Many marketing strategies can be employed to help broaden the marketing reach of a product. This article will describe some marketing strategy steps and provide an ultimate guide for product marketing.
What do you think is more important, marketing or sales? The answer is both! If you want to succeed in today’s competitive marketplace then your marketing and sales efforts must work together seamlessly. We will explore how this can be done by following these 8 marketing strategy steps:
1) Research your target audience
The first marketing strategy step is to research your target audience. You should have a marketing persona that will help guide this process so you can get the most accurate market data possible and build an engaging marketing strategy for a specific demographic of people.
This marketing step ties closely with subsequent marketing steps so it is important to take the time to do them well in order to gain more insight into customer preferences.
2) Determine what they want from your company/product
The marketing strategy step of determining what your customers want from your company involves marketing research. The marketing research process will help you to understand the preferences and needs that are important to current/potential customers so they can be met with a product or service.
This marketing step is closely related to marketing steps three, four, five and six as it is important to understand what marketing strategies will help you meet the needs of your customers.
The second marketing strategy step is about understanding exactly how much market share a company has and whether it can be expanded upon or if there are any opportunities for new companies to enter the market.
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3) Create a plan
Step three is creating a plan to get marketing results involves having an understanding of what marketing strategies will help meet customer preferences and needs.
The marketing research process that is achieved through following marketing steps one and two should provide sufficient information about these things; however it can also be helpful to talk with colleagues, friends, family members, or customers.
4) Create a compelling promotional message
Next, create a compelling promotional message involves having an understanding of the marketing mix and how it can be used to market your product or service.
You should also take into consideration what you learned from marketing steps one, two and three about marketing preferences so you can develop a marketing message that will resonate with customers.
To make a compelling promotional message, marketing mix elements should be combined to create marketing messages.
For example, promotional marketing messages can include sales promotion marketing strategies like coupons or discounts; advertising marketing strategies like commercials and print ads; public relations marketing strategies like community involvement programs; direct marketing strategies like email campaigns, direct mail pieces, and telemarketing calls that are targeted toward your customer base.
5) Plan marketing activities
The fifth step is planning marketing activities, which can be done in conjunction with marketing strategy steps one through four.
Once the marketing research process is complete and you have determined what your customer preferences are, it’s time to put together a plan of action that will guide marketing efforts throughout the lifespan of your product or service.
Marketing planning involves setting goals for marketing activities and marketing budgets; a marketing strategy is based upon the goals of these marketing efforts.
For example, a marketing plan may have as one of its goals developing brand awareness so advertising spending will be high while email campaigns will not receive as much funding compared to other marketing strategies.
This marketing strategy step will help you create a marketing budget.
Once marketing activities have been planned marketing strategy is complete and implementation can begin.
6) Develop marketing campaigns
The marketing strategy step of developing marketing campaigns can be challenging, but effective marketing strategies will include several types of marketing activities that work together to meet your goals.
Marketing campaign implementation requires coordination among multiple departments within the organization so it is helpful if marketing teams are set up to run these efforts smoothly.
For example, a public relations marketing strategy can be implemented in conjunction with an advertising marketing strategy to create awareness for a new product or service.
Marketing campaigns generally include different types of marketing strategies that work together to meet your goals, but this marketing step requires coordination among multiple departments within the organization so it is helpful if marketing teams are set up to run these efforts smoothly.
7) Promote products and services
Now that marketing campaigns have been developed and marketing strategy steps one through six are complete, it is time to promote products or services.
This marketing step includes promoting the product, service, company, and/or brand in a variety of ways; promotions can be targeted toward customers as well as potential customers.
For example, marketing promotions can include in-store marketing strategies like special offers and discounts, advertisements in the media such as commercials, print ads, and billboards; social marketing promotion efforts that encourage word of mouth marketing about a product or service.
When creating promotional marketing messages it is important to keep your customers’ wants and needs top of mind because these factors can influence marketing message success.
8) Measure marketing performance
One marketing strategy step that many companies don’t consider is measuring marketing performance.
This marketing step can help you to determine your return on marketing investment so future marketing efforts will be more effective.
For example, if after a year of implementing an advertising marketing campaign through billboards and print ads the company only gains 100 new customers then this marketing strategy may not be as effective as another marketing campaign that brings in 200 new customers.
Marketing performance can help you to determine your return on marketing investment so future marketing efforts will be more effective.
In the end, all marketing strategies should have a plan of action and measurable results.
9) Optimize for better results
Once you have results, you need to optimize for the results you want.
For marketing strategies that are not achieving desired results, it is important to look at your marketing strategy and marketing performance measurements for clues as to what may be the next step.
Alternatively, if you’re marketing efforts have been successful use this information to determine how you can improve on future marketing campaigns so they will achieve even better results.
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If you need to advance your marketing strategy quickly, send me a message. I’ll make sure you have a complete picture of your marketing. We’ll build the right strategy – and keep running it so it works for your business, not against it!