Building A Marketing Strategy – Step By Step Guide

Whether you are an online or an offline business, it is essential to set aside time and resources for marketing. It is one of the most powerful tools to maximise your revenues and bring about a brand name in the market. So much so that people trust brands over the product itself these days. It is all about the emotions, the tone and the communication that clicks in the mind of the audience who you are targeting for your business. And just like the right amount of ingredients at the right time make a great Margarita, having the right marketing strategy at the right time makes a brand successful in the business. 

The Importance Of Marketing Communications

Imagine having a great place, the most exotic ingredients to make cocktails and the best bartenders from the city only to have no customers walking into the bar! We are literally in tears. Or imagine opening up right in front of the most attended bar in the town. Sounds like a bad idea? Not to us. 

With the right marketing communication strategy, you can achieve almost anything. Follow these steps and the next campaign will be a sure hit!

Step 1: Know Your Buyers And Their Behaviours

 Know Your Buyers And Their Behaviours

The first step to a good marketing strategy is to define the group of the people who will ideally consume your product or service. It could be a huge group, but as and when you filter down the characteristics, it becomes easier to create your marketing communication strategy. Ultimately, the benefit of doing this is utilising your marketing resources at the right place. 

For example, if you are selling baby oil, your ideal target customer should be new moms or dads. On the other hand, if you are selling perfume, it becomes a more difficult process to define your audience since it has a huge base. When you build a buyer persona, you have a more detailed understanding of who this buyer is. Here are some questions that will help define your buyer persona –

  • What is your buyer’s location? What locations does your product not cater to?
  • Which age group does your buyer belong to?
  • What is the gender of your buyer? 
  • To what level is your buyer educated? 
  • What is your buyer’s job profile?
  • Which income bracket do they fit in?
  • What languages do they speak?
  • What are their interests? 
  • Why should they buy your product?
  • What are their buying constraints?

Step 2: Identify And Research About Your Competition

Identify And Research About Your Competition

It is true when they say that you should know your enemy more than how much you know your friend. Well, it does, at least in marketing communication. You might have a unique product new in the market that nobody else is offering but you still need to find your competitors who would have an edge on the business in your industry. 

It is important for your marketing strategy that you know who your competitors are. Especially when you are offering similar to what the market already has. And by this, we don’t mean have a list of 100 brands that are similar to yours. Furthermore, the most ideal way to do this is to have two lists of competitors. One can be your product competitor set and a marketing competitor set. While the former helps you to rethink your offerings and create promotions, the latter gives you inspiration for the creativity and tone you wish to communicate with. The latter need not necessarily belong to your product range or industry. 

Step 3: Pick Suitable Channels

Pick Suitable Channels

If you have done the previous two parts correctly, this will be a cakewalk for you. By now you know your buyer and the market very well. Based on this research and the current trends, you can pick your channel that suits your business best. 

It is always good to choose a mixture of both online and offline mediums together. Make sure you are choosing this based on where it will be viewed the most by your buyer. If your buyers are mostly newspaper readers or people who travel a lot, then you can consider investing in magazines and billboards. If you are selling an online product, then social media marketing is essential. The idea is to bring out the best mix between the two that complements your marketing communication goals. 

Step 4: Make SMART And Flexible Marketing Plans

While it is good to have a year and a quarterly plan for marketing, it is also necessary to be flexible enough. 

The main idea is to fix timelines for your promotions and goals and work accordingly towards it. Define your goals in detail instead of being vague about it. For example, “increasing followers on Facebook” is a vague goal. “Increasing Facebook Followers to 2000 from 200 in by Q2” is an ideal and smart goal. It is also important to fix goals that are achievable. This will make you motivated and be a plus point for you when you achieve more than what you planned for.

The conventional but most effective trick to do this is the SMART way – specific, measurable, actionable, relevant, and timely. Make sure each of your goals fulfils these features. 

Bonus Step: Celebrate Success!

This is a bonus tip from us! It is always important to celebrate success according to us. After all, your efforts have brought you to a place where the marketing strategy you defined has been achieved. Shots anyone? 

For more marketing tips, follow PromoShots and comment below what you would like us to talk about.

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