6 Powerful Marketing Strategy Components to Grow Your Business Fasterby Patrick D. Business
Marketing strategy services are required by businesses to direct their resources towards the best opportunities to increase sales and achieve sustainable advantage over competitors. These are usually decided keeping the three ‘C’s in mind – company, customer and competition. A business marketing strategy focuses on communicating the company’s value proposition in the form of customer benefits, by making business offerings stand out from the competition. It involves long-term activities that contribute towards developing strong brand awareness among the audience.
Any marketing strategy with the potential to succeed should have the below 6 components:
Target market: The strategist needs to segment their the customers, or audience, that the marketing activities are directed towards. Similar customers should be grouped together, to allow them to be targeted in an effective manner. Customer segmentation needs to be done based on certain shared characteristics such as demographics, needs and interests, or whatever is most relevant or applicable to the strategy. Those involved in creating the strategy can then create a custom marketing mix for each segment and target them accordingly.
Value proposition: A marketing strategy company providing the strategy, or the internal team, needs to provide a value proposition to the target customers, with a clear statement of tangible results for them. The statement should explain the product benefits, explain how the offering solves customers’ problems, and differentiate the offering from the competition, based on actual benefits that the customers can realize.
Business offering: Your business offering should be designed to deliver value to the customers, either to fulfill their needs, satisfy their wants, or both. Most offerings consist of a product, or a tangible good that people can buy, sell or own, or of a service the company provides. Offerings can be related to the convenience that the product provides to customers, a specialty that carries strong brand identification, quality, style and price, or unsought offerings like home security systems that people don’t think about until they are needed.
Communication strategy: This includes identification of communication channels and tactics by the marketing strategy company to get more traction and better conversion. The business marketing services provider should come up with a plan that details how the social and behaviour change communication (SBCC) program, will reach its vision, given the current situation.
Buyer’s journey: The buyer’s journey starts with the issues the customer is experiencing, and follows through to the decision as to whether your brand can help in addressing those issues or problems. Business marketing services providers should align the marketing efforts with the buyer’s journey, to capture the attention of the buyers and stay relevant at every stage of the customer journey. These stages include awareness about your product offering or services, information gathering and consideration to buy them, and the final decision to make a purchase.
Goal setting: This is the process of deciding what a business wants to accomplish, and devising a plan to achieve those desired results. Business goals are typically set on an annual or 6-monthly basis and should be worked into your business plan by your internal team or outsourced marketing strategy company. Examining results is essential to staying on track to achieve the set goals.
Once these six components of a successful marketing strategy are streamlined, your marketing strategy company can proceed to select marketing tools and methods that will help communicate your brand message to your target audience.
Before developing a marketing strategy, a situation analysis should be completed for the existing marketing scenario, as well as assessment of the competitors’ market share and their strategies. Customers want value, and it’s important therefore for your brand to offer them something that they value. Successful marketing strategies also need to be customised to what is sustainable and achievable for your company’s growth strategy.
Prioritise local search and voice search
Small businesses with physical locations or local target markets should prioritise their local SEO (Search Engine Optimisation) through Google My Business, the free tool that allows businesses to manage their presence across Google, including search and maps. Businesses should also optimise for voice search queries and long-tail keywords. The use of Google Ads, the paid Google Search platform, you can increase your search presence and take advantage of AI and machine learning – with smart bidding options such as ‘maximise clicks’, ‘maximise conversions’ or ‘Target CPA’ (Target Cost Per Acquisition). These methods allow your campaigns to ‘learn’ quickly from past data, interpret real-time signals, and optimise your ad spend toward top-converting search queries.
Setting clear goals and objectives for your business
A marketing strategy sets clear goals and objectives for a business. Without a market strategy, it can become overwhelming, if not unlikely, to compete successfully and overcome the challenges of today’s marketplaces. KnightRiley s a trusted marketing company based in Brisbane, and servicing clients Australia-wide, that can help you create, fine tune and maintain an agile marketing strategy (and digital marketing strategy) for success. The business marketing services firm can gather qualitative and psychographic information to create buyer personas, that are accurate and highly valuable for your business. KnightRiley’s marketing strategy services have expert consultants to help you develop an effective marketing strategy, and action the elements within that plan,to succeed in the market niche you compete. KnightRiley’s capabilities span widely, from developing marketing plans and strategies, to conducting target market analysis, user experience mapping, helping you form strategic alliances and more, right through to high quality output marketing delivery – working alongside your team or looking after your marketing activity altogether.
KnightRiley offers several services and packages, including a monthly engagement, known as their Genius Collective, to help you build a practical and actinable marketing strategy for success. You can undertake a 12-month strategic schedule, or utilise their Marketing Excellence Program, which is designed to execute specific tactics for your business. KnightRiley Strategic marketing is an experienced and versatile marketing strategy and execution company, who are able to help with projects, on an as-needed or ad-hoc basis, or ongoing, using their resources, yours, or a combination of both.
Created on May 13th 2021 02:58. Viewed 73 times.