How to develop a marketing strategy

Marketing strategy is one of the main components of a successful business. It must necessarily be competitive, since only such a strategy is able to convince buyers to purchase exactly your product. An effective marketing strategy is also adaptive: in it you can always change some details by choosing the most working mechanism.

Instruction manual

1

In order to develop an effective marketing strategy, you must clearly know the quality of the product that your company produces, or the services it provides. Remember that you will offer a product (service) to people who have no idea about it, which means that you should know everything about the product, and most importantly, its advantages over competing products. Find out the features of the product, talk with the developers, determine its advantages and disadvantages.

2

Be sure to decide on the target audience - the circle of people for which your product is designed. For example, in the fashion industry, companies producing men's clothing and developing things for men and young people call their client’s type “our young man”. Therefore, determine the typical portrait of the buyer of the products of your company: his age, gender, social affiliation, income level. If possible, then try to find out the tastes and preferences of your audience, for example, conduct a survey on the Internet or using paper in the street, in a cafe, etc.

3

Find out who your competitor is. Identify as many products as possible that are produced by competitors and represent a real rivalry to your product. Try to figure out what kind of marketing strategies they use and how they stay in the market. Find out the prices set by competitors, the discount system used by them. Check out their promotional products.

4

Determine the base prices for your product. In doing so, rely on data from the development department and the sales department. Prices should not only be competitive, but also carry a certain level of profitability. Design a product promotion campaign, including sales and discounts. With their help, you can attract a fairly wide target audience, even if you do not have the funds for a full-fledged advertising campaign.