What is a Marketing Strategy?
Before going into the individual components, let’s get a clear understanding of what a marketing strategy is.
A marketing strategy is a thoughtfully designed plan formulated to clarify and guide marketing activities to achieve specific objectives. In essence, it involves planning to align all your marketing activities with the overall company objectives.
Five Major Components to Put in a Marketing Strategy
Now that we have an overall idea of a marketing strategy, we proceed with the fundamentals that make up a GREAT marketing strategy that will go a long way in ensuring that your objectives are met.
Target Audience
There is always a demographic of people who are most likely going to identify with your business. Your job then will be to work out that set of people because they are your target audience.
Hence, it does make sense to establish your ideal audience that you’re most likely to convert into sales.
Establish Clear Goals and Objectives
Most marketing plans fail to achieve anything tangible because most companies feel lost setting clear goals and objectives.
To set clear goals and objectives, you must understand your company and business. Where to begin? The SWOT analysis method can help you understand your business’s strengths, weaknesses, risks, and prospects. Once you get a thorough knowledge of your company, you’ll be in a better position to identify actionable goals and objectives.
Analyze Your Competitors
There’s hardly a business out there with some rivals. And there’s very little you can do about their success (or failure) except that you learn from them. What exactly do you analyze about your competitors? Their products, sales, marketing strategies, web presence, and social handles.
By analyzing your competitors, you can identify areas where you have a comparative advantage. You can gain, overtake, or outperform your competitors by applying findings from such studies.
Content Creation
The saying ‘content is king’ is NO marketing gimmick. It is a fact. Present-day marketing has gone beyond clickbaity promotional tactics and patronizing advertisements.
A kingly content marketing shows your audience that you’re knowledgeable, trustworthy, and care about giving them value for money.
Performance Monitoring
Sadly, many companies don’t monitor and measure the results of their marketing campaigns. And that is a big mistake.
After putting so much thought and effort into implementing your marketing strategy, you must measure the results. Otherwise, how do you know whether you are doing the right?
By analyzing the results from your marketing efforts, you can see your actions’ impact and make adjustments where necessary.
Contact us at Shelley’s Social Media for help in putting together your strategy.