In running a business, of course, it is necessary to have a good marketing strategy to attract consumers to come or buy your product. The goal is to keep your business alive and growing.
As an illustration, maybe you’ve seen several shops, cafes, or other businesses where they used to be hits and are no longer heard of, and even closed because they were rivaled by competitors who implemented better marketing strategies.
No business owner wants something like this to happen. Therefore, it is very important to learn various marketing strategies for your business.
Definition of marketing strategy
Understanding marketing strategy is a measurable action intended to introduce the company’s products to the wider community. Marketing strategy is a collection of business steps that have been combined both at the level of product introduction to getting consumers to make a purchase.
A comprehensive marketing strategy includes the 4Ps, namely: product, price,
1. As a product marketing guide
As explained above, the ideal marketing strategy includes the process of introducing a product to consumers, getting them interested in the product so that conversion occurs where the product is sold.
2. As a measure of success
If a marketing strategy is formulated correctly, producers will be able to assess the results of their work by comparing what they get with the targets contained in the marketing strategy. Therefore, it is very important to launch concrete steps in every strategy that is drawn up by the company.
In this case, a mutually agreed strategic plan can be used to determine whether the actions taken by the company are in line with the marketing strategy or not. This work plan can then be used to reverse the steps that deviate from the marketing strategy objectives.
Marketing strategy objectives
Determining the type of marketing strategy has an end point in profit maximization, but generally the goal of a marketing strategy is what we see in the process of its implementation.
1. Determine the right target market
The most essential process in designing a market strategy is to identify the various target markets. From there, the company can determine which market to target. So that product specifications, product prices and the way producers approach the target market will be more precise.
2. Maximize the allocation of company resources
Budget, manpower, and time are the main capital for the company. So in achieving its goals, a good company will ensure that these three things will not be reduced except by getting return or equivalent return.
Marketing strategy accommodates this urgency and then in determining budget limits and marketing methods, the company will benefit from knowing these projections
Example of a marketing strategy for a business
After knowing the meaning and purpose of product marketing strategy for business continuity, then how to do a good business marketing strategy? Check out the following!
1. Know the Target Market
In marketing a product, the most important thing is to ensure that we have researched and know our target consumers well. This will lead us to a match between what is owned by producers and what is needed by consumers.
After identifying the various potential target markets, the most suitable segment is selected and from there we then study the characteristics of consumers. Because how to communicate with women aged 20 years and over with women aged 12 years will be different. What they need must also be different, so from the start, things like this should be well recognized.
2. Plan marketing objectives
In entering a market, of course a product will start from being completely unknown to a product with high sales. Well, this is where a special approach is needed or known as brand awareness, conversion, and increasing revenue.
Starting from increasing brand awareness, companies must be able to introduce new products and product brands. This introduction is certainly an important step because consumers will not feel close to products that they do not recognize at all.
After the brand is well known by consumers, the company must have further steps in the form of: conversion. conversion or this conversion is broadly an action when consumers buy the products offered.
Even so, conversion actually has a broader meaning, including making consumers become followers on social media, submitting emails (to further get product offers) and so on.
The last thing consumers do is make a purchase. After recognizing a product well and following the product’s social media accounts, consumers will be more tempted to do so check outt product.
3. Marketing Mix
As mentioned earlier, the marketing mix includes the 4 P’s, namely: product, price, place and promotions. From these four things, efforts are made to maximize product marketing strategies by the company.
Products are what we offer the market. So the quality and uniqueness of the product are two things that consumers must pay attention to. A product is also something that consumers see from a brand, no matter how good a brand is if the brand’s products can’t meet consumer desires, consumers will not convert.
Still related to the product, the price of the product is an important determinant in decision making. We can plan prices according to our target market. Because the ability to pay for each type of market will certainly be different.
Read also: Understanding Marketing Mix 4p and 7p in Companies & Marketing
4. Promotion and Advertising
Regarding the type of marketing strategy, there are several ways how a company presents its products in the market. First, companies can promote products in an organic way.
This method can be done by creating a company blog that continuously provides useful information for consumers. Although it doesn’t result in an immediate conversion, this method can bring consumers closer to the brand.
It doesn’t stop there, brands can also provide information or knowledge to consumers through official social media. Sof selling This kind of behavior is able to keep old consumers from remembering the brands they have interacted with.
The second way is to take advantage of paid advertising. There are lots of paid ad options such as Facebook Ads, Instagram Ads, Tiktok Ads. The selection of this platform is also adjusted to the desired target market. For example, if you want to target teenagers aged 16-24 years, then Tiktok Ads can be considered because 41% of its users come from that age range.
5. Boost brand awareness
Brand awarenesss is how well consumers recognize a product from its name. For example, we imagine Nike when we see a sign similar to a tick or we imagine Spotify when we see a green quarter circle on three stacks.
We also think of a panda when we hear the term World Wild Fund. The success of the three brands in getting people to record their names and logos is an example of a successful marketing strategy.
6. Give something away for free
Consumers will buy products from brands they have the most interaction with. One of these interactions can be through blog articles, social media, or free product samples.
With this kind of proximity, conversion will be easier because there is a closeness between the brand and the consumer. In addition to these reasons, consumers who in a short time have enjoyed the product’s features for free will feel lost when their product or trial account runs out.
7. Targeting Mobile Users
As many as 30% of consumers who pass by on the internet are mobile phone users. So it is important for us to target this type of potential consumers. These efforts can be done by creating a mobile friendly website.
From here, it is hoped that consumers will feel at home on our website for a long time and allow conversions to occur.
Important elements in building a marketing strategy
The important elements in a marketing strategy are product, message, customer, promotion and marketing team.
As the basis of our offerings in the market, products must truly answer the needs of consumers. If consumers do not find the urgency to buy the product, then our product can be called a failure to read the market. Therefore, in marketing strategy, product research is very crucial.
2. Order the product
How a product is narrated can be an important determining factor in consumer decision making. Therefore, we cannot just throw products into the market without creating a product message that touches consumers.
Customers come from the target market who then buy or are loyal to our brand. In determining the target market, it is known how the characteristics of the target market are so it can be expected that our understanding of customers will be better.
This one media is also important considering that this is where consumers recognize and convert the products offered. Through promotion, companies talk and offer the value of their products, then consumers can judge whether the product is attractive enough or not.
5. Marketing team
The spearhead of the entire marketing plan that is made is the marketing team. This team determines how a brand is positioned in the eyes of consumers. So it is important to pay special attention to the marketing team, considering its vital role.
Well, that was an explanation of a marketing strategy for a business, starting from the understanding, goals, to the important elements. Implementing the right marketing strategy is very important for the sustainability of your business. Don’t forget to learn from the success of other brands, such as Nike, Spotify, WWF, and many more.
Read also: 5 Business Strategies That Can Maximize Profits
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