Many companies offer similar product offerings. What is important is setting yourself apart with a marketing strategy that stands out from the crowd. A marketing strategy is a long term approach to branding that sets fundamental goals for achieving a competitive advantage. Here are 5 key fundamentals to finding and developing a great marketing strategy.1. Know Your Customer Value
marketing strategy you have to ask yourself just who your customers are. Demographics, geographics and so much more go into a buyers persona. Once you know just who your customer is, determine their value to your company. How much revenue does this ideal customer usually bring to your business? Determining your customer value means that you can weight out different marketing channels depending on what encourages them to buy.
2. Figure Out Your Strengths
Recognizing your strengths and weaknesses is essential in developing your marketing strategy. Performing a SWOT analysis is a good place to start. Once you’ve recognized your strengths, incorporate them into your marketing strategy by highlighting them through the buying process.3. Understand The Buyers Process
This buyer process differs depending on what product or service industry you are in. The process includes: recognition of want/need, search for information, evaluation of alternatives, making a decision, and post purchase evaluation. Understanding the buyer's process allows you to develop different content marketing at every stage.4. Get Social
In this day and age, social media buzz and marketing takes center stage. Developing a social media marketing strategy is crucial to business success. On average over 50% of the world's population checks Facebook at least once per day. Always remember, it’s quality of posts over quantity of posts.5. Monitor the Metrics
Measure the success or failure of your campaigns. Data will give you good analytics on what is happening or possibly not happening. Data will tell you, whether you like or not, what to do and how you can shift the direction of your campaign. Make your decisions on data not intuition.
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