How to Select the Right Marketing Strategy
When you are developing a marketing strategy it is easy to get confused. There are so many things to consider, so many goals and objectives, so many different actions and elements that drawing them all together into a comprehensive plan can be quite a daunting task.
So where do you begin? The first step for any marketing executive developing a plan is to stand back and take a view on the current situation. Before you can make plans you need to understand where you are today, you need to look carefully at the successes and failures of your recent activities and get a proper view on where you stand. You need to conduct a marketing audit.
The marketing audit is the foundation of a successful strategic marketing plan. With proper detailed research you should have all the information you need on things that worked well in the past, things that failed and the challenges that your company faces in the year ahead.
The next stage is figuring out how to select the right plan. Selecting the right strategic plan for your marketing activity is crucial for a successful business. Without the right plan to guide you, your activities can lack focus and your efforts can be wasted. So what is the key to choosing the right strategy?
It’s common to guide the question of strategic marketing by thinking about three related areas, commonly referred to as segmentation, targeting and positioning.
Segmentation is the action of dividing your market into meaningful sections. There are hundreds of ways in which you can do this; some may make more sense than others. You might look at age, gender or geography. You might look at lifestyle or income and there will be very different segments for B2B marketing. At the end of the process you should be left with a series of distinct and measurable market sections that you can aim your business towards.
Targeting is the process of deciding which segments are worth attacking. In this process you make a decision on which of the segments you will sell to. A lot of things can guide this process, the product you are launching, the country you live in or the cost of the product. One thing is for sure, there will be a segment that is easier for you to sell to. The skill of the marketing executive lies in working out what this is.
Positioning is the act of defining your marketing message so that it appeals to your market segment. If you have decided to target middle aged women, then in this process you would be defining a message or a product to reach that target segment. You need to come up with a message that appeals to your audience, use their language to address their problems.
It’s not easy or straightforward but following these three steps should begin to guide you on your way to a successful marketing strategy.
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