A marketing strategy is a bit like a skeleton. It is the bones which hold the operation together and give it life. A well-built marketing strategy allows you to make business decisions which will produce desired results. Intuition is a fabulous characteristic to have, but it should not be the basis for all business decisions. Sadly, many business owners start out with fire under their feet and no plan. These are the ones that cloud the market and slowly fizzle out. You want to build a dynamic marketing plan that will get your company in front of the right audience and help you make future decisions that have a positive impact on your bottom line. Below are some of the qualities necessary for a powerhouse marketing strategy.
Define Your Market
You must define your target audience down to specific demographics. “Everybody” can’t be your target market. It will not work. You have a specific product or service that will benefit certain people and you need to know exactly who those people are.
Know Product/Service Qualities
You need to know all the qualities of the product or service you are offering. You need to know what benefit you are offering specific people and why. This will also help you narrowly define your target market. If you are selling handbags you should know who would like them, what they are made of, how many pockets they have and how those pockets close. You should know how much it weighs, what color it is and how to care for it. You need to know everything about your product or service and why it is better than the competition.
In essence, you need to define your service or product’s unique selling points. Write a compelling sentence about it and determine what distinctive features will enhance the lives of those in your target market.
Formulate A Timeline With Metrics
You must organize your short and long-term goals into a visible timeline. Every step you take should have measurable specifics behind it. Your short-term goals should help you reach your long-term goals and you should get a measurable ROI from every move you make. This is how you find out what works and what doesn’t.
Determine how you will position your product or service in the marketplace. Decide if you will build a website, use social media or both. Which platforms will be most beneficial to you? You must think of the brand that you are building and keep it in mind as you make decisions. Many of your marketing methods will depend on your target audience. If you are working with a team, you must think of delegating measurable tasks.
Review And Revise
An effective marketing strategy will need to be reviewed and revised regularly. The marketing environment changes constantly and your plan will need to adapt to keep up. Set goals and track performance. Set aside time to review metrics so you can see what needs to be tweaked. If you have delegated tasks, make sure that they are done. Don’t assume anything, track it.
If you want to build a dynamic marketing strategy that works, you must set aside time to nurture it. Define your market and your product or service. Then, formulate a visible timeline with measurable goals. Track your progress and make changes where necessary according to your market. Set aside time to look at the metrics behind everything. If you are serious about your marketing strategy, then business analytics are a great place to make an investment. They will help you track your progress and reach your business goals. A great marketing strategy doesn’t have to be complicated, it just needs to be defined and executed.