Marketing strategy has become a common buzzword. Everyone likes to play around with it but no one truly knows the right marketing strategy formula. Some folks start with market research campaigns, some start from customer profiling and behavior if the business already has some customers, and some start form the product perspective. Every approach has its good and bad sides.
How to build a marketing strategy
To be honest, there is no right marketing strategy formula. If you consider things closely you’ll get to a conclusion that no matter where you start your marketing strategy, you’ll need all three elements from the paragraph above market (placement), product, customer profiling (price decision among other things). There is one last thing to add in order to make it complete, and that’s promotion. It all comes back to Kotler’s 4P model, but in a perspective of the 21st century marketing approach.
But, before all of that, since we’re talking about strategy we need to set or have some goals first.
Set up your business goals
Business goals are pillars for any business success. They are the foundation for any type of planning each sector in the company has. Their goals must be compatible with the main business goals. Google has their OKR planning which many other companies use as a planning methodology. They rely on 3-5 main goals defined on a yearly basis. When yearly goals are set, you have to define your quarterly goals where one of them will be marketing strategy oriented.
Setting up these goals is sometimes very hard, and demands much time and effort. But don’t be discouraged, when you and your team finish it’ll be much easier to generate proper marketing goals.
Setting up marketing goals
If your business goals are properly set up, you’re on a good path for setting your marketing goals. These goals need to have defined metrics. As Pirelli’s moto says power is nothing without control, so are marketing goals without metrics. Every goal needs to have metrics set because you need to know whether you’re on the right track or not.
Online business is very dynamic, and you need to track your visitors and their behaviour especially on ecommerce site on a daily basis. Goal revisions are necessary from time to time since markets are changing very fast. Metrics will tell you how often. There are a lot of software solutions for online business tracking. Google Analytics, Yandex Metrics, Piwiki are just some of them. They are very powerful when it comes to tracking, but you need to adjust them to your marketing and business goals.
Now you need to pull your sleeves and dig in. This is maybe the hardest thing especially if you have a business that has an offline and online part. People don’t usually behave the same on your website and in your store. Demographics, social factors and trends, even political climate in your country shape the way you visitors and customers interact with your brand and product. Knowing your dimensions, hypothesis and metrics will help you a lot with your research.
Doing pools with chosen focus groups in parallel with your market research will help your with the step that follows.
Potential customer profiling
Market research and focus group poll results will help you with two main things:
- Creating your customer profile
- Identify customer needs
Customer profiling will help you realise who your customer really is. Your marketing strategy will mainly be based on your customer profile, and you’ll use that profile to acquire more new customers. On the other hand, you’ll need to figure out how to retain your existing customers. This is done with a little bit different marketing strategy segment called customer nurturing where you’ll send them targeted emails, track them with new offers using digital marketing tools and stay on their radar.
Develop a good digital marketing strategy using digital marketing tools
When you know who your customer is and what his habits are, you can easily target him with digital marketing campaigns anywhere in the world. Facebook ads, Adwords, Programatic ads are all means for a successful digital marketing campaign. You can retarget your customer if he sees a product and doesn’t buy it, or reads an article and doesn’t subscribe. Your options are limitless. Using video in your campaigns is a great way to attract your customers attention. Nowadays video format is the most consumed format on the social media networks. Making an animated explainer video about your product or a service, or a reel video that shows what your company does will definitely draw more leads to your basket.
To sum up using 4 Ps for creating a good marketing strategy isn’t enough today
Product, price, placement and promotion definitively isn’t enough to compose a good marketing strategy. You need to extend these with people, processes and physical evidence. Customer profiling and scanning their behavior, whether online of offline, will help you develop processes in your store and business to be more efficient and your staff more effective. No matter whether you’re selling insurance or dropshipping, your customers are still receiving some kind of document that the transaction has happened. It doesn’t matter if you’re not selling physical goods, you can still send promo coupons and materials with the documents you send to your customers stimulating them to buy more from your store. Simply said you need to make it personalized, and your marketing strategy needs to be oriented on all of the 7 Ps but his majesty the customer needs to be number one. Bulk offers are history, it’s all about pampering the customer nowadays.