15/11/2023
🎯Marketing Strategy for Success: Step by Step
Statistics indicate that only 5% to 20% of new products remain in the market for two years. This underscores the importance of a sound marketing strategy, significantly increasing the likelihood of success.
1. Defining the Role of Marketing✅
First and foremost, determine how critical marketing is for your business. This may vary depending on the stage of your company's development, from a startup to a stable systematic phase.
2. Establishing Marketing KPIs🆙
Assessing the effectiveness of marketing can be challenging, but it's crucial to choose key performance indicators for monthly evaluations. Effective marketing should be accountable for everything happening with the consumer, from sales to social media interactions, shares, and more. This function does not exist in isolation; general business goals and marketing objectives must be aligned.
3. Research of External Factors👩🏻💻
External factors can significantly impact your product, so carefully study and adapt your strategy accordingly. (Consider changes like COVID-19 and the alterations it brought to the market.)
4. Market and Competitor Analysis💻
Examine your market share and consumer perceptions of your competitors. This enables you to maintain relevance and competitiveness.
5. Research Limits and Opportunities🚫
Examine constraints and opportunities in the market to develop a strategy that considers both internal and external factors. If offering an innovative solution is not feasible, winning on quantity—selling a cheaper option to more people—might be a viable strategy.
6. Target Audience Research🎯
Familiarize yourself with your target audience, select the primary segment to work with, and concurrently expand your consumer base.
7. Growth Strategy💹
Enter new markets, attract new consumers, or launch new products when opportunities for organic growth are exhausted.
8. Market Positioning📲
Identify the consumer's "pain point," develop a product that addresses it, and emphasize this in your communications.
9. Setting Goals and Tactics💰
Define your goals and choose tactics to achieve them. The goal is the answer to the question "What do we want to achieve?" and the strategy is "How are we going to do it?" The goal is the primary cause, but it cannot exist without a strategy.
10. Flexibility🔀
Approach your strategy flexibly, test new ideas through short trial launches, and refine your approach.
