Whether you are launching a new product/service or simply uplifting the way you are introducing it to the market, finding the accurate marketing strategy is more and more of a challenge because of the rise of several marketing methods and a rising stress on ROI.
Unfortunately, most companies do not know how to adopt the adequate marketing strategy, even before starting it. They directly jump to choosing the marketing channels (Facebook, email, PPC, etc.) prior to doing all the groundwork.
Here are a few tips to help you create an effective marketing strategy.
What is your value proposition?
The first thing to do when building up your marketing strategy is to identify the value your product/service offers to your customers. If you are marketing an existing product/service, it would be great if you ask your best customers what they like the most about you. If you are launching a new product/service, deeply consider the benefits that your product/service can offer. Then you can make use of these tactics to be able to identify your value proposition.
What makes your product/service unique?
Compare your services with the competition. Do not make the beginner mistake by saying that you “have no competition” even though no one provides the exact same service, you will always find someone offering a similar service. Ask yourself who will your customers hire if not you? Try to find out what makes your product/service better. Price? Availability? This distinctive differentiator should be the basis of all your marketing campaigns. Market this benefit as much as possible as this is one thing that your competitors do not have.
Who are your customers?
Now you have to define your target audience and understand them by setting a list of attributes that characterize them.
Where are your customers?
Once you define your target, you need to know where they spend their time online and offline. By reading research reports, talking to industry veterans, and speaking to your customers, you can get the answers. You should be perfectly clear on the whereabouts of your customers – online and offline.
Finalize your marketing channels
Finalizing your marketing channels will be based on the answers of the previous question. For example, if your customers are actively searching for your services on Google, then invest in AdWords or Search Engine Optimization (SEO). If your customers read a specific magazine, advertise in that magazine, etc. Always keep in mind that your customers should define your marketing channels. Consequently, never start with the channel and then look for customers.
Define ONE universal metric
Suppose you are working on different channels such as Facebook and email, it is crucial you define one metric to measure their efficiency. Once you are able to recognize which channels are performing better, you can assign your budget to the channels accordingly.
Test, Tweak, Repeat
It is vital to tweak your marketing tactics based on the performance of numerous channels / tactics. As your customer’s behavior changes with time, you will have to adjust your marketing strategy accordingly. Make sure you keep on testing the different variations of the campaign and tweaking your campaign based on results.