How can marketing strategy help the business

Not all the market segments are fruitful to an organization. There are certain market segments which guarantee quick profits, there are certain segments which may be having great potential but there may be high barriers to entry.

A careful choice has to be made by the organization. An indepth marketing research has to be done of the traits of the buyers and the particular needs of the buyers in the target market. However, you shouldn't go down those paths without a strategy to guide you along the way. Check out this video from our Co-Founder, Laura Laire, about marketing strategies and marketing plans:. A marketing strategy refers to a business's overall game plan for reaching prospects and turning them into customers.

This is the overarching reason for how your marketing efforts will help you achieve your goals. Components of a marketing strategy include:. Answering these questions and writing down a set strategy will help you make the most of your investment, keep your marketing focused, and measure your sales results. Some mix-up marketing strategy with a marketing plan , which is the specific tactics and initiatives you will use to follow your strategy. A marketing strategy informs a marketing plan so it is important to develop your strategy before thinking about marketing initiatives on a tactical level.

The right growth planning approach is where a solid marketing strategy comes in. We help our clients put a plan in place and we call this foundation a "Digital Growth M. A true marketing plan involves comprehensive research of your business's competitive advantage and ideal clients to inform the strategy, from which the individual tactics are ultimately aligned.

Before you make a single creative, code one line on your website, or send one social media post, you need to make sure you understand your market, your clients, and their wants, needs, and challenges they face in your marketplace. We start by asking our clients, "Do you have a marketing plan or strategy?

To develop a customized marketing action plan, you should focus on five foundational areas of your business. When we ask businesses what their goals are, they are normally tied to top-line revenue. Goals might also be tied to the addition of new team members, growing into a new market, or launching a new product or service, but mostly their growth is tied to revenue. You should clearly define your goals to ensure everything your marketing team does aligns with the business's goals.

This is how we gauge our success as growth marketers and set our strategy to help businesses reach their fullest potential through digital marketing. To reach your goal of top-line revenue dollars, how many sales need to happen? How many leads do you need to close in order to produce that revenue? Click on one of the two buttons to access the content you wish to view.

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Guide Create your marketing strategy Share on:. Key elements of a successful marketing strategy Understanding your strengths and weaknesses Developing your marketing strategy Tips and pitfalls.

What changes are taking place in our business environment? Are these opportunities or threats? What are our strengths and weaknesses? What do I want to achieve? Set clear, realistic objectives. What are customers looking for? What are their needs? Which customers are the most profitable? How will I target the right potential customers? Are there groups that I can target effectively?

What's the best way of communicating with them? Could I improve my customer service? This can be a low-cost way of gaining a competitive advantage over rivals, keeping customers, boosting sales and building a good reputation. Could changing my products or services increase sales and profitability? Most products need to be continuously updated to maintain competitiveness. Could extending my product list or service provision meet existing customers' needs more effectively?

Remember that selling to existing customers is generally more cost effective than continually trying to find new ones. How will I price my product or service? Although prices need to be competitive, most businesses find that trying to compete on price alone is a poor strategy. Make sure your overall strategies are also practical and measurable. A good marketing strategy will not be changed every year, but revised when your strategies have been achieved or your marketing goals have been met.

You may need to amend your strategy if your external market changes due to a new competitor or new technology, or if your products substantially change. Research is an essential part of your marketing strategy. You need to gather information about your market , such as its size, growth, social trends and demographics population statistics such as age, gender and family type.

It is important to keep an eye on your market so you are aware of any changes over time, so your strategy remains relevant and targeted. Use your market research to develop a profile of the customers you are targeting and identify their needs.

The profile will reveal their buying patterns, including how they buy, where they buy and what they buy. Again, regularly review trends so you don't miss out on new opportunities or become irrelevant with your marketing message. While you try to find new customers , make sure your marketing strategy also allows you to maintain relationships with your existing customers. Similarly, as part of your marketing strategy you should develop a profile of your competitors by identifying their products, supply chains, pricing and marketing tactics.

Use this to identify your competitive advantage — what sets your business apart from your competitors. You may also want to identify the strengths and weaknesses of your own internal processes to help improve your performance compared with your competition.

List your target markets and devise a set of strategies to attract and retain them. An example goal could be to increase young people's awareness of your products.

Your corresponding strategies could be to increase your online social media presence by posting regular updates about your product on Instagram or Facebook; advertising in local magazines targeted to young people; or offering discounts for students.

Reach your selected market by utilising the 7 Ps of marketing mix.