Develop a marketing strategy | Business Queensland

A marketing strategy sets the overall direction and goals for your marketing, and is therefore different from a marketing plan, which outlines ... Home Runningabusiness Marketingandsales Marketingandpromotion Developamarketingstrategy Marketingandpromotion Marketing:thebasics Marketingyourinnovation Directmarketing Onlinemarketing Developamarketingstrategy Writeandimplementamarketingplan Promotingabusinessattradeshowsandexhibitions Pricingproductsandservices Advertising Brandingforbusiness:thebasics Publicrelations Respondingtocompetition Touristattractionsignapplication Servicesignapplication Developamarketingstrategy Effectivemarketingstartswithaconsidered,well-informedmarketingstrategy.Agoodmarketingstrategyhelpsyoudefineclear,realisticandmeasurablemarketingobjectivesforyourbusiness.Yourmarketingstrategyaffectsthewayyourunyourbusiness,soitshouldbeplannedanddevelopedinconsultationwithyourteam.Itisawide-reachingandcomprehensivestrategicplanningtoolthat:describesyourbusinessanditsproductsandservicesexplainsthepositionandroleofyourproductsandservicesinthemarketprofilesyourcustomersandyourcompetitionidentifiesthemarketingtacticsyouwilluseallowsyoutobuildamarketingplan(thetacticstodeliver)andmeasureitseffectiveness.Amarketingstrategysetstheoveralldirectionandgoalsforyourmarketing,andisthereforedifferentfromamarketingplan,whichoutlinesthespecificactionsyouwilltaketoimplementyourmarketingstrategy.Yourmarketingstrategycouldbedevelopedforthenextfewyears,whileyourmarketingplanusuallydescribestacticstobeachievedinthecurrentyear.WriteasuccessfulmarketingstrategyYourwell-developedmarketingstrategywillhelpyourealiseyourbusiness'sgoalsandfocusontheactionsrequiredtoreachtherightcustomers.Developingamarketingstrategythatincludesthecomponentslistedbelowwillhelpyoumakethemostofyourmarketinginvestment,keepyourmarketingfocused,andmeasureandimproveyoursalesresults.IdentifyyourbusinessgoalsAlignyourmarketingstrategytothebusinessgoalsoutlinedinyourbusinessplan;youcanthendefineasetofmarketinggoalstosupportthem.Yourbusinessgoalsmightinclude:increasingawarenessofyourproductsandservicessellingmoreproductsfromacertainsupplierreachinganewcustomersegment.Whensettinggoalsit'scriticaltobeastargetedaspossiblesoyoucaneffectivelymeasuretheoutcomesagainstwhatyousetouttoachieve.Asimplecriteriaforgoal-settingistheSMARTmethod:Specific–stateclearlywhatyouwanttoachieveMeasurable–settangiblemeasuressoyoucanmeasureyourresultsAchievable–setobjectivesthatarewithinyourcapacityandbudgetRelevant–setobjectivesthatwillhelpyouimproveparticularaspectsofyourbusinessTime-bound–setobjectivesyoucanachievewithinthetimeyouneedthem.StateyourmarketinggoalsDefineasetofspecificmarketinggoalsbasedonthebusinessgoals.Thesegoalswillmotivateyouandyourteamandenableyoutotrackyoursuccess.Examplesofmarketinggoalsincludeincreasedmarketpenetration(sellingmoreexistingproductstoexistingcustomers)ormarketdevelopment(sellingexistingproductstonewtargetmarkets).Thesemarketinggoalscouldbelong-termandmighttakeafewyearstosuccessfullyachieve.However,theyshouldbeclearandmeasurableandhavetimeframesforachievement.Makesureyouroverallstrategiesarealsopracticalandmeasurable.Agoodmarketingstrategywillnotbechangedeveryyear,butrevisedwhenyourstrategieshavebeenachievedoryourmarketinggoalshavebeenmet.Youmayneedtoamendyourstrategyifyourexternalmarketchangesduetoanewcompetitorornewtechnology,orifyourproductssubstantiallychange.ResearchyourmarketResearchisanessentialpartofyourmarketingstrategy.Youneedtogatherinformationaboutyourmarket,suchasitssize,growth,socialtrendsanddemographics(populationstatisticssuchasage,genderandfamilytype).Itisimportanttokeepaneyeonyourmarketsoyouareawareofanychangesovertime,soyourstrategyremainsrelevantandtargeted.ProfileyourpotentialcustomersUseyourmarketresearchtodevelopaprofileofthecustomersyouaretargetingandidentifytheirneeds.Theprofilewillrevealtheirbuyingpatterns,includinghowtheybuy,wheretheybuyandwhattheybuy.Again,regularlyreviewtrendssoyoudon'tmissoutonnewopportunitiesorbecomeirrelevantwithyourmarketingmessage.Whileyoutrytofindnewcustomers,makesureyourmarketingstrategyalsoallowsyoutomaintainrelationshipswithyourexistingcustomers.ProfileyourcompetitorsSimilarly,aspartofyourmarketingstrategyyoushoulddevelopaprofileofyourcompetitorsbyidentifyingtheirproducts,supplychains,pricingandmarketingtactics.Usethistoidentifyyourcompetitiveadvantage–whatsetsyourbusinessapartfromyourcompetitors.Youmayalsowanttoidentifythestrengthsandweaknessesofyourowninternalprocessestohelpimproveyourperformancecomparedwithyourcompetition.DevelopstrategiestosupportyourmarketinggoalsListyourtargetmarketsanddeviseasetofstrategiestoattractandretainthem.Anexamplegoalcouldbetoincreaseyoungpeople'sawarenessofyourproducts.YourcorrespondingstrategiescouldbetoincreaseyouronlinesocialmediapresencebypostingregularupdatesaboutyourproductonInstagramorFacebook;advertisinginlocalmagazinestargetedtoyoungpeople;orofferingdiscountsforstudents.Usethe'7 Psofmarketing'Reachyourselectedmarketbyutilisingthe7 Psofmarketingmix.Ifyoucanchoosetherightcombinationofmarketingacrossproduct,price,promotion,place,people,processandphysicalevidence,yourmarketingstrategyismorelikelytobeasuccess.Youcanchooseanycombinationofthesetoachieveyourmarketingstrategy.TestyourideasIndecidingyourtactics,dosomeonlineresearch,testsomeideasandapproachesonyourcustomersandyourstaff,andreviewwhatworks.Youwillneedtochooseanumberoftacticsinordertomeetyourcustomers'needs,reachthecustomerswithinyourtargetmarketandimproveyoursalesresults.Alsoconsider...Learnmoreaboutadvertising.Readaboutthebasicsofmarketing.Findouthowtowriteandimplementyourmarketingplan.Watcharecordedwebinartolearnaboutlocalsearchmarketing.Findoutaboutotherresearchresourcesforbusinessandindustry.Useourmarketresearchkittoconductonlineresearch. 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