CREATE YOUR MARKETING STRATEGY
Key elements of a successful marketing strategy
One of the key elements of a successful marketing strategy is a thorough understanding of who your customers are and what "needs" they are looking to satisfy. Customer groups or segments can be identified and each targeted with marketing activity that specifically addresses their particular needs.
In order to meet customer needs and remain competitive, it is important to identify and respond to any changes in customer needs and attitudes in your industry and in the broader economic climate. It is therefore vital that you assess your business environment when developing your marketing strategy.
You can then create a marketing strategy that makes the most of your strengths and matches them to the needs of the customers you want to target. For example, if a particular group of customers is looking for quality first and foremost, then any marketing activity aimed at them should draw attention to the high quality service you can provide.
It is important to think through the consequences of your marketing strategy to make sure it's realistic. For example, there is no point in basing a strategy on rapid growth if you won't be able to produce enough goods. The best strategy will reflect your own strengths and weaknesses. See our page within this guide on strenghts and weaknesses.
A key element often overlooked is that of monitoring and evaluating how effective your strategy has been. This control element not only helps you see how the strategy is performing in practice, it can also help inform your future marketing strategy.
Don't forget that your marketing plan (your action plan for implementing your marketing strategy) needs to be constantly reviewed and updated or replaced when necessary - just like your own products or services.
One of the key elements of a successful marketing strategy is a thorough understanding of who your customers are and what "needs" they are looking to satisfy. Customer groups or segments can be identified and each targeted with marketing activity that specifically addresses their particular needs.
In order to meet customer needs and remain competitive, it is important to identify and respond to any changes in customer needs and attitudes in your industry and in the broader economic climate. It is therefore vital that you assess your business environment when developing your marketing strategy.
You can then create a marketing strategy that makes the most of your strengths and matches them to the needs of the customers you want to target. For example, if a particular group of customers is looking for quality first and foremost, then any marketing activity aimed at them should draw attention to the high quality service you can provide.
It is important to think through the consequences of your marketing strategy to make sure it's realistic. For example, there is no point in basing a strategy on rapid growth if you won't be able to produce enough goods. The best strategy will reflect your own strengths and weaknesses. See our page within this guide on strenghts and weaknesses.
A key element often overlooked is that of monitoring and evaluating how effective your strategy has been. This control element not only helps you see how the strategy is performing in practice, it can also help inform your future marketing strategy.
Don't forget that your marketing plan (your action plan for implementing your marketing strategy) needs to be constantly reviewed and updated or replaced when necessary - just like your own products or services.
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