11 Sep 2014, 10:32 — 4 min read
In a crowded market place, the effectiveness and strength of a marketing strategy will determine the success of the product or service. As compared to large corporations, small businesses often have limited budgets, so it is essential to have a sound marketing plan that is creative and cost-effective. Here are four practical tips to devise a successful marketing strategy
“Don’t find customers for your products; find products for your customers.” ~ Seth Godin
Assess your target market
The next step is to conduct a rigorous market research and define the parameters of the customer base. Determine the average age, gender, marital status, education, family status and income of customers. Create a persona of the model customer. Try to objectively evaluate the product through the eyes of the ideal customer. This is the method to gain insight into the mind-set of consumers and this will help formulate an appropriate marketing strategy. The sales process will become considerably smoother, if one can offer solutions or benefits as per customers’ needs.
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” ~ Peter *. Drucker
Determine where your customers and prospects meet
The primary marketing message must be kept as the focal point of the marketing strategy and at the same time, entrepreneurs can create variations that incorporate other selling points. This helps to provide a broader base to the marketing strategy. People’s buying habits are determined by benefits and solutions to problems. Hence, it is always better to craft a message that tells customers what you can do for them rather than only describing the product. By addressing the needs of the consumer, entrepreneurs can build healthy relationships with the customers.
“What we really need is a mindset shift that will make us relevant to today’s consumers, a mindset shift from ‘telling & selling’ to building relationships.” ~ Jim Stengel
Do not ignore the internet
SMEs in India have not yet fully explored the power of online marketing. Having a robust website is one of the easiest ways to showcase a product and establish an online presence. Innovative business owners must explore social networking channels, blogs and online advertising as part of their marketing strategy, especially if the target consumer base is below the age of 60.
“There’s a lot of fear mongering about ‘losing control’ of your brand online, when in fact, you’ve got control over as much as you always have: how you present your business and how you act.” ~ Jay Baer & Amber Naslund
Posted byGlobalLinker Staff
We are a team of experienced industry professionals committed to sharing our knowledge and skills with small & medium enterprises.
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