Famous brands owe their popularity to effective marketing. Without it, you would not know brands like Nike, Apple, and Coca-Cola. These companies leveraged top-notch marketing strategies to be among the top companies in their respective industries. The best part is that small businesses can also tap into the power of marketing to expand brand awareness, boost sales, and get more customers.
What is an Effective Marketing Strategy?
A marketing strategy is a company’s overall plan to reach out to individuals and convert them into paying customers.
When we say effective marketing strategy, we’re talking about a viable roadmap to maintaining brand relevance in your niche, educating your target audience on products or services, and creating lifelong customers.
Tips in Building an Effective Marketing Strategy
There are a lot of considerations that go into creating and executing an effective marketing strategy. Every aspect must achieve short-term goals while contributing to long-term goals. With that in mind, here are our top tips to help you build an effective marketing strategy.
1. Develop Your Product
Marketing can’t exist without products. That’s why the core of marketing is your company’s product. Marketing can only do much, but it can’t improve your product. Before you engage in marketing, make sure that your products provide the customers with a unique experience. More importantly, make sure it solves real problems and provides real value.
After all, marketing is only as effective as the product. If your products perform poorly, marketing will follow. It’s important to invest time and resources in developing your products first. There have been many marketing failures in history because of disappointing products.
Do you remember the Power Balance failure? They advertised the product so convincingly, yet the wristband had no proven scientific evidence of effectiveness.
2. Get to Know Your Customers
An effective marketing strategy considers the customers’ complexities, like their behavior and demographic data. If you gear your marketing strategy towards your customers, you’ll have a focused marketing strategy that can help you target specific audiences who will love and patronize your products.
3. Research Your Competitors
Competitors are integral to any market. They eliminate market monopoly and push companies to be more innovative with their products or services. By researching your competitors, you’ll know what and where your marketing efforts should focus on. Knowing your competitor’s lapses in marketing can also be an excellent opportunity for you to fill that gap.
That being said, remember to remain ethical. Destroying your competitor’s image through negative marketing is not an honest way to gain an advantage, and will likely backfire. Never use your competitor’s bad image to boost your marketing.
4. Study the Market’s Movement
Studying the market can help focus your marketing strategy. If you can guess how the market will react to specific forces, you’ll be able to harness its power in your favor.
For example, the shoe industry is a stagnant market because it’s not something you buy every day. However, the market’s movement didn’t stop Nike from generating billions of sales. Nike invested in “demand creation,” where they used marketing to generate demand. That’s what you get when you study the market before creating your marketing strategy.
5. Define Your Unique Selling Proposition
What value will the customers get from what you’re selling? How does it differ from what your competitors are offering? Your answer to these questions makes up your unique selling proposition.
Take M&M, for example. Do you remember their ad slogan “melts in your mouth, not in your hands”? M&M’s slogan is a perfect example of a unique selling proposition. Why and how?
First, eating chocolate can be a messy experience. Chocolate will often melt in your hands after a few minutes of holding it. However, M&M’s hard exterior made it possible to hold chocolate like you would hold chips. In that way, they created a unique selling proposition that makes eating chocolate less messy.
6. Collaborate With Interested Parties
Strategic partnerships can be a key part of your marketing strategy. Collaborating with other parties can open your business to newer customer segments. It can also expand your customer base and reach customers that were previously unreachable by your current marketing strategy.
It can be an opportunity to build good relationships with other parties. Having good relationships with them can help develop long-term partnership and cooperation.
7. Give the Solution to Unsolved Problems
If you want to be a market leader, then you must be able to venture into uncharted waters and find solutions to problems that your customers didn’t know they had.
How do you think Apple became one of the leading smartphone brands in the market today? They became a market leader by innovating the mobile phone. Back in 2007, Apple’s first iPhone was ahead of its generation because it’s a touchscreen device with the capabilities of a mobile phone, music player, camera, and the Itouch.
When you make your marketing strategy, you need to give the solution immediately. Don’t beat around the bush. Offer the solution, because customers can easily change their minds.
8. Glean Info from Customer Feedback
Customers love being heard. They love it when you ask them about their experience with your products. Customer feedback can be a good part of your marketing strategy. It makes your customers feel special. Use Google reviews and testimonials, engage on social media with your audience, and objectively look at their feedback.
However, don’t do this for marketing’s sake. Be authentic and genuine because customers can easily spot fake customer service masked with marketing.
Build Your Effective Marketing Strategy With RxMedia Today!
Now that you know some tips for building a marketing strategy, it’s time to sit down and make one. At RxMedia, we’re continuously innovating and on the lookout for successful marketing techniques. Ultimately, our goal is to improve your business’ bottom line and help you get quality returns on your marketing investments.