Best Marketing strategy has the fundamental goal of increasing sales and achieving a sustainable competitive advantage. Marketing strategy includes all basic, short-term, and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives. A marketing strategy will help you focus. It will identify the different ways you can talk to your customers, and concentrate on the ones that will create most sales. It tells you what to say, how to say it and who to say it to in order to make more sales. Because timing is critical, it will tell you when to say it too.
HOW TO DEVELOP A BEST MARKETING STRATEGY
The process usually begins with a scan of the business environment, both internal and external, which includes understanding strategic constraints.It is generally necessary to try to grasp many aspects of the external environment, including technological, economic, cultural, political and legal aspects. You need to choose your goals. A marketing strategy is a plan of what specific actions you will take. So , you can build plans which cover many years, with a sub-plan each year. Although, the speed of change in merchandising enviroment quickens, you have less time. Ideally, strategies are both dynamic and interactive, partially planned and partially unplanned, to enable a firm to react to unforeseen developments while trying to keep focused on a specific pathway; generally, a longer time frame is preferred. A key aspect of marketing strategy is often to keep marketing consistent with a company’s overarching mission statement. Plans usually involve monitoring, to assess progress, and prepare for contingencies if problems arise.
BEST MARKETING STRATEGY OBJECTIVES
Your best marketing strategy objectives will focus on how you increase sales by getting and keeping customers.
To explain how to do this, experts talk about how best to package your products and services, how much to charge for them and how to take them to market.A marketing strategy will help you create your messages and put the right mix of marketing approaches in place so that you bring your sales and marketing activities together effectively in an effective marketing plan.
KNOWING YOUR CUSTOMERS
A successful marketing strategy depends on understanding your customers, what they need and how you can persuade them to buy from you. There’s no substitute for knowledge. Experience and regular two-way communication will tell you a lot about your customers. But targeted market research will build a more detailed picture of customer segments with similar needs. It will help you understand how to target these people so you’re not wasting time on people who aren’t interested in your offer.
But you’ll also need to understand how your market works – where do your customers find out about your offer, for example? Your strategy should even tell you how you measure up against the competition and what new trends to expect in your market.
UNDERSTANDING YOUR STRENGTHS AND WEAKNESSES
Before you build a plan, Begin your marketing strategy document with an honest and rigorous SWOT analysis, looking at your strengths, weaknesses, opportunities and threats. It is a good idea to conduct some market research on your existing customers at this point, as it will help you to build a more honest picture of your reputation in the marketplace.
Strengths could include:
– personal and flexible customer service
– special features or benefits that your product offers
– specialist knowledge or skills
Weaknesses could include:
– financial resources
– lack of an established reputation
– inefficient accounting systems