Marketing Strategy is a big fluffy word and it can be used by the marketing folks to impress clients or prospects. Such a talk can easily become a useless mumbo-jumbo so better you get to the meat of things.
In simple words, Marketing strategy is your answer to the “How?” question. Or at best it is your damn personal answer to how you are going to solve a problem in the market.
How you are going to do it, is your strategy.
You can call this a marketing strategy or business strategy but the basic concept is the same i.e an answer to the “Hows”.
In essence, there are three rules to develop an effective marketing strategy.
Marketing Strategy: 3 Rules
#1 Know your the Target Market of your Business
In order to select your target market, you must undertake a segment analysis. This includes the whole demographic studies in order to determine what options do you in terms of a potential buyer in the market.
Segmentation analysis can be a simple day-to-day observation. For example, you might find a spot which can be a good location for several business ideas.
Ideally and professionally, you would dig deep into the demographics elements such as age, income, status, interest, values, religions, culture, region, life aspiration and more to eventually determine what we will discuss in the next section #2 here next.
#2 Decide on the targeting approaches.
You better ask your team the following three questions:
Do you want to serve all segments with one product? (undifferentiated)
Do you want to serve a different segment with different products? (differentiated).
Do you want to serve a single segment.? (focus/niche).
The answer to these questions would determine your approach. The undifferentiated approach is not only simple and straightforward but also economical. You have got one product and you are going after all segments of consumers in the market as you do not have to create any different marketing programs.
Just one marketing programs everywhere would do the job. Generally speaking, undifferentiated targeting is not a good idea, especially, when technology has made customization so easy today.
#3: Product/Service for the Target Segment
Now, this is where you go ahead and bring out the product or service in the market and start raising awareness about it.
The awareness part is the communication part of your marketing strategy and it includes essentially all elements of promotion to reach the target audience.
Note: This article to be continued and updated a few more times to complete. Till that time, it will have no proofreading and editing.