Marketing has been the real essence in the uplifting of any Organization in the long run. While there are a number of other parameters that foster a business, marketing certifies to be the base of it, upholding the awareness and reach it requires, printing its mark worldwide.
For all firms, whether any poor start-up or an MNC giant, an effective marketing strategy can serve as a pivotal road-map for the entire business. By developing a coherent and well considered marketing strategy, organizations can promote their business, target the right types of client and allocate their resources correctly, all while safeguarding the reputation of the firm.
Because one parameter of a marketing plan affects all of the others, synchronizing activities is critical to eliminate obstacles and maximize profits. A marketing strategy looks at all the areas of the sales activities and helps each one support the next.
One of the most important aspects of any marketing strategy relates to recognizing growth opportunities. This can be efficiently done by using the SWOT analysis. Once an organization identifies its strength, weaknesses, opportunities and threats of any marketing scheme, it becomes easier to en-cash those opportunities and reconsider what course or action should be taken to eliminate prevalent threats.
The underlying focus of the organization’s marketing strategy should be based on the concept of developing and increasing awareness of the company’s brand, and also on developing trust assurance in that brand. A company’s credibility or service is its most important asset. Hence, attempts should be made to enhance and protect it during the course of the marketing process.
Understanding how to create an integrated marketing strategy is the key help to make better individual decisions with respect to specific marketing tactics. In order to achieve this, organizations must implement robust and efficient marketing strategies as quickly as possible. All the key components of a marketing strategy, if catered and applied in the best manner, helps to design and manufacture successful business.
Here are some of the crucial parameters that play a pivotal role in successfully implementing and nourishing effective marketing strategies.
Goals and Objectives
As with all the plans, goals and objectives are the origin of any target-oriented organization. Without a proper mix of these objectives according to the prevalent resources, a company proves to be inefficient in the long run.
It can begin by thinking through goal-specific accomplishments, identifying basic marketing objectives, which may include some of the following aspects:
- Increased brand recognition
- Growth in the market share
- Market to New Customer Segments
Investment, Budget and Revenue
Once the objectives for the business are fully determined, the concept of On-margin investments, Budget and End revenue come into play. However, there is never enough budget to cover all the marketing ‘wish-lists’ adequately. The process of Investment is iterative and operates continually. It may be a function of:
- Coming up with budget to shelter all the marketing needs
- Identifying the objectives that are more critical and inclined towards the success factor and reallocating budget meet top-priority objectives on a ‘first-serve’ preference.
- Searching for innovating ways to stretch the marketing budget. For example, content development, low-cost crowd outsourcing etc.
- Constructing a big picture view and reviewing the key marketing thrust areas. Others parameters such as spend comparison, consumption of utilization channels, website optimization etc. should be fetched under consideration.
As far as revenue is considered, a marketing strategy is used to determine the revenue that the campaign will deliver. All of the parts that go into determining revenue, including the budget allotted to the campaign, product cost, selling price and the life span of the product, should all be considered while developing the marketing strategy. The estimated End-Revenue can be measured against the actual revenue, and that information can be used to create future marketing strategies that are more successful.
Target Audience and Buyer Journey
Tracking and analyzing the dynamic and changing needs of the audience under radar is pivotal in effective marketing. Identifying the demographic and psychographic characteristics of the target audience aids to re localize the radius under consideration. Based on the available data, segmentation should be done to provide qualified and need-based resources.
A buyer persona is a fictional representation of your ideal customer based on statistical market research and the prevalent data about your existing customers. After developing buyer personas, developing the Buyer Journey for each single persona and its interaction with the brand is considered to be the key to implement trust and satisfaction among the target audiences.
Media and Messaging
Messaging is a process which signifies the firm’s intentions, and informs the actual purpose of your business to the external world.
Based on a detailed evaluation of how target is reacting with the various components of the brand, establish an apt messaging media, tone, selling propositions and key terms that are likely to resonate the most.
Determining the Channel Mix
Analyze and decide where the business would get the most Return on Investment (ROI). This can be done by echoing the channels around three broad categories:
- Traditional marketing channels (TV, Radio, Newspaper, Direct Mail etc.)
- Digital Marketing Channels (Website, Mobile applications, Social platforms, online advertisements etc.)
- Content Marketing (Blogs, Newsletters, e-books, Info-graphics etc.)
Though the role of competition in devising an optimal marketing strategy is limited, it helps to draw comparisons among identical products and groups, providing scope for ‘brand-improvements’. In order to symbolize a powerful campaign, marketing strategy needs to offer a detailed description of the competition, according to the small business experts at the Center for Business planning.
The objective of the marketing strategy is to provide historical information on how the competition has advertised products in the past, the target market the competition goes after and the product features that the competition offers. Some other factors include competition pricing, the competition’s distribution network and the sales strategies, which are also a part of the comprehensive marketing strategy.