Developing a marketing strategy is vital for any business. Without one, your efforts to attract customers are likely to be haphazard and inefficient.
The focus of your strategy should be making sure that your products and services meet customer needs and developing long-term and profitable relationships with those customers. To achieve this, you will need to create a flexible strategy that can respond to changes in customer perceptions and demand. It may also help you identify whole new markets that you can successfully target.
The purpose of your marketing strategy should be to identify and then communicate the benefits of your business offering to your target market.
Once you have created and implemented your strategy, monitor its effectiveness and make any adjustments required to maintain its success.
This guide helps you identify which customers to focus on and your key objectives in reaching them. It explains what to include in your marketing strategy and how it can be used as the basis for effective action.
* Key elements of a successful marketing strategy
* Understanding your strengths and weaknesses
* Developing your marketing strategy
* Tips and pitfalls
KEY ELEMENTS OF A SUCCESSFUL MARKETING STRATEGY
One of the key elements of a successful marketing strategy is the acknowledgement that your existing and potential customers will fall into particular groups or segments, characterised by their "needs". Identifying these groups and their needs through market research, and then addressing them more successfully than your competitors, should be the focus of your strategy.
You can then create a marketing strategy that makes the most of your strengths and matches them to the needs of the customers you want to target. For example, if a particular group of customers is looking for quality first and foremost, then any marketing activity aimed at them should draw attention to the high quality service you can provide.