Successful marketing includes identifying and removing or minimizing such barriers. If the marketing strategy has followed the first four steps, removing any such barriers will let members of your target market get the better deal you have designed for them.
Bert Markgraf is a freelance writer with a strong science and engineering background. He started writing technical papers while working as an engineer in the s. More recently, after starting his own business in IT, he helped organize an online community for which he wrote and edited articles as managing editor, business and economics. By Bert Markgraf. Define Your Market Successful marketing starts with market research. Identify Customer Needs Once you have selected a target market because your company can access it and its members are likely to be interested in your products, your market research focuses on what the members of your target market need.
Determine Pricing The final aspect of your market research deals with pricing. Start Promotion Your promotion has to be focused on the needs you identified with your market studies and your pricing strategy. Make the Sales The final element in successful marketing is to make it easy for potential customers to buy the product. References U. A simple approach is to ask each new customer how they heard about your business. Deeper analysis can come from questionnaires, focus groups and examining customers' online behaviour.
Once you have decided on your marketing strategy, draw up a marketing plan that sets out how you intend to execute that strategy and evaluate its success. The plan should be constantly reviewed and, if necessary, updated so you can respond quickly to changes in customer needs and attitudes in your industry and in the broader economic climate. Read more about how to write a marketing plan. My New Business Northern Ireland business support finder Sample templates, forms, letters, policies and checklists Licence finder Find a case study Do it online.
Breadcrumb Home. Create your marketing strategy Key elements of a successful marketing strategy. There are several elements to consider when you are developing your marketing strategy. Segmentation Your existing and potential customers fall into particular groups or segments, characterised by their 'needs'.
Targeting and positioning You should aim to sell to the market segments that will be most profitable for your business. Promotional tactics Once you have created your marketing strategy, you must then decide which marketing activity or activities will ensure your target market know about the products or services you offer, and why they meet their needs. What are their usage rates of your product or service?
Where do they typically source information about your type of product or service? Lifestyle and values What is their family situation? What do they value in their lives? What are their hobbies and interests?
Do they have children? Do they have pets? Start developing your USP by answering the following questions: What do you love most about your products and services?
What special skills or knowledge do you have? What makes your customers come to you instead of your competitors? How do your customers benefit by purchasing your products or services?
Which aspects do you generally highlight when you describe your business to strangers? Step 4 Develop your business brand Every business, regardless of size, is likely to need a brand. Step 5 Choose your marketing avenues While there are many available, consider your target audience when you are determining which to use. Options include: a business website social media blogging brochures and flyers networking events print advertising word of mouth cold calling letter drops.
Step 6 Set your goals and budget Marketing goals will help you to define what you want to achieve through your marketing activities. Your marketing budget will need to include elements such as: website development and maintenance search engine optimisation strategy design of branding printing of promotional material business cards, brochures, signage, etc advertising donations and sponsorships employing staff to undertake marketing activities.
Free download Marketing plan template As a general rule of thumb you should spend between three and five percent of your actual or expected annual turnover on marketing. Download the template. Download the how to guide. Step 7 Nurture your loyal customers Your customers are the key to your success so it is important to look after them and encourage loyalty.
Step 8 Monitor and review It is important to regularly monitor and review your marketing activities to determine whether they are achieving the desired outcome, such as increased sales. That's where marketing and branding can help.
0コメント