Planning a marketing strategy is a critical step for any small business. Not only will it allow you to achieve the goals you’ve set upfront faster, but it could make it easier because of the added focus and effort for those specific activities.
Here are 5 steps you should do to come up with the right marketing strategy for your business:
1. Define your target market
Without knowing your target market, it’s like shouting at everyone who don’t want to hear about your business. There’s a better solution though. Before creating marketing message that speaks right to the heart of your market, you have to define it first.
Target market can be a group in the same demographic. You can optionally narrow down to one specific individual that you target in all your marketing effort.
2. Come up with your USP
Unique Selling Proposition (USP) is the only thing that makes your business or product different from others. FedEx may be offering the same services as others, but they are the one who could guarantee overnight delivery if you must have it.
Domino doesn’t try to competing on the taste, but instead it attempts to fill in a niche that wants pizza quick and easily. It shines through their slogan and that becomes a USP. Sometimes USP can be as simple as pricing or guarantee.
3. Jot down interesting features and benefits
A list of features and benefits allows you to know your products better. When it comes to selling, especially on the Web where you don’t meet with the prospects directly, you must deliver all the benefits and features or the product.
This is not so to tell that your product is loaded with benefits, but more about letting the prospects know about what’s in the product. Some customers are going to buy only because of the one or two benefits they can relate to very well.
4. Positioning
Positioning is about how you want to place your product or service in the marketplace or how you want the target market to see your product.
Volvo is known for its safety. McDonald’s positions as a fun place for kids.
Positioning makes your product and service more memorable.
5. Identify marketing methods
Based on your budget, identify some marketing methods that you can use to target the target market you’ve defined in step 1 above with the message you created in point 2-4.
Marketing is an investment. While you can do it on a shoestring, there’s always a cost involved in doing it. If you want to save money, chances are you must invest more time to achieve the same results.
Identifying the right marketing strategy helps you grow your business faster and on the right track. With a plan, you can avoid shooting in the dark by going right to the target.
These steps may seem to be simple but don’t overlook it by any means. Getting clear on the goal and set work on a plan to achieve that is effective not only in business but in every part of your life.
With a clearly identified marketing strategy, you should feel more focused and get more things done, so set aside one or two hour and do it.