Marketing Strategy considers one of the most important skills that the marketer has to learn and knows all its tips and tricks. And please don’t get confused, marketing plan or strategy isn’t the market plan or strategy as we mentioned before.
So Let’s dig into how to make a marketing strategy and what it is the marketing strategy in the first place.
What is Marketing Strategy?
It is the organization’s plan on how to attract customers and how to communicate the benefits of the business to them.
Marketing Strategy is the big plan or vision of the organization that poses a vital question, what are the tactics that you are going to use to achieve your goal?
Steps To a Successful Marketing Strategy
First Step: Run a SWOT Analysis
Start your strategy by running a SWOT analysis and identifying your “Strengths, Weakness, Opportunities and Threats”. This analysis will allow you to know where are you standing and what is your weakness and strengths. By knowing that, you will have a chance to treat your weak point and stress in your marketing plan on the strengths point. Also, you can maximize your opportunities and know how to deal with threats.
Second Step: What Is Your Value Proposition?
A good marketing strategy is starting from the value proposition of the company, which was encapsulated in the strengths point in the SWOT analysis.
Knowing your value proposition is one of the steps that investing time and recourse in it will be worth. It is one of the most important factors of high conversion. And it is the point that makes a difference between closing the sale and losing it.
Third Step: Identify Marketing Strategy Objective
To start a plan you need to know its objective and what is the goal you are trying to reach from it. So it is the same as a marketing strategy. You need to identify the objects in your marketing strategy.
Use The SMART objective method to help you to have clear and reachable goals. SMART isn’t a word, it is an abbreviation the stands for the following:
Once you identified your SMART objective. It will be clear enough to start putting the strategy to reach it.
Fourth Step: Know Your Costumers
Selling a product is about filling the needs of the customers. And to do so, you have to know your customers well and understand their needs to make a good conversion rate.
From a customer-centricity point of view, rely less on the traditional ways to know your customers like surveys and focus groups. And rely more on smart online platforms and tools that will give the perfect demographics, online behavior, etc.
Fifth Step: Who Is Your Persona?
Don’t worry it is not a real person. A buyer persona is a fictional persona that has all the qualifications to be an excellent buy for your product.
The process of creating a buyer persona is about collecting insights from different platforms like websites analytics, social media insights, customer reviews, and surveys.
Some tools help you to create the fictional buyer persona that suits your business.
Sixth Step: Conduct A Competitor Analysis
You can’t start your business without knowing who are your competitors and what is their weak points and their Strengths points.
Start by searching for the nearby competitors. Check who is the strongest one and how can you learn from them. Study their process well and see what is the weakest point and try to strengthen it in your business to know how to attract customers.
Keeping your eyes wide open on what is happening in your field is very important and it will help you to know the gaps in your field and how to deal with them.
Seventh Step: Build Your Marketing Method
After you know who is your buyer persona and how to reach them. Also, know who your competitors are and how to benefit from them, It is time to start tailoring your marketing method.
Find out which social media platform your audience prefers and what is type of content they prefer ( Blogs, posts, Videos, etc). And use this information to your advantage and your business.