What is a marketing strategy process

MARKETING STRATEGIES

You know you need to market your business to become or remain visible to your target customers. But like most small businesses, your time will be spent on operational issues and you will struggle to find the time to do any marketing at all, until you realize that sales are dependent on creating visibility and generating demand for your business.

Challenges Experienced by SME’s

  • Lack of budget and people for marketing purposes
  • Choosing the right platforms in marketing the business
  • Keeping up with trends and technology as training is too costly

How KSMBOA can help?

Trainings to enable you or your employees

  • We will roll out training calendars for regular webinars by the best industry experts that will cover topics of Best Strategies & Practices, Basics of Marketing
  • The cost will be very nominal or free and there is no limit to the number of employees you would like to register.

Designing

  • KSMBOA can assist with designing marketing collaterals & logos for free
  • Free consultation on marketing collateral designing

Below is an article on What is a Marketing Strategy Process.

What is a Marketing Strategy Process?

Marketing Strategy Process is the process of anticipating future events and determining strategies to achieve organizational objectives in the future.

Planning your Marketing Strategy Process

Understand Customer

Develop a clear picture of your target customer using market    research and analysis

Analyse Market

Some basic market research should allow you to find market data such as       total available market, market growth, market trends etc.

Analyse Competition

Analyse what target choices your customer has to solve their need. Research and asses the strengths and weakness of each.

Research Distribution

What is the best way to deliver your product or service to your target customers? This will impact your sales strategy.

Define Marketing Mix

Develop a clear picture of your marketing mix i.e. product, price, place, promotion

Financial Analysis

Put together your marketing budget and evaluate projected marketing ROI, customer acquisition costs etc

Review and Revise

Continuously evaluate the effectiveness of your marketing strategy and revise or extend as needed.


How is this important for your business ?

  • Helps you develop the product & service that meets the requirements of your target market
  • Helps you set clear, realistic & measurable objectives
  • Help you understand and plan for your resources and business growth
  • Helps customers understand your product or service better
  • Helps identify your competitors
  • It defines how unique your business is
  • It gives you control of your business

Types of Marketing Strategy

There are different types of marketing strategies available. Picking up a marketing strategy includes analysing the needs of your business, your target audience and specifications of your products.
The two main types of marketing strategy are:

  • Business to business (B2B) marketing
  • Business to consumer (B2C) marketing

The most common form of marketing is business to consumer (B2C) marketing.

Methods of how Marketing is done ?

  • Paid Advertising
  • Internet Marketing
  • Word of Mouth
  • Undercover Marketing and many more

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