Marketing is the act of choosing one product or service over another one to purchase. Every person and organization deserve quality services in addition to products. A marketing strategy is an important factor in everything you do. It can help you get a job, start a business, or even make a change at your job. Marketing strategy plays an important role in your life because it’s used to define the growth of a company or marketing plan. Let’s know why a marketing strategy is important to your life.
What role does Marketing Strategy play in your life? You might be saying, “Marketing Strategy? In my life?” But the fact is, your marketing strategy does play a very important part in your life and should not be neglected. In this article, you will learn about the importance of marketing strategy and also about how you can use marketing strategy to improve your personal and professional life. I hope that after reading, you have a clear idea about the importance of marketing strategy.
Five essential things you need to consider in order to create a marketing plan that actually works.
The first thing to do is, to begin with, a snapshot of your brand’s current situation. It is the most important step in creating a marketing plan, as it would influence every other step therein. When doing your situation analysis, you’d need to define what your brand is about, your product/services, your unique selling point (is it Convenience, Quality, Pricing or something else?) You’d also need to do an audit of your industry to determine your market share and to check out your competitors. Understanding your competitors is very important, so you find out what they are doing wrong and stay away from those things, as well as find out what they are doing right, and make notes to creatively do those things in a better way. Your situation analysis should be an overview of your brand’s Strengths, Weaknesses, Opportunities, and Threats.
After doing a detailed overview of where you are now, the next step is to define your target audience — their demographics, needs, preferences, etc. The target audience is perhaps the most factor in marketing as they determine the strategies and channels you employ, your tone of voice, your content direction, etc. Thus, in creating your marketing plan, it is expedient you clearly define the people you want to reach and convert to paying customers.
Define your customer journey and touchpoints, i.e the process your customers go through before making a purchase (typically the customer journey is divided into Awareness, Consideration, Intent, and Decision) and the different ways and places you can come in contact with with/interact with your target audience. You can so go a step further and create a buyer persona. Buyer personas help you bring your target audience to life.
Now that you have successfully defined your target audience, the next step — which is a very crucial one — is to define your marketing goals. Your marketing goals and objectives should be an offshoot of your business goals. Marketing should be able to affect your brand’s bottom line. Define if your Marketing Goal is Brand Awareness, To drive Traffic to your Website, Social Engagement, Lead Generation or Conversion. Ensure that you set goals that are SMART — Specific, Measurable, Attainable, Realistic and Time-bound. For example, ‘increase website traffic by 30% by end of Q3’ is a much smarter goal than just writing down ‘Increase website traffic’
Strategies and Measurement
Now it is time to determine your marketing strategies and tactics. This is the heart and soul of your marketing plan, as it determines how you reach your prospects and accomplish your goals.
Based on your already defined your target audience, you’d have to identify the places and the ways to best reach them at the different stages of their buying journey. What strategies — content and channels would you use to reach out to those in the awareness stage? How would you tweak it to fit those already considering buying, and what strategies would you use to ensure you close every prospect that has an intent? Identify the various touchpoint you can harness — Email Marketing, Social Media, SEM, investing on SEO, Display Advertising etc.
It is not enough to identify their touch points, you’d also need to determine how you’d mix and match all of them for the best results. At this stage, you’d also need to identify your measurement tools and or processes for each strategy you use. You’d need to constantly know if your strategies are helping you meet your goals, right?
I don’t have to remind you that you need to invest money as well as time in order for your business to grow right? Marketing is not left out. So yes, to get better results faster, you’d need to invest money in marketing. Determine the strategies that would pay off more both in the short run and in the long run and allocate accurate budget to them.
It’s time to go ye therefore and implement. You probably want to call someone to help you here, but nonetheless, the above insights would go a long way. Wishing you the best of luck.
Profits are low in this stage because things such as research and development, production, and marketing costs are high. Prices are set high on the product or service to recoup some of the development and introduction costs (but may also below as a way to more quickly build market share).
For example, microwave ovens that can now be purchased for $50 were priced between $2,000 and $3,000 when they were first introduced. In this stage, you’ll want to keep a close watch on the market’s reaction to your products and services and be ready to make changes. It sometimes helps to experiment with several different product and service configurations to see what resonates most strongly with customers, especially in the early stage.
Sales generally increase with the demand for the product. Cash flow improves and profits are at their peak.
Although competition may be minimal in this stage, it’s important to continually make refinements and stay ahead of the competitive curve. Build product and service development capabilities with the cash you get from increasing sales.
Sales may continue to increase or level off. Profits decrease since prices are continually lowered to compete. Still, a great amount of cash flow is generated through sales.
Conduct market research to determine trends. Adapt your product or service to meet the coming trends — this is the stage in which differentiation is more important than ever.
If you don’t look for new opportunities in new markets and new products, the coming decline stage will leave you with products and services that no longer sell.
Sales drop even though prices continue to fall. Profits are extremely low at this stage, but the product or service has generated sufficient cash flow during its life.
When a product or service hits this stage, many entrepreneurs reintroduce it with a new feature or create a new benefit. Simply increasing the size of a candy bar by 33 percent can re-start its life cycle.
Consider making changes to your product or service and/or the way you market it. You may decide to discontinue your product or service before losses eat into the cash flow generated by sales.
HOW YOUR PRODUCT’S LIFECYCLE AFFECTS YOUR MARKETING STRATEGY
Just as each stage of the product life cycle demands a different approach to the product itself, the stages also have specific effects on your overall marketing strategy.
In the introduction stage, for example, your marketing efforts will likely be focused on building brand and product awareness, as well as establishing and connecting with a target market.
Yet in the maturity stage, you’ll be fighting to maintain market share. Here, your marketing strategy could include incentives or promotions to further encourage the adoption of your product or service over that of your competition.
In the decline phase, your marketing will depend on what’s happening with your product or service. If you opt to reintroduce it with a new feature or benefit, you’ll want to refresh your marketing strategy accordingly to share that information with current and prospective customers.
Opting to discontinue or liquidate the product, on the other hand, requires a different marketing message than a re-introduction, so you’ll want to plan and refine that message accordingly.
FLUID LIFE CYCLE, FLUID MARKETING STRATEGY
The product life cycle is fluid, and your marketing strategy should be, too. Knowing where your products or services are in their life cycle will help you determine refinements or adjustments you may need to make to align those products and services with the vision and strategy you’ve already developed.
This is where flexibility and agility are key attributes. It’s important to keep an eye on core business elements like your business plan and strategy, but you should be ready to adjust and refine elements like your marketing strategy depending on key factors like product life cycle, customer feedback and general market conditions.
Marketing is an important part of every organization. If marketing is done smartly and effectively, surely it would impact the overall success of the organization. This can be said for all organizations, be it online or offline.