As you work on successfully expanding your business, your focus should be geared towards developing strategies to attract new customers, but most importantly to retain the largest number of existing happy customers. Through your marketing strategy, you always need to make sure that you are emphasizing your approach to showcase how you value customers. As you work towards marketing your way to successful results, keep the following in mind:
- Always understand the needs of your customers and work towards meeting them.
- Take your competition into consideration while analyzing their unique selling proposition and how you can differentiate yourself to stand out.
- Be focused in your approach. You cannot be everything for everyone.
- Identify how you can satisfy and meet your customers’ needs by pinpointing your market mix.
One of the most important elements that tend to get ignored when developing a marketing strategy is market research. Markets, economy and population continuously change. By conducting continuous market research, you will be able to develop a clear understanding of how your industry sales and profitability are being affected. Furthermore, through market research, you will be able to stay on top of your competitors’ strategy.
Another important factor that plays a major role in your marketing strategy is the platform you choose to spread the word. Through a well-developed marketing strategy, you can, not only identify clearly who your customers are, but you can learn about different venues to reach them effectively and consistently. Television, radio, newspaper, promotional products, social media, billboards, and more… offer great opportunities for you to showcase your business and stay top of mind.
- With television, you need a large budget to develop and run your advertisement.
- With radio, you can target your campaign through different channels in order to see more effective results.
- With newspapers, you need to plan ahead and consider seasonality which plays a major factor in purchase decisions.
- With promotional products, you can leverage them as giveaways at trade shows and use them as an opportunity to thank your current clients for their repeat business.
- With social media, you can create conversations and build stronger relationship.
Marketing strategies should be maintained on a continuous basis as you assess your return on all the different initiatives that you have developed. Expanding and launching a new product offer another opportunity for you to revisit your marketing approach. Regardless of your initiatives, tracking constitutes a very important step in order to identify the outcomes of your campaigns and strategies.
At the end of the day, your efforts in developing a market strategy is your investment towards increasing successful outcomes.