Objectives of a Marketing Strategy:
Your marketing objectives should focus on how you increase sales by getting and keeping customers. The purpose of your marketing strategy should be to identify and then communicate the benefits of your business offering to your target market.
A marketing strategy will help you tailor your messages and put the right mix of marketing approaches in place so that you bring your sales and marketing activities together effectively in an effective marketing plan.
Key Elements of a Successful Marketing Strategy:
1. Segmentation – 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.
2. Analyse Strengths – 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.
3. Initiate Marketing Activity – Once this has been completed, decide on the best marketing activity that will ensure your target market know about the products or services you offer, and why they meet their needs. This could be achieved through various forms of advertising, exhibitions, public relations initiatives, Internet activity and by creating an effective “point of sale” strategy if you rely on others to actually sell your products. Limit your activities to those methods you think will work best, avoiding spreading your budget too thinly.
4. Monitoring – A key element often overlooked is that of monitoring and evaluating how effective your strategy has been. This control element not only helps you see how the strategy is performing in practice, it can also help inform your future marketing strategy. A simple device is to ask each new customer how they heard about your business.
5. Marketing Plan – Once you have decided on your marketing strategy, draw up a marketing plan to set out how you plan to execute and evaluate the success of that strategy. The plan should be constantly reviewed so it can respond quickly to changes in customer needs and attitudes in your industry, and in the broader economic climate.