Ever wondered how you can expand your business in a short span of time? The answer is with the right marketing strategy, which helps you target a potential audience and convert them into your clientele. Your marketing strategy is an essential part of your business model. It focuses on both online and offline media and includes your business values, unique selling points, and a lucrative message that connects with your audience.
The Benefits Of Having A Marketing Strategy
- It clearly outlines how to engage with your potential customers on different channels and promote your products or services.
- You can determine the amount you wish to invest in different channels to get maximum returns.
- You can identify, understand, and reach your target audience, which saves time and effort.
- It gets easier to craft consistent branding messages and campaigns for different channels.
- You can define your goals and measure their outcomes based on specific metrics. E.g., audience engagement, conversion rate, ROI, etc.
Marketing Strategy Vs. Marketing Plan: What’s The Difference?
A marketing plan is the roadmap using which you form your marketing strategy. It includes:
- Business goals
- Total budget
- Responsibilities of different individuals
- Marketing strategies for achieving different goals
- Timelines for deliverables
A marketing strategy is a specific, detailed outline of:
- Your vision
- Executive summary of the company
- Market competitor analysis
- Audience behaviour
- Relevant channels for promotion
- Promotional methods
- Unique selling points of your business
- Brand message
Creating An Effective Marketing Strategy
1) Start by defining your goals. E.g., I wish to earn "x" amount in "y" years. Next, think of ways to achieve them.
2) Understand the market trends. It will help you determine your strengths weaknesses, audience behaviour, competitors' strategies, etc. You can use this data to lure your customers.
3) Focus on how you can satisfy the needs and emotions of your customers.
4) Know the 4 Ps of business: Product, Price, Promotion, Place. It tells you how to promote and sell your products in the right marketplace at the right time.
5) Highlight your USPs in the marketing message. The unique selling proposition of a business helps it stand out from the crowd. For example, for a school, the USP could be a high teacher-student ratio, a customised curriculum, free coaching for competitive exams, etc., which other academic institutions in the vicinity aren't offering. You should use the USPs repeatedly to remind your target audience of how unique you are.
6) Craft a powerful marketing message. It should include the name and vision of your brand, contact details, the USPs, an emotion-evoking message (to connect with the audience), and a CTA (call-to-action statement) that compels your audience to act. Keep it concise, thought-provoking, and straightforward.
If you follow the aforementioned steps, you can easily attain your goals and earn more profits in your business.
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