A marketing strategy should include several components, and the more market research you do, the more options you’ll have for your strategy. The marketing mix is defined by Stanford University as the five major components of a successful marketing plan. Subcomponents include product planning, market selection, promotion, and pricing. The following diagram shows the various stages in the process. In the middle of the diagram, we find two different sets of decisions, the aspiration decision and the action plan decision.
First, consider your target audience. What are the behaviors, goals, and pain points of your ideal customer? If you’re not sure how to speak their language, download a free buyer persona template to help you create a compelling and effective marketing plan. Use this information to understand what your audience wants and needs and how you can deliver your goods or services to meet their needs. After creating your buyer personas, move on to determining a strategy that’s tailored to your audience.
Second, consider your business model. If you sell consumer products or services, free giveaways are a good idea. Beauty brands can offer their own products to new customers in exchange for a free portrait session. Photographers can offer free sessions to their clients in exchange for their photographs. B2B companies may not want to use this strategy, but it’s easy to modify it. Regardless of the business model, a marketing strategy should be documented and easily accessible.
Third, make sure your strategy is measurable. Using Google Analytics can help you determine how well a marketing campaign is doing. By assessing the ROI of your efforts, you’ll be able to make adjustments that can lead to more successful marketing. This is especially important if you’re implementing a digital strategy to promote a new product or service. It’s vital to measure the impact of your strategy on your business’s bottom line.
Finally, you should understand your competition. Knowing your competitors’ strategy can be invaluable in feeding your marketing campaign. Knowing what they’re doing can help you compete with them and win. Knowing what your competitors are doing can also help you understand what works and what doesn’t. A successful marketing campaign might have higher traffic, sales, or social media followers than the competition. You might want to focus on a different channel for your marketing efforts and compare them to your own.
Lastly, your marketing plan should be a roadmap to reach your goals. It should include your business’s goals, target market demographics, and product mix. Once you have these elements in place, you can start putting your plan into action. The planning process will take time, discipline, and focus, but it will pay off when you see the results you’re looking for. This guide will help you design a comprehensive marketing plan