When the popularity of television, newspapers and radios are going downhill while social media rises, it should come as no shock that the world of marketing strategy is changing. And it’s doing so fast.
The old ways of getting awareness from your target audience are lessening in effectiveness and new methods will have to do as many people already have adapted to a new format for information; the internet, where anyone can share all kinds of information and media.
The internet, imitating a false utopia for the marketer, gives everyone the opportunity to share their products and services to the whole world, but in the end the illusion shatters in a downpour of endless content where only the either big or smart will stand out.
So how do you reach out to your target market?
First of all you will have to know who you will be selling your product or service to and where they will be able to hear you. What’s the average age? Is it for professionals, hobbyists or amateurs? Are they part of a subculture? Where are they located? Do they use the modern source of information or the old fashioned one?
Once you know who you are targeting, you will have to figure out how they can be convinced to choose your product/service and how to reach out to them? You have to start developing and implementing tactics so you can finally drive traffic to your business.
Identifying your actions and tactics will turn your planned strategy in to real life. You just have to know the 4Ps of marketing: Product, Price, Place, and Promotion and you’re good to go.
· Product – if you know your product well enough, then finding a way to market it won’t be a problem. You have to find the strength of your product and which parts of it make you stand out. From then, you’ll be able to move forward.
· Price – are your prices worth the quality of your product? If so, start off with a promo where people can experience a bit of your product just to cause an awareness of how the value of products can be worth their price. If your company offer services to young adults, go for something that can be of their budget where it’s a little tight as some are still studying while others are struggling in finding a job. It may be a critical part, but choosing the right prices for your products can definitely garner more people to your business both in profit and good customer relationship. Another way you can promote a product is by giving away corporate promotional items to associates, colleagues, clients, and friends in order to get your product out there and have more people notice it.
· Place – whether you have an actual store or an online shop, go for an area where you can access your target market easily. Like if you sell clothes to youth, go for the mall or create an online shop. It’s where most of them spend their time and it’s best to adjust with it as well. If you find the perfect spot, you’ll just eventually make a name out of it.
· Promotion – It’s all about getting people’s attention. Without promotions, people wouldn’t know you exist. Without the people, it’s a big loss for you. Whether it’s a discount in a restaurant, a 50% off sale on clothes, a speed dating event, there are a lot of different ways to promote it. You can go for radio, television, newspaper, magazine, or the cheapest one, social media. Once you’ve caught a couple of people’s attention, the word of the mouth will do the marketing for you.
It is essential for your marketing strategy’s success that there’s good market research, as well as good understanding of your own company. Without marketing your business will fail.
Creating a marketing strategy may seem easy to some, but it is in fact very critical. You will have to dig deep in to it for you to reach your objectives.