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5 Ways to Develop an Effective Marketing Strategy

By: Andrew Deen

 

Child girl grabbing some sweets out of a jar in the candy store

Without customers, even the greatest products and ideas in the history of the world can go unnoticed. With that in mind, it shouldn’t come as too much of a surprise to know that the global marketing industry was estimated to be worth $1.7 trillion as of 2019.

A marketing strategy refers to a company’s plan to share their product or service with as many potential customers as possible. For some niche markets, this may mean coming up with a plan to really resonate with a given group of people, but for services and products geared toward the general public, this means devising a plan to inform and entice the masses to check out whatever it is you’re selling. Here are some tips on how do develop a successful marketing strategy.

Determine Your Customer Base

With advancements in tools for big data utilization, defining a potential customer base, or “target audience,” is easier than it has ever been. If your product or service is similar to one already in existence, research deeply on the pros and cons of those offerings similar to your own. Customer reviews are great sources of information when it comes to trying to figure out what will set your product apart from others already on the market.

As marketing should be an ever-evolving practice, it’s also important to be proactive in determining where your product or service may be falling short. Focus groups and surveys are easier than ever to conduct, thanks to the web, and reaching out to frequent customers to see what they may want done differently also adds weight to your reputation as a company that aims to please.

Determine What’s Working Elsewhere

Regularly defined as competitor analysis, there is no shame in looking deep at your competitors and determining what marketing strategies are working for them. In fact, if you don’t take this step you’re setting yourself up for failure.

Finances are very important when it comes to marketing, and you need to be realistic in who you label “competitors” when it comes to your analysis. If you’re opening a corner bookstore, there’s really no need to look at how Kindle conducts their business, even though the end product is very similar. Figuring out how business grew is certainly a piece of knowledge worth knowing, however!

Streamline and Define Your Approach

Many small business make the mistake of starting marketing initiatives at different times, making it difficult to maintain uniformity and a common voice across marketing mediums.  No matter the scope of your marketing operation, ensuring what you do use properly paints the image of your company is very important in keeping a professional image.

Not to be confused with social marketing, which is “cause marketing” such as anti-smoking ads, social media marketing is very inexpensive and can be localized quite well. There are many third-party options for social media campaigns, but if you do keep in house, ensuring uniformity and utilizing sponsored content will set you up for the most success.

Pull on Some Heartstrings

Even if your product or service isn’t something that particularly plays on emotions, making a marketing strategy that people will remember is the single best way to get bang for your marketing buck. If something stays with an individual the first time they see or hear it, they won’t have to see or hear it again to remember its existence. Emotional buyers stick to their guns, and playing to those consumers will help you get lifelong customers.

Re-evaluate

As with most parts of any successful business, change is necessity, and evolving with the times is a must, both with your product/service, and how you market that product/service. New means of reaching customers come to fruition all the time, and staying on top of what’s trending, educating yourself on those trends, and evolving accordingly with all parts mentioned in this article will ensure your marketing dollars are well spent.

Published: July 22, 2020
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Andrew Deen

Andrew Deen has been a consultant for startups in almost every industry from retail to medical devices and everything in between. He implements lean methodology and is currently writing a book about scaling up business. Twitter @AndrewDeen14.

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