Marketing Archive

Why choose Marketing Strategy? How to Promote an app?

marketing strategy

Marketing Strategy Definition

As defined already, the marketing strategy presents the specific direction to be followed in order to accomplish a specific business objective.

It represents the way to achieve greater results, such as sales growth, worldwide brand recognition, higher market penetration, etc.

The reasons for choosing a right marketing strategy

 

marketing idea for start ups

Many business owners fail to see the benefits of incorporating Marketing strategy in the overall strategic business process. A well-crafted marketing strategy includes the following:

Provides the business with focus and direction by identifying the best opportunities worth pursuing as well as the threats to be avoided

Identifies the tools that the company can effectively use to fight competition and gain market share

Saves company time and money by focusing the resources on attracting the right employees and investing only on marketing initiatives that support the overall business objectives

Differentiates a company from competition by identifying the distinctive advantage and the supporting elements

Translates the company vision, mission, objectives, into effective Marketing initiatives

Serves as foundation for all your communication campaigns

Improves the effectiveness of the Marketing message to customers and partners

Increases sales and profits

Creates consumer preference for the brand

Marketing strategy to promote an app

There are five strategies to promote an app which if implemented can go a long way in promoting a company’s brand.

  1. Identify Your Target Customer First

identify target audience

There’s no question that marketing an app is a lot of work. Make sure you’re directing that energy in the right direction by first identifying your target image.

It would be a very different ball game altogether to market a hidden jewel game than it would be to market a reminders app to working moms, as these statistics would respond differently.

Use brainstorming techniques to articulate who your typical customer or customers might be and what that person or those people would look like.

  1. Consider Pricing Carefully

consider pricing

It’s natural to want to price your app so you’ll earn good revenue from each download.

However, research indicates that apps receive more downloads when they drop in price, and that free and premium apps see the highest download count.

Consider whether you will offer your app for free, use a premium model where you earn money through in-app purchases, or offer your app for a one-time fee. Your customer and app type can help you select a pricing model.

  1. Make full use of all available options

There are many ways to promote your app, and taking advantage of as many of them as possible helps get your app out there.

So, create a post and share it online, schedule weekly tweets that persuade customers to use your app, blog about your app, hold giveaways or promos if users share your app through social media or promote it professionally via Mobile App Marketing companies who specialized on media buying, tracking and ROI optimization.

The wider your net, the more new users you can attract while doing other things and the more market penetration your brand will gain.

  1. Continuously Promote Retention

promote continously

 

In order to win the app retention battle it is necessary to remind customers why your app is so special and trustworthy. Building a useful app is half of the app retention battle; continuing to remind users why your app improves their life is the other.

On the one hand you should continue to develop new modes of user engagement, including exclusive content, perks, rewards, and so on. On the other hand you have to continuously promote your app and your new offers or features.

If you already have a significant user base, you should think about strengthening the user’s retention through special promotions through Mobile App Retargeting or Re-Engagement campaigns.

  1. Don’t underestimate the International Market

With a few simple changes, many apps can be marketed on an international scale, widely expanding your reach.

Trends in different markets can affect your app’s popularity. If you notice that your app category is trending in South American countries, for example, create a Spanish-language version.

If you notice that your app category is well-known in European countries then you can create a French or German version.

Conclusion

Due to the rising number of apps, advertisers have to work with more specific app marketing strategies to get a user’s attention.

The above five strategies should help you to build up a good precedent to create a successful marketing plan for your app.

HOW TO SELL MARKETING IDEAS TO COMPANIES

born marketer

Everyone’s a born marketer.

From impressing your crush to going for an interview,

all you are doing in reality is selling yourself.

Of course, some wise men would have advised you to

‘Not sell yourself short to anyone in life.’

Yet we do the same in case of our ideas.

In the world where nothing is given out for free,

‘Shouldn’t we get paid for our ideas?’

OBVIOUSLY YES.

But how?

Today, I will teach you the trade secrets of marketing your ideas:

  • for small companies
  • for start ups via offline modes and
  • for your darling customers

MARKETING IDEAS FOR SMALL BUSINESS

marketing ideas for small companies

The good thing about small firms is that

‘Most of them are willing to experiment.’

That doesn’t mean that they can be easily convinced.

Basically, you need to:

STUDY THE MARKET

Examine

+         the demographics

+         tastes, habits and preferences

+         criticisms of existing products

+         industry’s past trends

+         industry’s future estimates

by

+         conducting online / offline surveys

Take some survey tips here.

+         official data from state sources

CREATE CONTENT

Based on the inferences drawn from above observations,

+         create content on Pain Areas

+         post content regularly emphasizing on them

+         use official stats to give credibility to your idea

+         play with content: go for blogs / vlogs / webinar

+         make good use of social media platforms [FB, Twitter, LinkedIn].

+         carve a niche out of market’s pain areas

Easy tips on creating content right here:

SERVE THY CUSTOMERS

Give more than you take.

+         Give away freebies like:

  • Free Ebooks
  • Free Audio Books
  • Free Case Studies
  • Free Monthly Newsletters etc.

+         Pay heed to their comments on your

  • Content Posts
  • YouTube Vlogs
  • Social Media Images
  • Reports etc.

+                Reply to them asap

+         Take criticism in your stride and learn from it

+         Reward your channel subscribers [e.g. Thank You video]

+         Improvise on after sales services [Retention is the key]

Essentially, try to build a fool proof plan to counter threats.

Read : strategic-marketing

WATCH YOUR BUDGET

budget

 

+         Check whether you have fat pockets or less finance

+         Fat pockets: Go for big budget advertising tactics like

  • Magazine Ads
  • Prime Time TV Ads
  • Front Page Newspaper Ads etc.

+         Less finance: Stick to online organic / Social Media marketing

+         If less faith on your idea, work on another one.

USE ONLINE MARKETING

A cost effective way of marketing your products / services.

online marketing ideas

You can go for:

+         PPC ( Pay Per Click) Campaigns

+         Social Media platforms like:

  • Facebook
  • Twitter
  • LinkedIn
  • Instagram
  • Tumblr
  • Pinterest
  • Reddit [underrated]
  • Slideshare [underrated]

+         cold calling [Old is Gold]

+         case studies and whitepapers [ instills credibility in your content]

+         Email marketing

+         newsletters

PARTICIPATE IN FORUMS

‘Out of sight out of mind’

Participate in online forums / groups / communities by:

+         asking good questions

+         giving your opinion on strong issues

+         propagate your firm’s values and beliefs there

+         take a different stance from the conventional position

+         follow influential people [and in turn, gain followers]

MARKET YOUR WEBSITE

Promote your website everywhere.

Make a mention of it in:

+         your Social Media posts

+         blogs

+         business cards

+         products

+         freebies

+         social media accounts etc.

PREPARE AN ADAPTABLE POWERPOINT PRESENTATION

The customer need not be an individual.

Small businesses look out for:

+         industry networking

+         outsourcing

+         specialization.

Presentation tips:

presentation tip

+                Examine your prospect features carefully

+         Study their background, current market position

+         Scan their website for:

  • annual reports
  • financial statements
  • new ventures
  • loss making areas

+         Read media reports relating to them

+         Make a note of their pain areas

+         Create presentation with the highest focus on these pain areas

+         Modify your idea in accordance with the pain areas

+         Position your USP [Unique Selling Point] based on these pain areas

+         Glorify your ideas

+         Talk about your successful projects

EXAMPLE

PROSPECT: A local restaurant

NATURE: Udipi (South Indian) Restaurant

FEATURES:

  • Specialized in Mangalorean food
  • Only restaurant offering such dishes in the town
  • Good quality food
  • Hospitable waiters
  • Neatly maintained kitchens
  • Excellent ambience
  • Good sanitation facilities
  • Spacious eatery

TRENDS:

  • Excellent service for visiting customers
  • Orders witnessing a dip due to poor delivery services
  • Listed on Food Apps such as Zomato but no personal website
  • Frequent power cuts
  • No expansion plans

 The above list is a sample note you shall make beforehand.

The red sentences are the Pain Areas.

Go to the restaurant management making a presentation revolving around these points.

If your idea is to introduce more variations in dishes,

you can merge the pain areas with the idea to satisfy your prospects.

This way, you win over the lead without much negotiations.

This was everything about small companies.

But what about start ups?

Well, they can take note of the online tactics previously mentioned.

But what are the offline marketing ideas for startups?

Read on………

EFFECTIVE OFFLINE MARKETING IDEAS FOR START UPS

COLD CALLING

offline marketing ideas

+         Old is indeed gold

+         78% of decision makers took an appointment or attended an event by coming to know via email or cold call [Source]

+         Makes a personal connect with customers

+         Invest in a cold calling team

+         They should be specialists in convincing customers to buy

+         Reward them with commissions for winning leads

+         Such investments shall only bring more productivity and returns.

RADIO ADS

radio advertisement

Around 65.2 million people in the U.S. aged 18 – 34 years listen to traditional broadcast radio every week. [Sources]

+         Cost effective mode of offline marketing

+         One way talk, yet an instant connect with audience

+         Stands out of the clutter [in times of complex advertising systems]

 

PRINT MEDIA

print advertisement

According to a survey, 56% customers find print media to be the most trustworthy.  [Sources]

+         Newspaper ads: Try local newspapers for less costs

+         posters

+         banners

+         pamphlets

+         get in touch with famous personalities

+         sponsor political campaigns

CONFERENCES

conference

+         Regularly attend conferences / seminars

+         Ask questions

+         Interact with professionals there

+         Help the group’s problems there

+         Share business cards

PRESS RELEASE

release press release

+         Low Cost way of marketing

+         Makes your firm’s presence known

+         Take tough questions

+         Welcome criticisms and use it for self development

+         Build good relationships with journalists there

+         In turn they might promote your products willingly.

The above methods are bound to bring you good leads

from small companies and startups.

Back to basics.

Our main agenda must be to attract the largest chunk of audience:

Individuals

So how can we bring them into our fold?

Some realistic solutions below.

MARKETING IDEAS TO ATTRACT CUSTOMERS

STP

+ SEGMENTATION

  • Thanks to your market survey, you know the takers for your idea.
  • Accordingly, divide your audience into further segments.
  • Observe the mini segments which have the maximum need for your product.
  • Plus, decide on what segments of your work you would offer
  • Are you sticking to one service or providing a range?

+ TARGETING

  • Once you identify the chunk area, attack!
  • Keep your entire focus on that specific class.
  • Your ideas, products, firm values etc. must revolve around the needs of that niche class.+ POSITIONING
  • Having the best idea in the market doesn’t work necessarily.
  • Segmentation and targeting alone won’t do the trick.
  • Brand positioning is a key factor in drawing customers to your shops.
  • It is the image you create in the consumers minds
  • When they think of your products.

A good brand positioning strategy will:

  • Maximum brand value
  • Magnify its differentiating nature from the rest
  • Widen its sighting in audience view

 

ILLUSTRATION:

BRAND: Sensodyne

SEGMENT: Oral care products

MARKET: India

AUDIENCE: Poor class/ lower middle class / middle class / upper middle class / rich / super rich.

TARGET AUDIENCE: Upper class/ rich / super rich

POSITIONING: Recommended by dentists worldwide for dental problems

WEBSITE

+         Invest in a well optimized website

+         Slow website loading kills your sales

+         Make sure your web design is pleasing to the eye

+         Lure visitors with offers and discounts

+         Trap leads with CTA (Calls To Actions) on your web pages

+         Create online contests to keep netizens interested

+         Team up with companies specialized in web optimization

+         Sponsor upcoming events and open an online webpage specifically for it

+         Build links with bloggers

+         Pave way for guest posting

+         Keep your social media active

+         Be quick to respond to criticisms and queries in comments section

 

Marketing an idea isn’t a child’s business.

It requires careful planning, market knowledge and a strong will to win against the odds.

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WHAT EVERYONE OUGHT TO KNOW ABOUT VIRAL MARKETING

Learn the tricks of viral marketing NOW!

effect viral marketing

 

Viral marketing is dope.

I say this because its simplicity and complexity enthralls me.

  • Simplicity,

for its ability to spread the message to millions in seconds by a simple chain formation.

 

  • Complexity,

because of the in depth planning that goes into the framing of right strategies to achieve the goal.

But what is Viral Marketing?

what is viral marketing

There are many definitions available on Google.

However, this one seems plausible:

viral marketing definition

 

Here information spreads in an exponential manner.

Just like any virus!!

With viral marketing, brands leverage the consumer-to-consumer interactions to achieve their marketing goals.

In fact, content creation teams do create such messages in a way that are:

  • easily transportable to scores of people

 

  • in a short span of time.

This style broke into news in the late half of 1990s,

[thanks to the article titled ‘Virus of Marketing’  by Jeffrey Rayport].

Viral advertising is a serious break from the ‘ancient’ marketing tactics like

  • cold calling
  • press releases
  • newsletters etc.

Take the instance of Hotmail:

Hotmail was launched in July 1996 by Sabeer Bhatia and Jack Smith.

At the advice of their Venture Capitalist, they included a line which would change their fortunes forever:

example of viral

Result:

Hotmail earned 12 million users in the next 18 months.

Many marketing experts believe viral marketing is a revolutionary concept in the field of modern marketing.

My prediction is:

“As many firms become ambitious, viral marketing shall become one of the go – to marketing tactics in the years to come.”

What does it take to make it work?

Basically, factors such as

  • the framework of the message
  • the effectiveness of the messenger
  • use of social media platforms
  • the audience psychology

can go a long way in determining the overall impact of viral marketing.

Factors affecting viral marketing

 

The message conveyed must be appealing and in sync with the customers’ needs.

Also, the promoter ought to have strong speaking skills in order to make the consumers digest the message.

Having a lion’s share in viral marketing, the right use of social media platforms is a crucial factor in the success of viral marketing.

Lastly, the right audience can be identified by understanding their psychology which is possible by conducting a market research.

And how does viral marketing work?

Given below is a glimpse into the process of viral marketing:

process of getting content viral

 

  1. Studying the field:

Assessing conditions.

The brand studies:

  • the market demographics
  • past trends
  • consumer needs and wants
  • rivals’ past and ongoing strategies
  • industry’s future estimates etc.

business basics

Image credit : cbdc.ca

 

For this purpose, market research teams scan primary and secondary data

and reports back to the company’s organizational heads.

 

  1. Creating The Message Mania

 

Basics done.

 

Based on the research findings, frame the all important message.

Create a tailor made viral video or image or any blog for instance.

Make sure it’s in sync with the market requirements.

freebies result                                                                       Guess this viral YouTube video 😉

 

Doling out freebies in the message shall give a boost to the MSR (Message Spread Rate).

This links us to another point which is:

  1. Playing to your audience’s advantage:

What happens when you ask your friends for help?

A work which would involve lots of hardships and pain?

A few loyalists would stand by your side.

Now, take the other case.

Let’s say you promise them free Italian Pizzas topped with delicious cheese and mozzarella.

Even your enemies would slog out for you!

 

 So when you seek help, seek in such a way which benefits the potential helper.

Same applies to your viral marketing conquest.

A great deal of viral marketing success is based on MSR.

MSR [Message Spread Rate] is the rate at which the message goes viral in the online community.

Parameters such as the online view rate, likes and shares, Twitter hashtag trends etc. can be used to judge this.

To shoot up MSR, attack your audience with freebies.

 

  1. S.A.S. Principle

 SAS principle

 

Till now, we have:

  • Analyzed the market
  • Created the message
  • Kept the audience’s purpose in mind

The fourth step is to follow the S.A.S. Principle:

  • Surprise:

Wait for the right moment.

Storm the market at a time when it’s quiet.

And then take the audience by surprise.

Come out as an unconventional entity in the whole industrial sphere.

Patience is the key to winning the first impression game.

  • Amuse

Keep your message simple.

Make the audience laugh. Wear a humorous face.

Positive emotions such as inspiration, laughter, excitement etc. are your hypnotizing gadgets.

Use them to your advantage and attract eyeballs.

 

viral wallpaper image

image credit : hindustantimes.com

An interested audience won’t mind some snakes in your cupboard.

Pun intended.

  • And Succeed as a result of execution of the previous two factors.

 

  1. Social Sharing Buttons 

On a positive note,

I believe that companies create exceptional content and market it well.

Somewhere in the hustle and bustle of framing strategies, they forget the tit bits which cost them dearly.

Keep the social sharing buttons visible to the public, at the top of the post.

social sharing for viral post

 

  1. Review and Readjust

 Keep an eye on the effects.

If the MSR is high, then give a pat on your back.

Or else, go back to the drawing room and rework your strategies.

Be ready with your Plan B, c etc. as a backup for Plan A.

 

5 Viral Marketing Ideas you deserve to learn

 Below are some cool viral marketing examples which will blow your minds:

 

  1. The Ice Bucket Challenge

 

The ALS Ice Bucket Challenge was created to serve a charitable purpose of donating money for the needy.

The origin of this challenge is credited to Pete Frates and Pat Quinn.

Both these inventors suffer from ALS (Amyotrophic lateral sclerosis), a neurological disorder which causes the death of neurons.

Ice bucket challenge went viral

  

  1. Volkswagen – The Fun Theory

Volkswagen initiated a viral marketing campaign in 2009 which would alter the course of marketing.

It came up with the Fun Theory – doing right things in a fun way.

A series of videos were created ranging from:

World’s deepest bin

 

 

to the famous Piano Stairs

 

The above video garnered more than a million views in a short span of time.

With this campaign, Volkswagen as a brand grew leaps and bounds.

And you thought marketing is a dull thing!

 

  1. Evian’s Roller Babies Campaign

 

baby campaign

Image credit : ytimg.com

 

2009 again!

Evian, a mineral water brand, came up with a novel marketing idea to market its water.

This idea went on to give them

  • 50 million views in a year
  • and an entry into the Guinness World Records as:

“The Most Viral Ad of All Time”

 

 

This 61-second film was shot at London’s Pinewood Studios as a part of viral marketing.

Though the visuals of babies skating was too cute for many of us,

Evian suffered a sales loss of around 25 percent in the same way.

We shall discuss it in the later part.

 

  1. Old Spice Ad

old spice advertisement

Image credit : dailymail.co.uk 

 

 Old Spice, a brand manufactured of Procter & Gamble, deals in male grooming products.

Naturally, Old Spice was keen to present itself as:

‘Making the man more manlier’

So it came up with this interesting ad:

 

 

plus an additional set of 185 videos in two days as a part of responses.

Some examples:

 

 

 

Thanks to an innovative campaign and its word – of – mouth buzz,

this series went on to become a cultural phenomenon.

 

  1. PSY – Gangnam Style!

 

 The world music industry is perceived to be biased towards the West.

Celebrity singers like Justin Bieber, Selena Gomez, Taylor Swift etc. usually end up getting close to a billion views.

However, one music video changed the whole narrative.

 

Check the whole case study here

Played under the label of YG Entertainment, Gangnam Style by PSY is currently the most watched video

with more than 2.5 billion views!

 

famous gangam style

Image credit : techtimes.com

 

Reports suggest that YG Entertainment, with a subscriber base of over a million users, used its contacts in USA to achieve this feat.

However, there’s no denying that the video itself is good enough to attract views.

This case study will give you more insights into how Gangnam Style became an overnight sensation.

 

 Viral marketing techniques

  1. Freebies

offer freebies to get share

 

 

 

 

Wanna be a Casanova of Leads? Throw freebies.

Freebies have been used previously as business tactics to give a teaser of their products.

Yet, most businesses don’t realize the power of giving.

Here are some ways of drawing attention:

 

  • Gift tokens or free passes for the first 5000 visitors.
  • Give free Ebooks / newsletters / How – to Guides to your regular users.
  • Buy 2 Get 1 free idea [Old School].

Make your audience believe that you are here to serve,

to add value to their lives,

not to earn monies like any other damn freaking enterprise.

  1. Content Marketing

focus on content

Image credit : socialmarketing.guru

 

“Content is King”

Even Bill Gates wouldn’t have imagined the popularity this line would garner in the future.

You will find the above dialogue on every digital marketer’s dictionary.

A message will go viral if and only if it has quality content to offer.

The creation process might even take weeks or months to complete.

But short term pains are no match for the long term gains one might get

if he hits the pulse of the market.

Create a compelling video or text which is catchy, interesting and different.

 

 

 

 

  1. Contest

A tried and tested method which rarely fails to deliver.

  • Arrange a contest
  • a catchy one
  • promote it madly
  • gift winners with exquisite prizes
  • make a show of this too.

Promotion of your contest also popularizes your brand.

Your brand gets associated with the contest values of excitement, fun and humor.

  1. Social media

 

“Social Media is the marketer’s boon.”

Imagine a viral marketing success without Twitter hashtags, Insta handles and Facebook shares.

Social media is the soul of viral marketing.

social media management

 

Thanks to its influence, the virus can spread to countless people in a short period.

Make use of all the social media platforms available, especially:

LinkedIn, Facebook and Twitter.

 At the same time, don’t forget the significance of Instagram, Tumblr, Snapchat etc.

 Add social sharing buttons in your blog to make your content share – friendly.

 

  1. Look and learn

Emulate your successful rivals.

 

Learn from their mistakes, their tried and tested methods of getting likes and shares.

This saves nearly 30% of your research effort in viral marketing.

 

Click on this link to know more about the viral marketing tools.

 

Advantages

  1. Low investment

Viral marketing is an almost free of cost marketing. [Except the cost of Wi – Fi, router etc. ] 😛

The heart of viral marketing is the audience itself.

If they find your content share worthy, your message spreads like wild fire and vice versa.

 

  1. Mind boggling ROI

Linked to the previous point.

Since there is no or low investment on your part, all the revenues generated by this strategy can be booked as profits.

The profits earned are quick, which means that the returns are fast and high.

 

  1. Enormous publicity

A virus doesn’t stay at one place. It spreads.

It affects and supersedes every software application and affects the whole computer.

Similarly, your viral message destroys competition and goes beyond the limits of social media.

Thanks to the marketing buzz, your brand and message makes a long lasting impression

in the minds of the consumers. [both active and potential]

 

  1. Brand loyalty

Loyalty comes when quality ushers in.

Your viral marketing is centered around the message you give to the world.

A favourable response will create a positive perception of your brand in the market.

Conversely, negative reactions will sink your brand prospects.

What’s more? Your customers pass on your goodwill to other people,

who become leads,

and eventually  your loyal customers once they start using your products.

The lead generation process is smoothened thanks to the word of mouth campaigning.

Your actions and words speak louder than their natural skepticism which would otherwise prop up.

Disadvantages

 

  1. Low WTS (Work – to – Success) Ratio

WTS Ratio is the ratio of number of viral marketing projects undertaken to the number of successes.

work to success ratio

 

 

 

Since the success of Hotmail via viral marketing, many firms have time and again tried to emulate this success.

Sadly, only a few good brands could reach the ‘Hall of Fame’.

A report  by Millward Brown states:

“Only 15% of ads go viral online.”

Though the success rate might seem low for some marketing experts,

it doesn’t meet the perception of the grand viral marketing created over the years.

 

  1. Mind boggling expectations

 

 

Viral marketing is perceived in the modern marketing world as the unbeatable arsenal for marketing.

Exciting results of Hotmail, Old Spice, Evian’s etc. have only helped to up this ante.

But,

 

If the firm isn’t able to meet up to the expectations spread in the market, it may impact the long term future of the firm.

For instance, though Evian ran a highly popular campaign of  skating babies, it failed.

The same year, sales dropped by 50% and there was a considerable loss in its market share.

Thus having a successful viral marketing campaign is not a guarantee for higher profits and long term success.

 

  1. Enormous negative publicity

There’s always a dark side to the lucky charm.

Viral marketing campaigns are known to generate high voltage positive attention for the brand.

On the other hand, if the message is viewed negatively by the public, the effect is magnified.

Experienced brands have the cushion of bouncing back when the dust settles.

But if the brand is an infant in the branding arena, it may suffer irreversible losses,

possibly even a shutdown.

With all its processes and techniques and pros and cons, I believe that viral marketing is the way to go.

Audience craves for something new. It’s tired of the age old marketing BS.

Of course, it’s a risky investment, but if it works, it can work wonders for you.

This was all about viral marketing from my side. How was this article?

Did you find it useful?

Comment below and express your views on this subject.

Tada!

9 STEP GUIDE TO BUILD A SUCCESSFUL STRATEGIC MARKETING PLAN

Building a strategic marketing plan just got easier

business quote by michele bachmann

 

 

The Government of India recently launched the ‘Start Up India’ Movement to boost the growth of small businesses in India.

This has generated a lot of interest among the youth, especially entrepreneurs like you who wish to transform the world.

But you would agree that small businesses are crippled by

  • Lack of resources – Funding, labour,
  • Lack of patience
  • Wrong strategies

Your super cool ideas may have molded into your products, but unless you don’t have a strong strategic marketing plan and you aren’t able to market your products/ services correctly, all your past efforts will go in vain.

This article promises you a defining roadmap on how to frame a strategic marketing plan despite the limitations you face while operating a small scale business.

Here are the steps in a nutshell

 

STRATEGIC MARKETING DEFINITION

Strategic marketing can be defined as “Identification of one or more sustainable competitive advantages a firm has in the markets it serves (or intends to serve), and allocation of resources to exploit them.”

 

Let’s learn the strategic marketing planning process in detail.

  • STUDY YOUR MARKET

 

            CUSTOMERS

Before you step into the rivers, study the flowing waters.

All you need to do is to:

   Know the Demographics

Age, sex, occupation, income levels etc.

   Understand their needs

Imagine your firm offering X goods to the public when they are craving for Y goods.

You will never generate sales, forget getting any leads.

 

   Why your goods?

Conduct sample surveys in the potential market to know why they will buy your goods.

They will spell out points like economical, good quality, better after sales service etc. Take note of it.

           RIVALS

 It’s very likely that you won’t be the o nly Messiah to the masses.

You will need to take a good look at those who have already established themselves in your potential market.

Observe

   The number of rivals

If the number is less, it will mostly be an oligopolistic market.

Oligopolistic market is a market in which the market is dominated by few sellers who are two or more in number.

In this market, there is a strong chance that you will have to be very careful in your pricing policy.

KINKED DEMAND CURVE

If you lower your price to increase your market share, your competitors will lower the price too, thereby offsetting your gains.

But if you increase your price, your competitors won’t raise prices,thus snatching away your market share.

 

On the other hand, if the number of rivals are more. It may be close to a monopolistic competition.

Monopolistic competition is a competition in which there are large number of sellers who sell differentiated products to the consumers.

 

   Distribution Network

Study the extent of the territory captured by your rivals via their branches of distribution.
distribution network

Collect data from secondary sources like search engines to take out quick data of the same.

    Product Features

 You will need to study products and services of successful enterprises in your industry.

Examine their features such as logo, packaging, color mix etc. to know what makes them appealing to the masses.

Accordingly, you can take a leaf out of their product presentation tactics.

   Pricing policy

 Get data from secondary sources and check the industry’s pricing trends.

 

pricing data

Where,

            X axis denotes firms

            Y axis denotes the product price

Form a statistics department to handle this complex data and let them predict the future trends in pricing. 

   Investment strength

 Analyze their level of investments made in your potential market.

Investigating your market is a very crucial step since it helps you o get a rough idea of the market behaviour.

   DEFINE YOUR GOALS

It’s good to harbor ambitions but make sure your goals are realistic.

 

  • Make your goals clear and definite.
  • Plan it up.
  • Write it down.

 

Bring your thinktank together and frame short term and long term goals respectively.

  • SWOT ANALYSIS

 

SWOT (Strengths, Weaknesses, Opportunities, Threats) is a planning method which helps to identify the internal and external factors affecting your firm.

 

swot analysisIdentify these critical factors to know your organization’s inner and outer environment.

  • ASSIGN R & R 

Allocate roles and responsibilities among your employees.
assigning team rolesMake small but effective teams on budgeting, promotion, brand consultants etc.

 


  • BRAND POSITIONING

Once you have studied the market and allocated responsibilities, you must go ahead with your brand positioning.

 

strategic marketing brand positioningImage credit : Interkon

Position your brand in such a way that you stand apart from the rest of the herd.


  • INTEGRATION OF PROMOTION TACTICS

 Bring your marketing team to play and take out all the tactics from the marketing toolkit.

The tactics can be

 

            INBOUND

   Blogs

   Podcasts

   Vlogs

   Newsletter

   Webinar

   Other forms of modern marketing

 

            OUTBOUND

   Cold calling

   Radio

   TV

   Print advertising

   Other forms of traditional marketing

 

            OTHERS

Relationship marketing, Viral marketing, undercover marketing, Freebie marketing etc.

Adjust your marketing strategy based on the existing market conditions.

Don’t go for too many tactics at one go. You already know that “Too many cooks spoil the broth.”

 

  • TEST MARKET

 It’s not rational to be sure of your marketing strategy and go for the ultimate execution.

Always wise to test your marketing plan before you take the final leap.

Test it on a small area, say a subsection of the total market. See the response of the public.

Accept the customers’ appreciation and criticism with humility and make amends to your existing plan based on their feedback.

If you see that the whole marketing strategy is falling apart, make sure you have a Plan B ready.

  • BREAK OUT!

 Once you have gained good responses from the previous step, it’s time to go for the ultimate kill.

Keep all your teams in their toes and break into the market.

This is one of the crucial steps for your firm since this will be an actual barometer of all your efforts undertaken in the past few months or years.

  • REVIEW

Monitor your marketing strategy continuously.

If you feel that things are going a bit awry, step into the chaos and make the necessary changes.

At the same time, you will need to keep patience since growth will take its own time to show up in your flowcharts.

Apply this strategic marketing plan in your business and see your firm’s profits and brand value go up to enormous heights!

Hope your enjoyed my article. Subscribe to my blog and share this article to your friends who are clueless about branding strategies. Sayonara!

Also read:
7 EFFECTIVE BRANDING STRATEGIES