5 steps to developing a killer marketing strategy

Business owners often depend on intuition or what we call “go by your gut” feeling to make important business decisions and while they may prove to be beneficial sometimes, it never hurts to give in to impulsive decisions backed by data and statistics. We delve into how conceptualising a marketing plan can have a little bit of both – intuition and planning, to help one define their business goals and navigate a path to achieve them.

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Here is how you can develop a marketing strategy, and it’s only five steps, we swear.

• A unique selling proposition (USP) is crucial to any business strategy and the goal is to frame a proposal that accurately describes your product or service and why is it compelling.
• Your target audience is the kind of people you’d want to convert into potential customers. Define your target market to see who shows more interest in your product.
• Comprehend the advantages, benefits, impact of your product or service. Also see if it is going to have a positive impact on your audience or not.
• Understand and define how and where you will position your services. The best way to do it is to understand the demographics first and this will facilitate your establishment to understand what platform will be the best suited for your audience.
• Defining marketing methods. There are three ways to make this happen –

Internet marketing, direct marketing and public relations. Understanding demographics will lead you towards this. Use this opportunity to explain how your product or service is better than the rest in the market.

Always remember that your unique selling proposition or USP is what sets you apart from the rest. It is also a good idea to keep a reserve budget handy in case you come across some troubled waters, which is mostly the case when an establishment is trying to carve out a roadmap.

The best way to keep yourself on track is to revisit the market plans from time to time to check whether you are hitting the target or not. A marketing plan is going to make your job a lot easier; however, with changing circumstances, plans might need some tweaking. Do not be afraid to review it again and again.

Critiquing the supposed success and shortcomings of your company is a great way to keep the plan on track since constructive criticism is known to help improve. You just need a notepad, a pen and paper and a quiet place to think in and you’re set.

Read Also: Creating a strategy for powerful content marketing