Marketing is an essential component of a business. It is considered the heart of the company that serves to transform production activities to outstanding financial performance. Marketing is the primary key, regardless of any business you had. Many business owners are reluctant to make simple marketing strategies, because they believe that it requires much effort and investments.
Below are eight tips to follow in developing simple marketing strategies. Consider these tips in order for your business to reach its fullest potential.
State your marketing objectives.
Possibly you want to increase the awareness of the service and product you provide, increase revenues, and sales by a certain percentage. You are stating your marketing goals or objectives to make you more intentional in your business scale. But in doing so, be realistic about it; be sure that it is quantifiable so you can easily measure the progress toward achieving them.
Identify the demographics of your target market.
Another way of determining your customer’s demographics (e.g., sex, profession, income level, or business) is to write a brief description of your target audience. Determine your target market. Your target market is not merely buying your products, but it consists of businesses or individuals you can identify as your most desirable customers.
Identify your competition.
One way is identifying other businesses that offer somewhat similar services and products to your target customers within your price range. Once you have already placed your competitors, make sure to evaluate and analyze that business. Select two to four business competitors and identify their strengths and weaknesses. How do they promote their product? What is their pricing strategy?
Describe your product and your service.
A product may be a service or commodity, or both. What are you offering? How do customers perceive the benefits of your products? Another question you must address is this, can you appeal to health-conscious and environmentally conscious customers? So, you must always bear in mind that your business will be out of business without your customers. It is still essential to give your customers the reason to remain loyal in buying your products.
Define your place and distribution strategy.
When it comes to place, we are to think more than just your business’s physical site. This place also includes a strategy on how to get the products in the hands of your customers. Always consider your distribution plan and determine the best type of packaging for your business.
Choose your promotion strategy.
Promotion in marketing refers to the entire set of activities that make the people informed about your service or product. It deals with how to interact and connect with your customers or buyers. Today, social media is one of the most used and effective platforms in promoting your business.
Develop a pricing strategy.
Pricing strategies such as flexible pricing, cost-oriented pricing, and relative pricing. Typically, your price should always be based on the prevailing market prices. It should cover the total cost of production, including profit. To get the high value and maximum price, try scheduling the output when there is limited competing supply.
Create a marketing budget.
It is excellent to identify how much money and time you want to allocate in marketing without unlimited resources. Estimate the marketing cost for any marketing strategy and always stick with your budget and objectives.