Marketing Strategy

The ultimate goal of any Marketing strategy is to help you grow your business by capturing the maximum mind share at a lower cost. A great marketing strategy will include the following a clear definition of your competitive advantage on how you flair against your competition and constructing your unique selling position or USP, then you need to define your target market which includes both demographic and psychographic profiling of your ideal customers they are hot buttons on why they need to buy from you this will lead to how you want to position your products and services and several means of attracting customers to your offerings you need to prepare your marketing collateral both printed and digital materials and contents aiming and attracting your ideal customers with most effective persuasive messages.

Moreover, Next, you need to know the medium of your marketing identify from different marketing methods to reach out to your potential prospects like advertising digital marketing direct marketing public relations, etc, strategically you must know your customer’s acquisition cost and customer lifetime value, and based on that you can also budget your marketing spending your marketing plan your written strategy includes following points detail specific activities you intend to undertake.

• Identify the targeted audience for each market reach activity specify that how you are going to measure success, in order for the marketing strategy to be successful it must be multi-faceted realistic, and implemented consistently over time.

• Revisit your marketing plan at least once every quarter track your progress and evolve your tactics to make sure you have defined metrics for measuring success.
•  Set up regular meetings to review progress identify and solve issues and align activities across teams 
• Learn from your mistakes and victories and evolve your tactics as needed to maintain your traction.

Focus keyphrase

The focus key phrase is the search phrase that you most want your page to rank for. A key phrase usually consists of multiple words. You want people to search for the key phrase you are optimizing for, while choosing a focus keyphrase consider

• your audience
• your competition

You can use tools like Google trends to analyze which words people are using, with Google trend you can compare keyphrases to see which one people search for most often. Some key phrases are rather generic, others are more specific, there are three kinds of key phrases;

• head key phrases
• mid-tail key phrases
• long-tail key phrases

Head key phrases are the most competitive keyphrases they are very generic and a lot of people search for them, they are also the hardest to rank for.

• Mid tail key phrases are more specific
• Long-tail key phrases are very specific and they have very little search traffic
• Choosing your keyphrase depends on the search volume the words your audience is using and your competition.

What is a marketing mix?

Marketing mix elements and examples from real businesses and how to develop a Marketing Mix. “Marketing mix is the mixture of controllable marketing variable that the firm uses to pursue the sought level of sales in the target market”.

The marketing mix is the process of designing and integrating various elements of marketing in such a way as to ensure the achievement of enterprise objectives. The marketing mix is the combination of the product, the distribution system, the price structure, and the promotional activities. The term marketing mix is used to describe four elements the product, price, physical distribution, and promotion, these are popularly known as “4ps”.

Marketing mix comprises of elements like product, place, promotions, and price

Product

To satisfy the needs and wants of the target market.

Place

To make the product conveniently available to the target market consistent with their purchasing pattern.

Price

To make the product affordable to the target market and reflect the value of benefits provided.

Promotion

To build and improve consumer demand, the promotion has four components called the promotion mix as follows advertising. Public relation selling to get the consumers to buy, sales promotions.

Marketing mix examples from real businesses

Examples of businesses providing services include airlines, hotels, and software as a service company,

product

Services marketing mix consists of the original four tactics of the product marketing mix plus three new techniques. In case of an airline or rooms. In the case of the hotel now because services are intangible it can help to think of services as being an asset so for example when you book a hotel room for the night you use the hotel room for the night, which is the asset would you also undergo a series of processes such as checking in and checking out.

price

Price refers to the price the consumer pays for the services now its worth noting that pricing for services can be a little more complex and for products so for example an airline charging flights would need to consider many factors such as will we charge more as the flight gets increasingly booked will be charged more for peak times will we offer discounts for group bookings, these are few factors that might need to be taken int account when determining the price of a flight

Place

For services place refers to the ease of access that customers had to a service, this can involve a physical decision such as where to locate a hotel.

Promotion

Promotion refers to different ways to communicate describe and advertise your service.

You may also like to read: Introduction to Services Marketing

The post How to Develop a Successful Marketing Strategy? appeared first on Fukatsoft Blog.