Take care of these 4 things while creating Marketing Strategies

Whenever you talk to any Start-up, Small Business or Entrepreneur about how they are going to strategies the marketing for their product. The main answer which we hear is Facebook, Google Ads, Regular Posts on social media, and creating search engine optimized content. 

Since every business is doing the same, you are not describing a strategy but a set of best practices. One thing needs to be understood that marketing strategy requires you to figure out how to gain sustainability in business. It is more important to get an advantage over other companies, either in the form of lower costs or higher conversion rates.  

For Example, your company has launched new software, and the main objective behind the software is that they need a maximum of the signups. Hence, the marketing department has decided to start a dedicated blog to this industry, a new YouTube video series to establish expertise and an account on twitter to join the conversation around the subject – all of which serve to attract an audience and convert this audience to software users. 

So, there is a difference in a business’s marketing plan and marketing strategies. Business’s marketing plan is to launch software and marketing strategy – A new industry blog, YouTube series & a twitter account. 

And when you are creating a marketing strategy, make sure that it should be innovative enough that it is coming out as unique where it can grow its market share. Moreover, more than growth, customers have to be retained and at one time, you can terminate the marketing support and stay sustained in the business.  

Before creating any marketing strategy, you need to take care of the followings:

Align with your business objectives and KPIs with your business goals

In business, you must be knowing what you are going to sell. It can be a product or service, but the main objective is the sale. Every business has its Key performance indicators (KPI) to get aligned with the business objectives. When used properly, KPIs are an extremely effective way to gauge the health of a business by allowing users, managers, and executives within a company to accurately and efficiently measure and manage the agreed-upon targets and goals. Keep in mind that KPIs will change as your business continues to evolve, so it’s always a good idea to establish a monthly and quarterly KPI review.

Create highly detailed buyer persona using psychographics

Demographics is something which is a long back story, in today’s world, what matters the most is how your customer is moving in daily life, their tastes, their attitude, aspirations especially in market research. To understand this, you need to collect Psychographic data to understand consumer behaviour and having a buyer persona enables the segmentation of the individual into a group for which personalized content should be created that speaks directly to them.

Identify the most effective channels

I am very thankful for the technology, that we have so many platforms and channels through which we can communicate our thought to millions and millions of people at one time. But, it is also said that nothing comes so quick and easy, there are certain cons with this too, that everything is filled up and packed with immense vast information. So we need to be very smart to identify the channel to communicate. For fashion, the platforms which present predominately the visual content are useful while for the speakers, YouTube is the best channel to opt.

Assess the Organization’s finances

Financial health is critical to understanding the overall health and sustainability of an organization. Finances are the backbone of any business. So, it is necessary to know how much are the finances we can spare to get higher conversion rates. It's important to keep in mind that conversion rates are only one way to determine your financial performance.

Next time, whenever one talks about marketing strategy, be sure that what unique thought is being implied from your end to get higher conversion rates at a lower cost. Tools and practices are generic to speak out. 

About Me: - I am Preet Sandhu Sihag, 32 years old, a Business Coach, Speaker & Author. I am the Chairman of All India Technical and Management Council & Co-Founder of 4S International Limited. I have authored one book “A Woman Unparalleled”. To get tips & guidelines to become a successful business influencer, you can visit www.preetspeaks.com. 

To contact me, you can reach me at [email protected]