will buy) and the characteristics of the product / service (USP), especially when you compare it to what is already there (why is your product needed?) Product or service?).
As with a business plan, marketing strategies can be flexible and change as needed to improve your results. Once your business starts, you will need to evaluate and adjust your marketing strategy from time to time to reflect changing market conditions, changes in demand, and other factors that, as a result of your market research activities and your performance, affect your sales of your business.