Launching a new business, or need to get higher sales? It’s time to put together a bona fide marketing strategy. Polish the basics of marketing.
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Marketing has evolved over time, now including subsets such as digital marketing and viral marketing.
The term has many layers, but its basic purpose is to attract customers to your product or brand using messaging and, ideally, convert prospects into customers.
The main branches of marketing are business-to-business (B2B) marketing and business-to-consumer (B2C) marketing.
To find out how to create a marketing plan, let’s dig deeper into small business marketing strategies.
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What is marketing?
First, let’s answer the question: What is marketing?
According to the American Marketing Association (AMA), marketing refers to ” the activities, set of institutions, and processes for creating, communicating, delivering, and exchanging offers that have value to customers, clients, partners, and society at large.”
We can break down these types of marketing into 9 different categories.
Content marketing: information that educates and engages consumers with helpful tools, tricks, and tips about your industry. This content strategy includes blogs, social media posts, videos, podcasts, and videos. Content marketing helps the customer journey and makes you seem like an expert.
Social Media: there are many social media platforms that target different audiences and posting on these platforms engages and entertains your consumers, generates new leads, and generates sales. For example, LinkedIn is a more professionally oriented platform for business and job advice, while TikTok targets a younger audience.
Influencer marketing: businesses find thought leaders or celebrities, for example, in their industry, and hire them to talk about their brands and products. Followers on social media and other channels listen to what they have to say, providing exposure and sales.
Search Engine Marketing: Search Engine Marketing is the key to using keywords and phrases recognized by search engines such as Google to rank in search and tracking data. This includes SEO, PPC, and SEM, all of which are key in helping your target audience find you online.
Marketing and advertising
Some people may think that marketing and advertising are the same. This is not the case. Rather, advertising is part of marketing.
According to the Economic Times, ” advertising is a way for companies to encourage people to buy their products, services or ideas. Advertising is one of the elements of marketing.”
Now the question remains, How do you develop your brand and increase sales using marketing strategies?
The 4 P’s of marketing are: Product, Price, Place, and promotion.
The 4 P’s of marketing
Here are tools to help you understand what is involved in marketing. This is referred to as the 4 P’s of marketing mix and will help pave the way for you to outline your marketing strategy.
Remember that each one is not separate from each other and they will overlap over time. The 4 P’s are Product, Price, Place, and promotion.
Products
The product is what you sell. It can be tangible, such as a car, groceries, or clothing. It can also be intangible, such as services such as consulting, coaching, or college classes.
Products are usually referred to as goods or services purchased by customers. A product can also be a combination of tangible and intangible. For example, you buy a car, and there is a warranty for certain things that can go wrong. This may or may not be necessary but is an additional part of the purchase.
Price
Price is the cost or amount of money that consumers need to buy the good or service. There are many components that go into pricing and figuring out what the price should be, including demand, competition, production costs, and how much consumers will spend.
Places
Place or placement refers to the place where consumers buy or find a product. This can be done in a physical store, online, or a combination of both.
For example, there are big box stores, fast food restaurants, specialty stores, and certain high-end luxury stores.
Promotion
It is a strategy that considers the target audience and how to advertise to them. In short, Who, What, Where, and why are your customers.
It looks at different target audiences and where they are, their wants, and their needs. It’s a mix of online and traditional advertising, sales promotion, public relations, and everything you do to sell. Promotion is a strategy to reach your audience.
Invest in marketing because it increases brand awareness, increases sales, promotes new products, retains customers, and attracts new talent.
What is the purpose of marketing?
Marketing is one word for many purposes. Marketing helps find and Channel potential customers into loyal customers. All aspects of marketing include various components that work together in a strategy for success.
Through marketing, you generate awareness, interest and action, as well as sales.
Increase brand awareness
Marketing and market research are essential to build and grow your brand and increase brand awareness.
Think McDonald’s, Coke, Google, Apple, and Target. This iconic brand has become popular-so popular that everyone instantly recognizes their name, logo and image as a whole. McDonald’s golden arch, Target’s Red Bull’s eye, and Apple-bitten apple became iconic.
But this realization did not happen overnight. It takes strategy, consistency, time and money to achieve this level of brand awareness. The more customers see and recognize your brand, the more customers you will attract, and the stronger your brand awareness will be.
Increase sales
One of the biggest goals and benefits of a marketing campaign is to increase sales. The more you get your name out there, the higher your chances of converting leads into sales.
It’s hard for consumers to buy products they don’t know about, and marketing increases your chances of being the product they think of when they need it.
Promote new products
Marketing is big business. Marketing is very important in attracting attention and creating excitement about the launch of a new product.
It is also important to tell your brand story and what the new product is about. Marketing makes your new product more interesting, engaging, and memorable. Marketing a new product creates demand among your target audience if done strategically.
Promotions include traditional marketing campaigns such as press releases, television ads, radio ads, billboards, newspaper ads, magazine ads, and printed catalogs.
Online promotion includes websites, blogs, social media marketing, and other virtual initiatives. The best way to promote a new product is to get to know your target audience and reach them where they spend their time.
Retaining customers
Retaining loyal customers is just as important as converting them. Once you get their first order, it’s important not to forget to keep it in your sales funnel for future sales.
The sales funnel is simply the buyer’s journey. It is a marketing strategy that channels customers through a five-stage journey. The funnel starts with a very large audience that is considered to be your prospects, and over time, it will eventually become a smaller group of highly targeted repeat and loyal customers.
Providing these customers, in addition to a great product or service, initially with excellent customer service, email messaging, social media campaigns, informative blogs, how-to tips, membership programs, exclusive sales, and other value-added promotions will earn their trust and retain them for future business. Remember, people like to do repeat business with people they know, like, and trust.
Drawing new talents
As your business grows, you will most likely develop your talent team. When your brand is well-known and markets strategically, talent looking for quality work will want to work for you.
Now more than ever, companies are incorporating their on-screen culture in their branding as part of their overall storytelling. They use testimonials from employees to share their thoughts and feelings about what it’s like to work at a company and why they are happy there. Finding the right long-term talent can be just as strategic as finding loyal customers who last a long time.
Marketing strategy in 5 Steps
1. Define your goals
2. Get to know your audience
3. Choose the right Channel
4. Track data
5. Focus on retaining customers
How to create a marketing strategy
Creating a successful marketing strategy is key to achieving your goals and building your brand. A marketing strategy includes where you came from, where you are now, and where you want to go in the future. This is an important part of your overall business plan and should be used as a map to guide you along your journey.
Take a look at the things to consider when creating a marketing strategy.
Identify and define your goals, both short-term and long-term, that correlate with business goals.
Know your audience. Create a buyer persona and define your target audience.
Secure software that will measure the success of your set goals.
Review media, including paid, owned, and acquired media to keep track of data.
Plan and create media campaigns and calendars for everyone to follow.
Set tasks and launch your strategy.
Focus on retaining customers.