Marketing strategy is one of the main components of a successful business. It must be competitive, since only such a strategy is able to convince buyers to purchase your product. An effective marketing strategy is also adaptive: you can always change some details, choosing the most working mechanism.
Instructions
Step 1
In order to develop an effective marketing strategy, you must clearly know the quality of the product that your company produces or the service that it provides. Remember that you will offer a product (service) to people who have no idea about it, which means that you must know everything about the product, and most importantly, its advantages over competing products. Find out the features of the product, talk to the developers, determine its advantages and disadvantages.
Step 2
Be sure to decide on the target audience - the circle of people for which your product is designed. For example, in the fashion industry, firms that produce menswear and design clothes for men and young people call their client type "our young man." Therefore, determine the typical portrait of the buyer of your company's products: his age, gender, social status, income level. If possible, try to find out the tastes and preferences of your audience, for example, conduct a survey on the Internet or using paper on the street, in a cafe, etc.
Step 3
Find out who your competitor is. Identify as many products as possible that are produced by competitors and represent real competition for your product. Try to figure out what marketing strategies they use and how they stay in the market. Find out the prices set by competitors, the system of discounts applied by them. Check out their promotional items.
Step 4
Determine the base prices for your product. In doing so, rely on the data of the development department and the sales department. Prices should not only be competitive, but also carry a certain level of profitability. Design a promotional campaign with sales and discounts in mind. With their help, you will be able to attract a fairly wide target audience, even if you do not have the funds for a full-fledged advertising campaign.
