In a world filled with competitors and brands that will go the extra mile to get customers to patronize them. There is a need for brands/companies to come up with ways to scale ahead in the unforgiving and fast-paced market.
Hence, there is a need for brands to go back to the drawing board and brainstorm on how to create a marketing strategy that will not only push them to the stratosphere but also help gain the traction the business needs.
Especially in an age where social media is king and all brands rely on the demographics and audience, it helps to make headway in their business. There is a need that should be filled with the help of a sound marketing strategy.
What is Marketing Strategy?
According to Investopedia, Marketing strategy refers to the business’s overall game plan for reaching prospective consumers and turning them into customers of their products or services. A marketing strategy contains the company’s value proposition, key brand messaging, data on target customers’ demographics, and other high-level elements.
In layman’s terms, this succinctly means the plan created by the business to bring customers to patronize their products or services. This can involve a series of advertising through the use of social media promotions, PR campaigns, market research, price discounts to achieve this feat.
The ultimate aim of a marketing strategy is majorly to achieve a sustainable competitive advantage over rivals in the same industry by understanding the needs and wants of its customers.
Creating a Marketing Strategy
For a business to have a marketing strategy, the following has to be identified
* The business has to identify its business goals using the SMART method. This includes increasing awareness for the products and services. A simple criterion for setting goals is using the SMART method. This is setting goals that are specific, measurable, achievable, relevant, and timebound.
* Have clearly stated marketing goals. Define a specific set of marketing goals based on the business goals. This will guide and motivate the team to keep track of their success. Examples of marketing goals include increased market penetration (selling existing products to existing customers) or market developments (selling existing products to new target markets).
* Market research should be conducted. This is essential as it helps gather information about the size, growth, social trends, demographics, and need of the market.
* Profile your customers. The use of market research will help identify the needs of the customers you are targeting. This will help identify their buying pattern, this will show what they buy, where they buy, and how they buy.
* Profile your competitors. To create a sound marketing strategy. It is essential that brands also create a profile on their competitors by identifying their products and marketing tactics. This will surely give brands a nudge ahead of their competitors
* Develop strategies to support marketing goals. This can be achieved by listing your target markets and devising ways to attract and retain them. Goals can be either to devise strategies to increase social media presence by posting frequently on all social media platforms or increasing brand popularity or awareness amongst young people.
* Use the 4 Ps of Marketing. A thorough marketing strategy covers the four P’s” of marketing. “Product, price, place, and promotion”. The 4 P’s are essentially useful when planning a new venture or evaluating an existing offer or promoting a new sale within a target audience. This means a brand marketing strategy can only do the job if the product on offer is of good quality, the price is competitive and fair, the place (location) is easily accessible to the target audience, and offers good promotion that increases their publicity.
Following all the listed can help brands adopt a good marketing strategy that will meet their customer’s needs.
Executing Marketing strategy by startups
Creating a good marketing strategy isn’t a means to an end. The brand has to set up a marketing execution plan that turns the marketing strategy into action. Without a marketing execution plan, the brand will end up wasting time creating a marketing strategy that hasn’t been properly adopted and in turn fall short on their goals, customers, and revenues.
How then can one execute a good marketing strategy?
Marketing execution is the process of turning a marketing strategy into action. This turns strategy into real-life action by delivering the right content to the right people also, at the right time.
Marketing strategy execution can be achieved with the help of the following steps:
- Define which team members that need to work on a certain project
- Start Marketing projects with a creative brief.
- Set timelines for tasks to be done.
- Put projects on your marketing calendar
- Map out tasks into a checklist
- Plan checklist into management software or day-to-day workflow
- Ship project and hit deadlines
Top Marketing Strategies for businesses in 2022
To help brands improve on their customer base, gain more traction and also generate more revenues in 2022. Here are 8 marketing strategies for brands to adopt this year.
Invest in Online business
Online events such as webinars, seminars, or product launches are always a great way to spread the word about your brand, drive traffic, increase engagements for your existing clients and also potential new ones. Online events may not generate massive revenue immediately but will undoubtedly help the business grow in the long term.
Own Your Audience
It is essential in business to own your audience even though in reality, social media networks own your audience it is necessary to start ensuring that you create a follower base for your business as this will ensure your message gets to them as this ensures metrics and algorithm works in your favor and your message gets to the right audience.
Invest Time and Money in Building a Strong Brand Image
Image is everything as this shows how the market will relate to you. To have a strong brand image, you need to choose the right words and the right way of communicating. Organically growing the brand image will inadvertently raise brand awareness.
Content may be King, but Simplicity is Golden
There are several contents on the internet but not all of them do the job it was set out to do and that is because they lack simplicity and clarity. Consumers have become more interested in high-quality and unique content. Therefore, content should be more educational and to the point as they are excellent tools for strong SEO and thought leadership.
Each brand should have a unique way to communicate with their customers to engage them in their message. Brands should create more channels for customers to consume marketing content through the use of videos, online articles, podcasts, etc.
Adopt Market Automation
In 2022, Brands should create more data-driven marketing campaigns. Adding marketing automation to your digital marketing strategy will make it more efficient and effective as it will make marketers automate their workflows and spend less time on repetitive tasks.
Become a Storyteller
Every brand needs to be able to tell its story, deliver engaging messages in a way that tells stories about its products and services. Customers don’t want to hear about how fantastic your product or service is but what they want to know is how your product solved a specific problem. In 2022, all brands should be storytellers.
Think Outside the Box
The brand needs to know that nothing is set in stone. What works today, may not work tomorrow. Brands should keep on exploring, listen to reviews, go back to the drawing board and always look for new trends, and how to keep moving the business forward.
2022 will bring so many fundamental changes to the way we market and it won’t be ideal to be left behind. This is why we at Printipy have decided to saddle your marketing strategy problem and provide you with a top-notch marketing strategy that will improve engagements, generate leads, and in turn increase revenue in 2022.