6 Key Steps to develop your marketing strategy
Overall, developing a marketing strategy involves several key steps:
Understand your overall business goals and ensure that your marketing strategy aligns with them.
Identify what you are selling and how your customers use those products or services. Consider the broader outcomes or benefits that your customers seek.
Gain a deep understanding of your customers and their needs, as well as your competition. Use tools like customer segmentation, PESTLE analysis, and Porter’s Five Forces to analyse your market. If you’re not familiar with these tools McCarthy’s four P’s is a great place to start – product, place, price and promotion. Develop the right product and make it available at the right place with the right promotion at the right price to satisfy the consumers and still meet the objectives of the business.
Assess the resources available to you for marketing, including funding and people. Ensure that you have a realistic understanding of what you can do with the resources you have.
Determine what sets your business apart from competitors and articulate your USP. This will help you define your target customers and market.
Determine how you will reach and sell to your target customers. Consider the 7 Ps of the Marketing Mix (product, price, place, promotion, people, process, and physical evidence) as a framework for your tactics.
The outcome of your marketing strategy will be a marketing plan that outlines how you will achieve your marketing goals. It is important to regularly review and update your marketing strategy to adapt to changes in the market, products, and resources. Additionally, establish metrics to measure the success of your marketing strategy and regularly collect data to evaluate your progress.
Cathy Burns, Director
Tel: 07940 461113.