How to Effectively Market Your Business: 5 Keys to a Great Marketing Strategy
What is the difference between successful entrepreneurs who lead prosperous businesses and business owners who can’t get out of survival stage?
At the end of the day, it all comes down to having a marketing strategy that makes everything you do more effective.
Not many businesses get so caught up in daily marketing execution like advertising, building a website, tweeting, sending an email, blogging, optimizing a landing page, and etc.
So, how to take the time and work on your decisions that will improve the performance of your business? How to effectively market your business?
For more information about online business in the UK: https://www.shopify.co.uk/blog/best-products-sell-2018
The Importance of Marketing Strategies
Strategy includes all the decisions you need to make so your tactics give you the result you want. Your marketing strategy is the foundation for generating interest, creating awareness, closing new sales, continuing customer engagement, and more.
Your marketing strategy guides your products and services, your company culture, and your pricing.
Developing a marketing strategy for your business is the secret to expansion, growth, and long-term success. The challenge is that developing the right strategy can involve a lot of stress, especially for small businesses and the costs related to building the wrong strategy can be catastrophic.
You need to do this right and enjoy the benefits of a marketing strategy. You will be able to promote your business to a target audience, understand your customers, brand your business, and more.
By investing time to create a marketing plan, you will have a roadmap for all of your activities that will help keep your messages on target, your brand intact, and your goals within reach.
There are many things you need to consider when building a successful strategy. There are five keys that over the years have helped hundreds of business owners grow their sales.
5 Keys of Marketing Strategy
In order to make your tactics work better and grow your business you have to answer these 5 questions:
1. Who is your target customer?
2. In which category does your business (online store) exist?
3. What is your unique benefit?
4. Who is your competition?
5. How are you different from your competitors?
Answer to each of these questions and make sure to commit to not changing it for some time.
1.Who is Your Target Customer?
The first decision of any marketing campaign is to identify your target customer. Who do you serve?
This question needs to be answered before you execute any marketing tactic. It doesn’t mean that you have to say no to potential customers who might purchase from you. Keep in mind that defining your target group takes time and discipline and that you can’t do marketing without it.
If you are spending money and time on marketing but you notice that your efforts aren’t driving enough sales, the problem is that you haven’t narrowed your group enough to be effective.
2. What is Your Category?
Your category is a short description of what business you are in. When someone wants to describe your business, what words would they say? For example, Starbucks is high-quality coffee, fresh Mexican burritos is Chipotle, and etc.
Most business owners can’t resist using long descriptions. This leaves people a little bit unsure of what you do. If someone can’t remember your category description after you meet them, you are not clear about what you do.
Clearly defining your business strategy helps strengthen your marketing. Think of what it would take to be the best in your category.
3. What is Your Unique Benefit?
Your unique benefit should feature the most important things about your products. For example, what does your product deliver, the benefit of using your products, and etc. Don’t make things complicated. Instead, highlight things that your target customers want.
You should know exactly what does your customer want from your product selection. For example, sometimes customers don’t just want your products but they want to save time, save money, and etc. Keep your focus on two-three benefits. The simpler you describe the unique benefit, the better your marketing is going to work.
4. Who is Your Competition?
When someone is interested in purchasing a solution to a specific problem, they will make sense of the options available and compare you and your competitors.
Most entrepreneurs haven’t defined who their rivals are and don’t focus their messages to create differentiation for their potential buyers. This is not as good as it frustrates the buying decision process and makes your marketing strategies weaker.
It is important to be as clear as possible in your mind about your competitors. Each competitor would create different comparisons, so it is important to narrow it down to one or two competitors types.
5. Why Are You Different?
Once you’ll define your competition, you need to make a list of all the things you want to do better and differently. After, rank each of those things by how important they are to your customer.
You need to choose one or two and add them on your homepage or include them in your email newsletter.
Don’t overcomplicate the explanation about what is different at your store and better for your target customers. People just want to know a few details before deciding whether they want to purchase your product. Is it cheaper? Do you offer the best personalized service? Do you have faster delivery?
Market Your Business: Final Words
Now that you are familiar with the five tactics of an effective marketing strategy, it is time to sit down and think about how you can market your online store, your website, and your products.
Answer the questions and start creating a marketing strategy statement for your business. You can get some perspective from friends, employees, and customers.
List all the possible options and then make the final decision. You should feel power and clarity coming through.
Creating a marketing strategy is not what companies do after they get successful, it is what small businesses do to scale and get bigger.
Are you ready to get out there?