When Is Marketing Strategy Developed?
The marketing strategy is created before you start your business. You cannot market effectively without understanding how your business enters the market, how you compete, how you compete, and what you need to achieve to achieve your financial goals (e.g. sales figures). Then use what you learned to create your marketing plan and start your business marketing strategy.
Like a business plan, marketing strategies can change as needed to improve your results. Once your business is operational, you must periodically evaluate and adjust your marketing strategy to take into account the changing market conditions, changes in demand, and other factors that affect your sales as a result of your market research and performance.
How To Create A Marketing Strategy?
Before you can write your marketing strategy, you need to know how your product or service works with others and how it is unique to other businesses on the market. What’s more, you need to do market research to understand your competition, target market, and other factors that will affect your ability to get people to work and get them into your business.
Once you’ve done your research, you can combine your marketing strategy with your marketing mix’s 5 rules:
Product: what are you selling? What is the physical properties of your product or the uniqueness of your service? What advantages do you offer from your competitors and what does it offer to your customers?
Price: what is the cost of getting your product or service? How is it compared to your competitors? What about your profit margin by selling at this price?
Location: can your products and services be purchased? This is not only a home office, but it’s also a place where consumers can buy it. If you are located in multiple locations, you should try to calculate the percentage of sales from each location. For example, what about your internet marketing strategy? What is your sales strategy? How will the transaction take place, what is the cost of receiving the product/service to the consumer/customer, and what will you pay back? Your return policy?
Promotion: How do you think the market will be informed about your products or services? How will you tell them about the features and benefits you offer them to control what you offer them? Which marketing tactics will you use and what will the results of each method you expect? Add information about any incentive or discount coupon you will use to attract the business.
People: this is important to help you create or deliver a new “p” and other people’s product or service that is newly added to the marketing mix. Who are these people (e.g. sales people, virtual assistants) and what do they do (e.g. sales interviews, customer service)? What is the level of training and/or experience in helping your business?
Be specific when writing your plan using detailed steps, visuals, and budget projections. Keep your brand (promise to the customer) in mind so that your marketing strategy matches what you want the customer to experience while doing business with you. Make sure you apply to your marketing strategy when developing, evaluating, or changing your marketing plan.
If you are using a business plan to get a loan or create investors, the marketing strategy and marketing plan will be the key elements to your success. With a quality product or service, financial resources want to see that you have a plan to reach your market and that you understand it.