Strat­egy

Cre­ate Your Mar­ket­ing Strat­egy

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ef­fec­tive­ness and make any ad­just­ments re­quired to main­tain its suc­cess.

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 “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.

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.

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.

UN­DER­STAND­ING YOUR

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