If you are in business, there are two things that you can never have enough—time and resources! To ensure that you are not wasting your limited resources, you need to have an effective business strategy at a place. Any business owner or an entrepreneur who is not concerned with making strategies is wasting their time and they will eventually end up failing at what they are doing.
Essential Components to a Marketing Plan
And one of the most important components of business strategies is Marketing Strategies.
Marketing, who is not obsessed with this term nowadays, by the way? Everyone! At least everyone who is reading this article is obsessed with this term and the curiosity to know everything. Do not worry, I will make sure that the time you spend here is worthwhile for you and at the end of this article, you won’t feel that you have wasted your limited precious resources, time and money.
Before we get down and discuss the components of marketing strategy, we need to understand what exactly marketing strategy really means.
Let’s start from the very basic, Marketing Strategy is a comprehensive collection of marketing techniques that enables the marketer to use their resources in the most optimized way possible and eventually increase sales and get a sustainable advantage over the competitors in the industry.
A company’s Marketing Strategy consists of short-term and long-term plans that will help the company achieve its objectives.
Now that we are on the same page about the definition of Marketing Strategy, let’s dive into the detailed world of Marketing.
So, what are the components of a good Marketing Strategy? Let’s find out!
Components of a Good Marketing Strategy
1. Target Audience
This is the most important component of any Marketing Strategy. Where are your marketing efforts directed? Who are trying to reach? Who is your perfect customer? Any Marketing Strategy begins with the identification of a target audience. Why try selling your product to someone who is not interested in it? Rather, direct all the efforts towards people are genuinely interested in your products. However, this doesn’t mean that you ignore all the potential buyers just because they don’t fit in the criteria of the target audience.
Anyone who is interested in your products or services should be able to reach them, but narrowing the audience will make your efforts more effective.
Once you identify your target customer, your style of marketing strategy should suit those people. Your TV ads will suddenly start getting perfect, your content will be written in the language they understand and connecting to them via social media would be a tad bit easy.
Whether you have just started or you are an established player, your ultimate business goal should be to gain the trust of your clients and create brand awareness. This is especially true for all the new ventures out there. There are many ways to build awareness, TV, newspaper, online advertising and of course, word of mouth advertising. You might think that these are some outdated marketing techniques, but some of them are as effective as ever, almost except Newspaper advertising. There is no reason for you to remove them from your marketing to-do list.
Nowadays, as we all know, Online Marketing is at its best position. Now your business needs to have a website, a blog where you can post high-quality content and generate traffic. Videos, podcasts, infographics, presentations are all very important now.
3. Unique Advantages
If you want your target audience to choose you over your competitors, then you need to offer them something that your competitors aren’t offering.
The audience wants value and you need to offer them something valuable that your customer isn’t offering. What are the points that distinguish you from your competitors? Identify those differences as soon as possible if you don’t already know them and then highlight them for your customers, highlight them as much as possible. Create your marketing strategies around them and start promoting them to your target audience.
However, don’t make things too complicated for yourself. Start with one point of difference at a time, and emphasis on them until you achieve your goals.
4. Communicate with your clients
It is very important to know how and when to communicate with your target audience. Simply creating a social media profile and posting on them from time to time is not enough. You need to figure out the kind of posts you are making and how you are sharing them, are they going to be a story or a pin or simply a post. the platform you are sharing it on is also important.
For example, Instagram does not allow videos over 1 minute so post the longer videos on YouTube and so on. Then the time at which you post also makes a difference, if you are targeting service class people then posting in the afternoon won’t gather as much reach as posting in the evenings will. Social media is fun and important, but if you use it strategically, only then you will get the results.
When you do get a respectable number of followers on your social media platforms, then you need to establish and maintain communication with them. Business usually does this mistake and they make their social media all about business, which is a wrong approach. If you focus on the needs and wants of your followers then not only will you be able to maintain all that you have, but you will also be able to attract new followers.
Congratulations, you have identified your target audience, you have taken successful steps to build brand awareness, and you offer unique features that your competitors don’t and you have successfully communicated those features to your audience! Perfect. Now the last component that connects all the previous components of a good Marketing Strategy is activities.
There are a series of activities you need to do from time to time, advertising, maintaining an online presence, seminars, promotions, webinars, interviews, giveaways, and various others. But remember, every action you make must correspond with your Marketing Strategy.
At the end of the day, all the good things take time and a successful Marketing Strategy takes not only time but commitment as well.