The marketing strategy should always be built upon market analysis. The purpose of this document is to describe how your business fits in the current market and what actions you can do to improve its position. You can’t write a marketing strategy without conducting a thorough market and competitive research. So, that’s the best point to start from.
The market analysis will help you to create a unique marketing mix that will perfectly fit your company’s offer. The marketing mix is usually shaped by the four most important variables. These are Product, Promotion, Price and Place. Still, many people mix marketing with advertising (which is the part of the Promotion variable), and they don’t know that the marketing strategy should cover a much wider segment of their business operation.
Advertising is still a very important part of any marketing strategy. It should define the methods and channels that will be used to promote the product. Still, the advertising segment is far from being the simple list of media used for promotion. It’s also a log that keeps track of all marketing procedures that company is using, tests their efficiency and compares them to one another. Since this strategy enables you to plan and optimize your company’s marketing in real time, you should try various advertising techniques and check how they work for your product.
These are some of the advertising techniques and channels that you can add to your marketing strategy:
Social media have quickly become the most dominant advertising channel, primarily because of its great targeting options, scalability, and advanced analytics. Consumers leave a lot of personal and behavioral data on their profiles, and social media ad platforms use it to provide advanced targeting options to advertisers. Running social media pages can also be classified as a PR and customer service activity. It helps companies to build and maintain a good reputation and to establish a direct contact with their customers.
These are some of the most popular social networks; businesses use for advertising, PR and customer support purposes:
- Facebook – the most popular social network, with a highly accurate ad platform
- Twitter – runs in real time and many companies use it for customer service and support
- Snapchat – the most popular channel for targeting Generation Z and other young and restless consumers
- LinkedIn – social network that can be very helpful for targeting business and career oriented people
- Pinterest – contains thousands of interesting galleries and it’s widely used by craftsmen and small business entrepreneurs for showing off their work
People love free things. Many respected economists and marketers like Dan Ariely have been investigating this phenomenon, and they’ve determined that the power of free can be used as a powerful promotional tool. Companies often print lots of promotional merchandise and give it away to their targeted audience. This way, their customers become their best brand advocates.
Commercial printing is very affordable today, and companies have a wide selection of different promotional products at their disposal. The products they choose need to be useful and good-looking. By choosing the most suitable promotional items, marketers make sure that customers will use them and promote their brand name. For example, companies can buy printed non-woven bags and give them away to grocery shoppers. This way, consumers will promote their brand every time they go to the local store.
Although good articles can create a steady influx of visitors on your website, you should still diversify your online content. Creating and posting infographics will make your company’s blog more colorful, and they should have a place in every digital marketing strategy. Creating infographics starts from elaborate research on the specific subject. After finding all the necessary data and statistics, you should find a way to present them in the graphic form. For this task, you can use various tools, including the open-source and fermium software and web platforms like GIMP, Inkscape or Piktochart.
The video is the most effective form of online promotion. This type of content can easily become viral and gain huge popularity on social networks. Big companies invest millions of dollars in creating promotional videos and the price the average cost of 30 second Super Bowl commercial last year was more than $4 million. Still, even small businesses can make viral videos. For this task, you just need a good DSLR camera, microphone and a video editing software.
When creating a marketing strategy, you need to assess your means precisely. Conduct a quick financial analysis and determine the marketing budget on which you can count on. Marketing process may look good by itself, but it needs to be closely tied to your company’s financial status. Every action you add to your strategy needs to create a high ROI and help the development of your business operation.