In order to maintain existing customers, gain new customers and to keep a good reputation, company’s will employ various marketing strategies. By having a plan and being focused, a business can utilize resources to the maximum, and win new customers that would otherwise be taken by your competitors.
When developing a business plan, market research needs to be carried out first, then you are able to design a few marketing strategies of which you can create a step by step plan for implementing your chosen strategies. For bigger, more long term projects, you will need to select different strategies, whereas smaller, part time projects may only use a single strategy. A well drawn out strategy will be created to meet the needs or desires of your target market.
Each of the strategies will have a forecast of what the outcome of the campaign will be, and steps then taken to fulfill the goal(s) of your business. Having a well designed marketing strategy means you have a good foundation, and your house of profits will build up, not a house of cards that will fall down due to bad planning.
You would need to analyse how well (or not) your campaign is running at regular intervals, such as once per week or once per month. It isn’t a good idea to blindly post promotions online without ever checking whether or not they are producing results for you. Strategic models are used for such analysis. The one used for getting an overview of strategic position of the company is known as the ansoff model. There are three parties to be involved in this strategic triangle, which are: customer, corporation and competitor.
The price you choose to sell your product or service will be dependant on various factors. These include product identity, competition, market share and perception of the customer. The place where your product will be sold can include from a bricks and mortar store/shop, or online shop or blog. It is a good idea to experiment with pricing, and always A/B split test every campaign you roll out.
A good marketer will have a contingency plan, should things not work out as planned. If your first campaign does not succeed to the level you had previously forecasted, a review of your marketing plan is required. In conclusion, developing a robust, clear and concise plan will always do better than single shot, ‘hope for the best’willy nilly approach.
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