posted byMuse Media Marketing22/02/2021
Developing a marketing strategy is all about differentiating your brand from competitors and developing greater awareness of the benefits your business can provide customers.
However, there are many elements to a successful marketing strategy that requires strategic planning and data analysis.
If you are just starting a business and are a beginner at marketing strategy, we are here to guide you through the basics.
In this article, we will be discussing:
The 4Ps of marketing are used to help brands develop what is referred to as the marketing mix, which is used to optimize customer engagement.
For any basic marketing strategy, it is important to understand and implement the 4Ps.
The first is the price, which is how much the product is being sold for. Pricing a product properly important for the success of your business, as different prices foster different perceptions about the product’s value.
For example, businesses must take into account if they are trying to market their product as a luxury or bargain product, and price it accordingly.
The next is the product, which is what you are offering your customers, whether that is a product or service. For your product to be adopted by your target market, it must fill a niche or serve a need within that market.
Therefore, when marketing your product, it is important to found your strategy on what differentiates your product or service from others.
You want to essentially answer the question, “Why us and not them?”
The third “P” is the place, which is where the product is being sold, such as online through an e-commerce site or at a brick-and-mortar store.
Where you are selling your product also defines your marketing strategy. For example, if you are running an e-commerce website, digital marketing efforts that direct customers to your website, like an email marketing campaign, would be highly intuitive.
The final “P” is promotion is how you are going to promote your product or service. This the part of your marketing strategy that includes advertising, public reactions, and content development.
One of the most important parts of a marketing strategy is branding , as it connects the consumer with your product or service and helps maintain top-of-mind awareness.
There are many aspects to building a brand , but in this article, we are going to talk about the most important: developing a brand personality and building a brand book.
Developing a brand personality is essentially creating a tone for your the messaging of your brand. This tone should remain consistent throughout your marketing efforts and should serve as a foundation for how you interact with your target market.
Many marketers describe brand personality as attributing human characteristics to your brand that helps differentiate your brand and help customers remember it.
When strategizing which brand personality you want to engage, think about who your target audience is and what tone would resonate best with them.
Some common examples of brand personality include:
Second, to develop a consistent brand, you will need a brand book, which sets branding guidelines, such as colors and fonts as well as information about the target market and brand personality.
A brand book is especially helpful for beginners and those first developing a marketing strategy because it contains all of the important branding information that all members of the organization must know.
Some important contents of the brand book include:
Marketers have the technology to collect important information about their customers and target market through social media and search engine data.
Although data and privacy laws seem to be shifting, data plays a large role in creating a successful and impactful marketing strategy.
So, how do marketers use data to develop a marketing strategy?
The demographic information collected through social media and other online sources can be used to target specific segments of the population.
Market segmentation is a crucial part of marketing strategy and involves breaking down your audience into groups that would allow for targeted messaging and promotional efforts.
You can segment your market in a number of ways.
With the data available to marketers, an audience can be easily segmented by any of the parameters mentioned above.
Additionally, data allows marketers to measure the success of their campaigns. When developing a marketing strategy, it is important to test a number of strategies and variations of your promotional messages and marketing content .
Data allows you to better understand what is working and what is not so that you can adapt your strategy accordingly.
Developing a marketing strategy has many facets and requires attention to detail and a data-driven strategy. Your marketing efforts will guide customers to your brand and ensure they remain loyal.
Our team and Muse Media Marketing will not only help you develop a marketing strategy for your business but will also work directly with you to build a brand that resonates with your audience and is true to your values as a business.
If you are ready to take your business and marketing efforts to the next level, book a consultation with Muse Media Marketing today!