Step 5: Set Marketing Strategy
The Concept:
Determine how you will introduce and sell your product or service to your target market.
What you need to know:
The umbrella term of marketing means many things. Specifically, it is the process of delivering your product or service to the people who need or want it and, most importantly, getting them to buy. The strategy begins with your mission statement and extends to the image you convey through your company name and product offerings, your customer service and marketing campaigns. The critical step of developing an effective marketing strategy will ultimately deliver increased market share for your company but not without specific planning, scheduling and budgeting.
Marketing budgets are "investments" in business growth. Sound, ongoing marketing investments yield new customers and additional sales. Establish a detailed timeline to address marketing needs and then evaluate those efforts. Are they effective? Ideally, marketing will target the customers identified during the market research process.
Points to consider:
What are the avenues to reach customers? Potential customers?
What methods will you use to attract customers?
How will you encourage repeat business?
Will you utilize contracts?
What is the best use of your marketing budget?
Does each aspect of your company and its operation reflect positively on your marketing strategy?
Does your marketing strategy reach those customers whom you have identified in your market research? Does it prompt them to purchase your product or service?
Will your marketing efforts be ongoing? |
