Discover the eight essential steps you need to follow to market your business. Show
Step 1 Conduct market researchMarket research is a key part of developing your marketing strategy. It is about collecting information that provides an insight into your customers thinking, buying patterns, and location. In addition, market research can also assist you to undertake an initial sales forecast, monitor market trends and keep an eye on what your competition is doing. Learn more about market research. Step 2 Profile your target marketsTrying to promote your product or service to everyone can be costly and ineffective. Grouping or segmenting your potential customers based on certain characteristics will help to focus your marketing efforts. Generally segmentation is based on factors such as:
Your target market should have a need for your product or service and be willing to pay for your offer. Step 3 Identify your unique selling proposition (USP)A USP is the unique reason your customers buy from you and not your competitors – it’s what makes your business stand out from the crowd. It is important to define what you do differently and be able to convey that to potential customers. Commonly, this reflects your special knowledge or skills. Your USP may be having a new or unique offering or providing exceptional service. Start developing your USP by answering the following questions:
Step 4 Develop your business brandEvery business, regardless of size, is likely to need a brand. A brand is more than a logo, colour or tagline. A well-articulated brand emotionally connects with your target customers and conveys who you are, what you stand for and what you can deliver. Step 5 Choose your marketing avenuesWhile there are many available, consider your target audience when you are determining which to use. Options include:
Step 6 Set your goals and budgetMarketing goals will help you to define what you want to achieve through your marketing activities. Your goals should be SMART: specific, measurable, attainable, relevant and time-based. You will also need to allocate a budget to your marketing activities. Your marketing budget will need to include elements such as:
Free download Marketing plan templateAs a general rule of thumb you should spend between three and five percent of your actual or expected annual turnover on marketing. If your business is new you may need to allocate more funds initially to build your business profile. To help you create a marketing plan for your business, download our free template and how to guide. Step 7 Nurture your loyal customersYour customers are the key to your success so it is important to look after them and encourage loyalty. Providing exceptional customer service can keep people coming back and set you apart from your competitors. Strategies to build loyalty in customers include:
Step 8 Monitor and reviewIt is important to regularly monitor and review your marketing activities to determine whether they are achieving the desired outcome, such as increased sales. Initially you should review your marketing plan every three months to ensure your activities are supporting your strategy. Once your business becomes more established review your plan when you introduce a new product or service, if a new competitor enters the market or if an issue arises that affects your industry. Monitoring activities may include reviewing your sales figures on a regular basis (monthly) or monitoring customer activity during an advertising campaign. You can also access and review free analytic tools to determine the effectiveness of your social media or website campaigns. Learn more about digital marketing. DownloadsGuide to marketing and brandingMaintaining and developing a successful, sustainable business depends on your customers’ perception and experience of your product or service. That's where marketing and branding can help. Marketing plan templateSpreading the word about your business and attracting customers is important for any successful business. This marketing plan template will help you determine how to get your business noticed by the people who need or want your product. Guide to using the marketing plan templateThis guide will walk you through the process of completing a marketing plan for your business. It's designed to be used alongside our marketing plan template. What helps an organization determine a potential market when developing a marketing strategy quizlet?To determine the potential of a specific market segment an organization makes predictions based on a specific relevant time frame, geographic boundaries, and an estimate for the specific product item, product line, or an entire product category.
What are the things that you will need to consider in developing a marketing plan?Develop your marketing plan. Analyse your market. Market research can help you to understand your strengths, weaknesses and the opportunities that you can take advantage of. ... . Set your goals and objectives. ... . Outline your marketing strategies. ... . Set your marketing budget. ... . Keep your marketing plan up-to-date.. What are the 4 main marketing strategies?The four Ps are product, price, place, and promotion. They are an example of a “marketing mix,” or the combined tools and methodologies used by marketers to achieve their marketing objectives.
Is a marketing strategy a company uses to determine?A marketing strategy is a long-term plan for achieving a company's goals by understanding the needs of customers and creating a distinct and sustainable competitive advantage. It encompasses everything from determining who your customers are to deciding what channels you use to reach those customers.
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