Marketing has evolved over the years from an environment focused on product and sales to one more concerned with customers for life; Customer focus is more important than a quick sale.

A marketing strategy is a business direction that helps guide a company when making decisions. The strategy is based on objectives, a competitor and a review of the market and is adjusted to time scales.

In truth, anyone can register a business in a business home, open a bank account, and even acquire clients. For a business to be successful, you need a marketing strategy that targets, targets, and positions your product for a specific customer, at the right price, and at the right time.

Segmentation

Consumers come in different shapes and sizes. Segmentation allows a company to divide these buyers into different groups and monitor their characteristics so that they can better meet customer needs.

The most common segmentation is by gender, age, and geographic region. Other segmentation variables can include;

– Socioeconomic: social class (A, B1, B2, etc.)

– psychography: beliefs and values

Orientation

After segmenting the entire market, the next step is to target your product or service to a key area. The alternative is mass marketing; a product promoted to all market segments.

An example of targeting can be found in the insurance industry. There are car insurance providers for women only. Gender has been divided because women are statistically safer drivers, which is what insurance providers want.

Positioning

The positioning of your product is largely in the mind of the consumer. It is the responsibility of the company to transmit the segment and the target audience they want. For example, there are some auto insurance companies that target women by positioning their product with catchy jingles and pink cars.

The marketing mix (7P’s)

Your marketing strategy will support your marketing mix (marketing plan). The marketing mix is ​​a plan to focus your business, set standards, and target specific markets.

The marketing mix consists of;

Product – What do you sell? Who do you sell it to?

Price – How much does it cost? Are there any discounts? Is your pricing strategy penetration or skimming?

Place – How does your product get to market? Through what channels do you sell?

Promotion – How do you communicate and sell your product?

People – Who is involved in the process? What do they say about you?

Process – What happens during the manufacturing / purchasing process?

Physical evidence: are buildings, brochures or packaging (something tangible) important? If so, what is your position on these?

A marketing strategy will differentiate your brand from the competition, while your marketing mix will allow you to focus your product on a specific market for a specific consumer.

Most companies think strategically but don’t put it on paper. This is a dangerous approach when your business starts to grow and you employ staff. Everyone has a vision of how a business should grow, but only the CEO or owner can guide the business and everyone else must follow their lead. A marketing strategy will guide the business in the short, medium and potentially long term as well.

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