Marketing strategies vary greatly depending on the type of campaign, company, audience and products involved. However, all successful marketing campaigns are built on three underlying principles that govern how each strategy operates and how it will appeal to the target audience. Here are the three underlying principles of all successful marketing strategies.
Market segmentation is used by businesses and marketers to separate consumers into groups. Simple demographics that use age range, income bracket, marital status, geographical location and other data to categorise consumers can be useful when planning a marketing campaign, but some marketers use more complex segmentation methods in an attempt to understand their intended audience.
One popular segmentation strategy is to use a cohort analysis, which involves separating consumers into groups based on when they were born. This strategy enables marketers to classify consumers into a generational cohort, such as baby boomers, Generation X and Generation Y (also known as millennials). Each of these generational cohorts is considered to share certain characteristics that marketers can use to help target their campaigns.
While there are many different ways to segment consumers, the key for most businesses is to narrow their target audience down to a specific group, while also using research and observation to learn as much as possible about their customers.
Providing value to the customer should form the basis of all areas of business, as happy customers are more likely to make further purchases and recommend your products to other people. Understanding what your customers value the most when buying your products is essential, as you need to focus on what matters to your target audience.
People looking for the cheapest deals are usually happy to accept products with fewer features and less customization options than high-end products, as long as the price is right. Meanwhile, people looking for the newest or top-of-the-range products are less concerned with price and are often willing to pay a premium for unique customisation options.
Getting to know your customers is the key to understanding what matters to your audience and identifying ways to add extra value to the customer’s whole buying experience.
The third underlying principle of successful marketing campaigns is separation. Separation involves finding at least one main thing that separates your company or product from the competition and using it to your advantage. All businesses need a way to stand out from the crowd, particularly when operating online or using social media as a marketing platform.
Separation can be achieved by providing a superior service to your competitors, such as selling the cheapest products, using the quickest delivery service or providing excellent customer service. Extra services, free gifts and optional extras, such as customisation options, can also be extremely useful for gaining an advantage over your competitors. Another way to separate your company from the crowd is by using ethically-sourced products or supporting charities and social schemes that will appeal to your audience.
There are many different marketing strategies to choose from, but all successful strategies work on the foundation of three underlying principles: segmentation, value and separation. Using these three principles to form the building blocks of your marketing campaign provides a strong foundation for success.