The Importance of a Good Marketing StrategyPublish Date: Oct 20, 2009
If you are starting a business you must have a marketing strategy if you want your business to be successful. Your marketing strategy will be determined by your business goals, the types of products or services which you offer, your target market, and your competition.
Your marketing strategy is different from your marketing plan. The marketing plan for your business entails the actual things you will do in order to reach your marketing strategy goals.
Improve your profits
Following are several ways your marketing strategy will help your business:
- Give you a better understanding of your customers' needs
- Help you determine the best opportunities on which to focus your efforts and your resources
- Improve the way you market to your current customers as well as potential customers
- Improve your profits
- Help you brand your business to give you the most competitive edge in the market
- Help you hone your competitive edge so that potential customers choose you over your competitors because you offer products and services which better meet their wants and needs
- Consistently increase the demand for the products and services you offer
So, now that you know several ways in which a good marketing strategy can benefit your business, you need to determine how to create one. Following is a list of things you will want to include in your marketing strategy:
- Describe your company – what kind of company you are, what you do, and what types of services or products you offer
- Identify your target market – who is going to be buying or using your products or services
- Identify and describe those things which set you apart from your competitors
- Decide your business's place in the market – i.e., will you follow or lead your competitors? Or will you challenge them?
- Define your company's niche in terms of its category in the market place, e.g., high-end women's apparel, coffee shop, etc.
- Identify how your pricing will compare to your competitors
- Identify how you will promote and advertise the unique features and benefits of the products and services you offer
- Clarify your company's brand or image
- Describe how you will get your products and services to your customers
Rather, you want to update your marketing strategy when the market indicates it is necessary.
With this list you are ready to create the marketing strategy for your business. Keep in mind that there will be times when you will want to review and revise your marketing strategy. This isn't something you need to do on a regular basis. Rather, you want to update your marketing strategy when the market indicates it is necessary.
For example, if one of your competitors introduces a new product which is quite different from anything you offer, then you may want to revisit your marketing strategy to maintain your competitive edge. Another situation would be when your business has reached its goals and it is time to establish new ones. Also, any significant changes in the market in general should cause you to review your current marketing strategy and adjust it accordingly.
Your marketing strategy can make all the difference with regards to the overall success of your business.