Successful businesses keep their minds preoccupied with marketing strategy 24/7 from day one. Having the strategy in mind before you start deploying it into effort is the main characteristic that sets apart successful businesses from the ones that fail.
And why do businesses fail to sell their product? It’s interesting how everyone looks for the ideal marketing approach online. And everyone tries to craft a perfect social media post without realizing how important it is to create a solid marketing strategy behind it first.
But, what is marketing strategy exactly? Well, to begin with, you need to look towards it as a compendium of data, skills, and techniques. These skills can equip your business to use its assets to your target market and increase sales and profits. And they can create brand awareness and competitive advantage in the process.
A house cannot stand still without foundations. That’s true for every aspect of your business too. When developing your marketing strategy, you must have a foundation first before you plunge into promotional activities. You need to be sure that you’ll win the market. Nothing less than that!
Without further ado, here are the three pillars of a successful marketing and business strategy:
1. Target market segmentation
To reach your sales goal, you have got to understand how your product can penetrate the market first. You have to know if your product will be successful. And know that before you even begin with your marketing efforts. If you understand the importance of market segmentation after your launch, you might miss the train that carries successful products.
It’s very typical of entrepreneurs when they think that their sales and Return on Investment (ROI) are not good enough because their product is not good enough. And then they tweak their product to confuse those who would start buying the newer version. Often, even the sales team is accused of not doing its job like it should.
But the truth is, perhaps your sales team doesn’t get the right leads. And your product will only be successful if you understand your target market. That’s how you position your product and penetrate into the accurate market segment of your niche.
2. Lead generation
In most of the cases, a business will succeed or fail based on how good the potential buyers are generated. The right buyers will bring you the revenue. Blasting emails or spamming on social media will not get you to the right clients. And it’s not a marketing strategy at all. Instead, generating qualified leads even if it’s not a big list is the best way to guarantee a revenue from your sales efforts.
Lead generation must be an effective process. You have to be aware of the client’s voyage and what triggers him to make his choices. The only qualified leads are the ones that are actually interested in your product. When you understand that, you’ll realize that generating leads for your marketing and sales strategy is a science, and not a straightforward task.
Here, the mapping of your target market as well as defining your product’s advantages are just two of the parameters that need to be perfect in order for the lead generation to succeed. Like we said, it is science, it’s not guessing.
3. Competitive advantage
There is always some kind of competition out there. Someone is already in the market wanting your potential client’s money. What is that one thing that will make the customer spend the money on your product or service instead of the competitor’s product?
The audience can only be attracted with uniqueness. And to find out what is your uniqueness or create one, you need to go back to market research and segmentation.
Is your product cheaper and better than most of the products in your niche? Then great, that’s what most of the potential customers look for in the first place. But you need to discover where that place is.
So, to sum up, you need to understand your product or service, who will want to use it, the marketplace and the competitors. The value of your product can only be communicated through a thoroughly developed marketing strategy from the initial development and launch of your product to maturity and post-start-up phase.
It doesn’t matter whether your product is something tangible, that can be touched by hand or something that can only be used via computers or the internet. Only by identifying your target customers and developing marketing strategy will your business will be successful.
With over a decade’s worth of industry experience, at BizzBee Solutions our valued clients represent and come from different backgrounds and industries. Focused on SMEs and start-ups, we believe in the consistency of hard work and the magic of efforts put in to achieve success. Our business model is vested in our philosophy and we leave you to focus on the core of your business while we take care of the rest for you. From formulating business plans to setting up market research campaigns and much more our experts align themselves with your organization’s long-term strategy and while you’re busy materializing your aspirations, we offer you a helping hand in achieving them.