Basics of Marketing Strategy Every Entrepreneur should know

Basics of Marketing Strategy

Marketing is the most important factor of a successful business. To do effective marketing you have to choose wisely your marketing strategy. Here we are going to tell you about the points of basics of marketing strategy every entrepreneur should know and consider choosing a marketing strategy for your startup. We will start from defining marketing strategy.

Definition

A Marketing strategy is a strategy used by businesses or any organization to promote their product and services, targeting the goal of achieving a long sustainable advantage. It is a forward-looking approach, which targets for advantages in future and not immediately. It involves strategic planning which requires analysis of various factors relating to business, company, and market. It is used by companies to collaborate with their customers effectively. It is used to aware the customers about the features, specification, uniqueness, and benefits of the company’s product.

Strategic marketing addresses three basic simple questions –

1) Where are we?

2) Where we want to go and going now?

3) How we are going to get there?

These three questions are the basics of marketing strategy and should be considered before choosing your marketing strategy. The first question focuses on considering the exact position of the company in the market. The position of your company decides your marketing strategy. If you are a startup then your marketing strategy should be different and should focus on describing your uniqueness and introduction of your product or service. If you are a well-known company then your marketing strategy will be different.

The second question simply asks you to decide your goal position where you want to see your company and that should be clear definitely. The third question includes thinking about the many ways through which you can achieve your goal. This includes choosing an appropriate marketing strategy.     

Tips for choosing a strategy

The Marketing strategies might be totally innovative created by you for your specific company product. They can be previously tried or tested strategies. There are different types of marketing strategies available and you have to pick as per your requirement. These are some points to ponder before choosing the one.

Define the target population

It is the main and so important step you should consider. You should be clear which type of people will be using or most interested in your product or service. Be it a student, a housewife, an employee, children, elders or adults. Your marketing strategy should effectively target your target audience and should describe how your product can help them or will be beneficial for them.

Test your audience

If possible, you should try your marketing strategy and then observer the behaviour and reaction of the audience towards your product or service. Depending on the observation, you can select a more appropriate marketing strategy.

Consider Market

You should always have a research on the market. Once you know the demographics, knowledge, statics of the market, you can select the more appropriate strategy for that market. (Read here more about understanding the market).

Evaluating Strategies

After choosing the marketing strategy you should asses them, apply them and evaluate them. You should regularly observe the outcomes of your marketing strategy and its related stats. You should also be aware of the strategies in trend, strategies used by competitors. To compete with them should also adopt that strategy. Adapting marketing strategies in trend is almost important and you should always adopt that strategy if it is appropriate for your business.

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