Marketing Strategy: Marketing Research and Communication Strategy
A clearly defined business marketing strategy plays an instrumental role in the success of your business. Even if you’ve developed the best solution in the world, what good is it if you’re offering it to clients that have no interest or can’t afford it? How can you demonstrate your product’s value if your solution doesn’t seem different from existing solutions? And perhaps worst of all: what if your solution is a major success, but you’ve discovered that your business model isn’t viable? While your client benefits from your solution, your company just accumulates losses. In order to avoid these nightmare scenarios, ask yourself: who, what, where, why, and how?
Who are you targeting?
First, you must analyze whether you are addressing the most profitable target market segmentation for your business. Are you targeting your marketing to your ideal clients?
What is your marketing message?
Ensure that you simplify your marketing message to your potential buyers by creating your positioning marketing strategy. Like one of our clients once said: “I want my mother to understand what I’m offering in my business”.
Where do you stand in the market?
Now you have a firm grasp on the who and what, you need to know how you stack up against the competition. With a proper competitive analysis, you can understand what advantages your company can bring to the market
Why should clients buy your product?
Making sure that the target market needs are met with your offering is very important. This is the key that unlocks the door. Only if you identify the right market requirements for your solution and then implement it according to the functional design specification, you would be able to create demand for your solution over the competition.
How can you put it all together?
Now that we have ensured that there would be a demand for your solution, you just need to ensure your profit model and pricing makes sense both for your clients and for your own company. After you’ve established the strategy, you have paved your way to prepare a strategic marketing action plan that can provide a roadmap for lead generation marketing campaign execution!