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A well planned marketing strategy has multiple benefits. It will let you define business goals and plan activities to achieve them. It will guide you in efficient marketing of your products and services. You need a strong marketing strategy to design your sales objectives and what it will require to execute them.
The core of your Business success lies in its Marketing Strategy.
Marketing is an umbrella term that has lot of different activities associated with it. Advertising is way to propagate your marketing activity but consumer research is equally important to ensure your product matches consumer requirements.
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How to plan an effective marketing strategy for effective implementation of sales goals?
It is mandatory to carry out in-depth research in following three areas
The Market analysis
Know the size of your market and explore how fast is it growing as well as your customers spending behaviour and lifestyle habits.
The Competitor analysis
It requires effective monitoring of both direct and indirect competition and to what degree do they compare with your sales and marketing aspects especially their customers, their brand, price, location, sales channels, and others.
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The Company analysis
Analyse the overall business objectives, how do you plan to achieve them, your areas of strengths and weaknesses and its impact on your products and services.
Customer is lifeline of every business and you must put your best efforts to identify the target audience based on data gathered after research. Now you need to do the following
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Breakdown customers into different groups based on their expectation from your business. Expectations will tend to be subjective as different customers demand different things some want cost-effective while other will be determined to get an excellent solution.
Your position determines your future hence it is important to be familiar with your position in comparison to your competitors that too in all the segments like your delivery speed, your customer service skills and popularity level and more.
It will now appropriate to examine your product and service to decide what will work best for their marketing and keep you ahead of your competitors. Strength of your product or service can be measured based on the following.
What is that your product can offer extra in comparison to other products in similar category.
It is necessary that you should find out what elements will your like. You can find them in the USP by keeping in mind how the customer looks at your product and what will solve the customer purpose.
The ease with which you deliver the benefits to customers will shape your marketing message.
Image credit: MIT Sloan Management Review
Communication is important as an effective medium to let your customers be aware about benefits upon buying your product or opting for your service. It include varios effective channels like Press release, word of mouth, displaying them in a shop, and marketing website.
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