1. Focus on the market
2. Focus on the product
3. Focus on the data
4. Focus on the Goals
Marketing is a make up of controllable, tactical marketing tools that are used to produce a desired response from its target audience. It is used to influence the consumer to purchase your product.
Understanding your market is probably the single most important factor when creating a marketing plan. What are their requirements, what type are they? Are they high value or low level value customers .They may be lapsed customers, do you resurrect them?
By researching the market you can find and define your target audience by:
• Income level
• Education level
• Marital or family status
• Ethnic background
Think who may need your products or services, are your products going to fit their needs.
You can now concentrate your research to be more specific considerations of Psychographics for your Target Audience:
How and when will your audience use your products. What features are the most appealing? What media platform will they use to gather information? Will they search online or read a newspaper?
Focus on The Product
Without a good quality, well priced product you may not have anything worthwhile to market. However if you have a desirable product which fills a niche market you have a marketing strategy to promote to your target audience.
Product marketers focus on specific areas of their market which in turn may be sold across sections of different markets. An example of this maybe an insurance company promoting their products in a local supermarket.
Product marketers need to have a good understanding of their customer base and market to make sure that:
• A new product is correctly placed in the market place
• Sales and Marketing teams have all the tools to attract new customers. (Social Media Platforms, Websites, Blogs.
• The product meets the needs of the consumers
• The product remains relevant to the market
Focus on the Data
Data driven marketing refers to strategies built on insights taken from analysis of data collected through consumer interaction and engagements to form future business decisions.
It’s important that companies relay the right message to the right audience at the right time. Data driven marketing allows brands to customize their campaigns that translates into a deep understanding of their customers profiles.
Brands use Data marketing to help improve customer experience through surveys measuring satisfaction and customer service experiences.
Data driven marketing enables companies to improve their understanding of their target audience which can lead to a program of product improvement and keeping up with current trends.
Focus on Goals
If you don’t know your destination, how do you know when you get there? Targets are an indicator of how your business should perform over the next six months or year so it important to lay down some realistic goals within your budget. Some goals you set may not be realistic so it’s best to be flexible and have a regular review of your marketing strategy. Stretching your goals will expose your finances and you will become frustrated and deflated. Here are a few questions to give your goals a reality check:
• Can I do this?
• Has the competition done similar things?
• Am I being too negative or realistic – There is no way that this is possible. Maybe I can if I do proper research and put the appropriate funnels in place.
Your Data should be recorded allowing for accurate tracking, measuring and managing of your business.
With all of these four factors in place your marketing strategy should be workable and drive your business forward and build trust with your prospects and existing customers.