Developing a winning marketing strategy

A marketing plan is not successful if it does not help you to convert customers. Your marketing plan should guide you on how best to reach out to your target market or target customers with your products satisfying or meeting their needs or desire and at the same time helping you to earn your customers’ loyalty without stress.

Due to increased competition coupled with the evolving change in taste and standard of living of people, it is important to keep reviewing your marketing plan, especially if you are a small business owner. However, to begin with…

Let’s show you the framework of a winning marketing strategy

Target Audience/focused market

You cannot afford to target everybody, hence the need to narrow down to a specific market segment. You need to know their gender (male or female), age, location, what they like, their buying power and their population.

Marketing specifics

Your product or service(s) would need to be described in details, clearly showing how it meets the needs of your specific customer segment. For example, if you offer products of good quality but lesser price, your product would further be directed specifically at middle income earners.

Channels of marketing

Here, you need to think of the best ways to reach out to your existing customers as well as new ones. You need to be specific about your channels of marketing either by digital, social media, TV, radio, newsprint etc. Your mode of promotion matter as well. Are you going to use trade fairs, TV talk shows and appearances, radio talk shows, focus meetings, strategic presentations, etc.?

Market Monitoring and Evaluation

Setting goals with clear objectives helps makes a marketing plan effective and successful. You must be very careful not to set unrealistic goals that cannot be measured. |Goals such as have plenty customers or make big money are unrealistic and should be discarded. Instead, say you want to reach 3 Million Naira sales in 2 years. Your goals must be attainable so that you don’t end up being ambitious and losing money.

Incentives and Pricing Strategy

Your marketing plan must detail the kind of incentives you intend to give to keep existing customers and attract new ones. Your pricing strategy, that is, the prices of your products or services must compete favourably with that of your competitors.

Regular Review

Today, we live in a dynamic and an ever changing world. Therefore, you will agree with me that your marketing plan must be checked periodically and regularly. This will help you to stick to what is working and make a quick change or adjustment to what is not. Irrespective of your short, medium or long term goals, your marketing plan must be checked regularly.

Having a winning marketing strategy would make a significant difference in attracting and retaining customers. All successful businesses surely have one!