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Wednesday, 6 November 2019

Ask Yourself These 7 Questions before Creating Your Marketing Strategy

"In the factory, we make cosmetics; in the store we sell hope." - Charles Revson

Unless the product is push through or sold in the market, there is no value of it irrespective of an actual higher value. The company should make a spectacle of their products and plan to induce its own very Sales strategy concepts in the market.  

Marketing is a conceptual idea or philosophy of preparing a scientific approach that takes the entire gamut of sales and purchase into consideration. It also includes the efforts for enhancement of company's credible image.  This aspect covers the small, medium and big businesses.

So, it becomes mandatory to have a marketing plan in place rather than having only a simpleton business plan.

"Creative without strategy is called art; creative with strategy is called advertising."- Jef Richards

To guarantee a successful venture into marketing, it is better to have a detail marketing plan, with a perspective in point, properly documented, not only for a year but it is even better to have a five-year plan.
Image source: Marketing profs

A marketing strategy combines all of an organization’s marketing goals into one elaborate and a well-designed plan. Marketing strategy also helps to increase awareness and grow your business to a next level in the market.

Your brand strategy is not one of those things that you plan every day. But it will surely keep you involved in your tactical activities, all day. Thus, your marketing plan is the underlying strategy that makes up the foundation of most of your building plans.

So, in this background, it is very important to have a set of a minimum of self-exploring Seven Questions Before Creating Marketing Strategy for the efficacy and uniqueness of the situation, positioning your product or service competitively. It requires an understanding of your niche market and helps mold your marketing strategies accordingly.

Here are some very critical seven preparatory questions one should have, before creating a marketing strategy for the company.

1. What are my company's policies and qualities of product in question?


How you answer this question is central to your business.  One should know the philosophy and policies of the company and be prepared accordingly to reflect in his act and communications. It must be adhered to in unequivocal terms. Think of your business as a character or a persona.

The qualities of the products must adhere to a high level of standards for its increased demand in the market and also additionally supplement to the reputation of the company. Consider your policies in terms of the spectrum of other businesses out there.

2. What is the budget allocation for the plan conceived?


An unerring budgetary allocation for the implementation of the plan as a whole must be clear. It is necessary to facilitate the successful implementation of all aspects of strategies. Each and every strategy requires an adequate funding to support and meet the required expenses.

So, from time to time the fund should be made available to obviate the economic hurdles faced. It also helps in timely delivery of product or solution.

Image source: Pearson education

3. Who are the targeted customers/Clients for your business?


It is better to know your target customers and their profile to prepare a set of suitable strategies and have its increased efficacy in pushing the products. The product suitability factor must be a point in hand. A regular channel of communications and as such, provision for them should be made in place.  

Consider, for example, the opening of the distributorship, dealership, partnership etc. And the visual existence of the products should also be made through advertisements.

4. What are the competitive hurdles and challenges to be faced in the market?


You may not be a lone marketer of the product in a business. There is a cut throat marketing competition, always waiting to increase your difficulties in your endeavor for the implementation of the strategies. The challenges may come in varieties of ways, portraying the ineffectiveness of your current strategies.

So, it is better to have a dynamic strategy plan available as an alternative to offset the posing hurdles, beforehand. But it is always better to have a strategy analysis done in order to counterbalance the looming challenges.

Marketing hurdles can exist in all forms such as securing enough budget, targeting content for the international audience or the crucial challenge of generating traffic and leads for your content. The frequent changes in strategy may have an adverse impact on the goal otherwise awaited to be achieved.

So, a qualitative and empirical marketing analysis with problem recognition must be done to have penetrating strategies to in place.

Image source: Hubspot

5. What sort of media and channel should be selected for the propagation of one type marketing strategy?


 We must select the right kind marketing strategy for the propagation and effective sales of product, ideas, and solutions.

In fact, these aspects of strategy are full of various kinds of mode and concepts. It appears that it is the ever evolving process of creating a new strategy based on an existing one that is an outcome of the research-based findings.

To name a few, here are some of the empirical strategies listed below:
  
  • Cause Marketing: In this kind of marketing, strategists usually find a cause that both the prospect and your company cares about, in order to build a relationship with the customer.
  • Close range marketing: It is another modern kind of marketing technique that is to send promotional messages or advertisements to the customers in proximity through wifi or Bluetooth.
  • Transactional Marketing: When retailer encourages customers to buy their products using coupons, vouchers etc, it is termed as transaction marketing.
  • Scarcity Marketing: Sometimes in order to control the amount of product in the market, retailers limit their product to a specific audience. For example, rolls Royce released their Chinese version of the car, called Phantom that sold quickly.
  • Word of Mouth Marketing: It is a kind of digital advertising technique, in which marketing is done by the number of social mentions received by the brand or the product.
  • Call to action Marketing: When the web traffic is converted to leads or sale on the website using graphics, links or other elements of design, it is known as call-to-action marketing.

Image source: Myassignmenthelp.com

6. If needed, should a specialized consultation be required to position firmly in acceptable term of the market?

  
It is often felt that a product to be prepared needs a technological support of an expert to wriggle out of the complexities, without which the possibility of product manufacturing remains impossible. The specialized consultant is also required to create a backup plan for the company in times of crisis.

So, it is always a better idea to hire an expert on a consultation basis. This will help you prepare the product from a conceptual basis into the physical form or to be marketed in a new area or in an unknown region. If the product's prospect is explored in new areas, the product launching aspect should be consulted.   

7. And very importantly, which are the geographical areas to be selected for sales to take effect?


When one sets out to do marketing for increased sales, a geographical region should be selected. It could be a specific country or a continent or a major portion of a continent having a commonality of culture and belief spread all across the region.

It helps to modify your strategy to suit the region and hence the graceful acceptance of the product is guaranteed. It is seen that if the abiding love for the prospect's culture is met with fitting gesture and respect for their culture, it enhances the prospect of intent.

The Japanese once had supremacy in the market with their products following this principle of marketing strategies. While dealing with and negotiating with the customer in South Asian Region, the marketing people greeted them with folded hand and sat with unfolded leg, not with crossed leg.

This is the kind of culture and belief that is prevalent in these regions including India. And there is a common example on day to day basis indicating that multinational businesses highlight the culture of India with full respect, only to propagate sales of their products.

So, we have seen a very important set of a minimum seven questions as guidelines for the people responsible for such task. These guidelines should be clear off without any confusion to effect smart sales in the market, outsmarting the other competitive players in the field of marketing.

Actually, it is a war of advantageous and effective strategies over weak strategies, which ultimately capitulate, to emerge winner bringing laurel for their companies.




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