Marketing Strategy Definition
A plan for generating targeted customer awareness to create the opportunity for sales.
Marketing Strategy Example A: Research
Gary owns an IT agency that helps small businesses in the region with their technology issues.
When he started the company a few years ago, market research was conducted to determine demand for the services he had in mind.
This is important to do prior to taking on large expenditures, in order to avoid cash flow failure early on.
I’ve seen many startups get excited about their idea or product and become wholly committed to developing it before even checking to see if anyone will actually pay for it!
"No Market Demand" is one of the top reasons why new companies fail.
Marketing Strategy Example B: Appropriate Channels
Lynn is a freelance personal assistant who works with high-end personal clients.
After trying several ways to advertise herself, she realized most of the tactics being used were not very effective.
Research was needed to determine not only specifically who her ideals clients are, but how to reach them effectively.
Most advertising channels have a particular demographic that makes up the core following.
The audiences who use various social media platforms vary greatly.
By better understanding which channels and platforms to use (and which aren’t worthwhile for her industry), Lynn was able to achieve more profitable results from her ad campaigns.
Marketing Strategy Example C: Conversion Tracking
Darnell is the director of marketing with a regional delivery service.
They use a variety of tactics and channels to reach their target audience, and it can be difficult to know which methods are working.
By implementing a CRM (Customer Relationship Management system) and analyzing reports from it and advertising, they now know what works, and what doesn't.
By focusing on tactics that show true ROI (Return on Investment), you can lower your Cost Per Acquisition. This means paying less money to bring in new customers.
Methods that are not performing well can be evaluated and optimized, or abandoned in favor of proven ones.
Measuring the effectiveness of your marketing is critical in order to make improvements!
Now that you have learned from these examples, don't forget to apply the concepts to your own business!
1. Conduct Market Research to understand your position in your industry.
2. Reach out to your audience using channels that make sense.
3. Track leads and conversions so you can improve.
Need a hand? Nexus Growth Coaching can help create a solid marketing strategy for your business.
Contact us today to get started.