Business

What Defines a Good Marketing Strategy?

Affordable Marketing Strategy

Marketing is essential if you want your business to succeed and grow. Having a good marketing strategy in place means that you can confidently spend the right money in the right places, and offer your current and potential customers an all round great experience. What is it that makes a good marketing strategy?

Know Your Product

In order to properly market your product, you need to really know your product. What is it that it can do that makes it stand out from the crowd? What is it that makes it special? You need to know every detail of its features and benefits, and you need to understand just what it is that makes it work. When you have these details, your marketing strategy will be a lot easier to determine, as you’ll know what to advertise to ensure people want your goods or services. You may want to carry out some market research to find out what the public think – or you could listen to online feedback, even if it criticism (even poor feedback can help you).

Branding

Branding is essential when it comes to working out a good marketing strategy. Having the right kind of branding means that your product will stay in people’s minds, and that it will be the first thing they think of when they need whatever it is you’re selling. Creating a memorable brand is not as easy as you might think, so take your time over it. If you want professional help, a company such as SmashBrand will be able to create extraordinary packaging to push your brand and product even further into the public’s consciousness. Using your brand in your marketing strategy is essential; it needs to be cohesive and stay within message otherwise people will become confused and won’t be sure whether they can truly trust your company.

Promotions

Part of a good marketing strategy is having the right promotions at the right time, in the right places. Products won’t sell themselves until you are a household name, but to get there you need to promote your products as much as possible. There are lots of different way to advertise such as TV, radio, Google AdWords, Facebook, local or national newspapers, even on the side of a bus, but if you aren’t targeting the right people, your money will be wasted. It’s important to know who is buying your product (more market research can tell you this) so that you can tailor your marketing strategy towards them. Ensuring that the right people are seeing your ads is crucial – you can have an amazing product, but if no one knows about it (or the people who do know don’t want or need it) you still won’t sell many. Market to the right groups, and you’ll sell a lot. It makes a big difference.

Pricing

Getting your pricing right is another important element of your marketing strategy. Pricing your items too high will put people off of course, but did you know that pricing them too low will do the same? People may think that they are cheap for a reason, and mistrust them – and you. Working out the ideal price point is a combination of more market research (see what your competitors are charging) and how much profit you want to make. You can even charge the same as a competitor, but throw in a free gift or upgrade at the same time, making your product worth more.