4 Steps to Build a Great Marketing Strategy
Building a stellar marketing strategy requires industry knowledge, experience, and skills that only interim management can deliver.
The marketing strategy of any business is their action plan to communicate their brand and messaging towards attracting customers. It addresses all the underlying goals and activities that make your vision a reality. Interim management executives help organizations achieve that by building sustainable strategies that drive long-term growth.
Step 1: Do your research
Before creating a strategy you need to assess the market and your competition. The best way to do this is by conducting a SWOT analysis where you identify the Strengths and Weaknesses of your product, service or idea, as well as, the Opportunities and Threats from your competition. It will give you a well-rounded picture of the angles your business needs to consider.
Step 2: Define the audience
Build a profile of your target customer. Be as specific as you can by filtering the demographics, age, sex, buying habits, location, and so on of potential customers. This information can be key in customizing a marketing strategy that is best optimized for your business.
Step 3: Create marketing goals
Set measurable goals to support your marketing strategy and that are to be accomplished within a fixed time frame. Using Key Performance Indicators (KPI’s) you can evaluate the success of your strategy. If progress is not as expected after certain periods, take a break, adjust your goals and start again.
Step 4: Build your marketing mix
Now that you’ve identified your target customer, researched the market and defined your goals, it’s time to strategize how you’re going to meet your objectives. That involves building the right mix of marketing tactics that best support your strategy and help your business grow. Whether it’s a mix of digital and offline, or different elements in the same sphere like billboards, flyers or ads in the newspaper, go for those that will have the most exposure and are best suited for your brand.