Let’s begin with an example, so if you’re planning to start a business, no matter at what scale you’re planning to do so, small, medium, or large, just think what will be the first thing that comes to your mind after successful execution of the business plan?
In my opinion, it would be the sales thing that is the next most important thing because it will generate revenue. Now, what sales call for is the advertising of the product/service you want to sell. Without marketing, people couldn’t know about your brand and thus, sales can’t be made.
So here we saw that making sales is the actual shot the entire gameplay is played for and marketing is the backbone for the sales part. The better the marketing, the better the sales, and the better the revenue-making prospects.
Strong Business Plan + Strong Quality + Strong Marketing = Strong Brand
What is a Marketing Strategy Plan?
Communicating or interacting with the audience to let them know about the product and how useful building a long-term relationship with the customer is and thereby converting potential leads into real-time customers is known as marketing.
In other words, marketing acts as a bridge between the product/service and its end consumer.
Moving on, a marketing strategy is what guides a marketer to effectively conduct marketing and attain the set targets. In short, a plan framed stating how to target the audience, communicate and finally sell the products and services to the end-users is referred to as a marketing strategy.
To execute a marketing plan, promotion is undertaken wherein promotional campaigns are developed that specifically define the communication criteria and accordingly market research is conducted, audience segmentation is done and a budget is set for the same.
Steps to follow while preparing a marketing strategy
Behind every successful brand, there lies a robust marketing strategy. So, here is a step-by-step flow of how a strategy should be formulated.
Analyze the present marketing situation
Marketing always starts with the market and the first step in framing a marketing strategy is to analyze the market situation, trends, problems, and opportunities to get a better understanding of the various segments of the market.
Understanding organizational structure
Apart from the outside factors, understanding the factors prevailing within the organization is equally important. This step asks for analyzing the vision, mission, and available resources to get the right overview of the organization structure.
Analyzing the market in-depth (market needs and the target to be attained)
Knowing the market segment and filtering the clear outlook of the market segment you want to target is vital. This step involves a thorough analysis of the market, needs of various segments and helps to get a clear understanding of the behavioral needs of the target audience extensively.
Set the goal for the product/service
After the basic analysis of the market, target segment, and organization, the next step is to set the goal for the company’s product or service you want to market.
Prepare a well-defined strategy and formulate it into action
Create numerous possible alternatives to plan your strategy in the most ideal way. Choose the best suitable alternative and prepare a strategy and get ready to campaign it.
Plan a valuable communication strategy and use it
Communication is the most crucial part of any plan. So, valuable and effective communication should be chosen that describes the tone and essence of the message to be sent to the target segment of the market. The channels of communication can be many such as media, PR, face-to-face communication, and so on.
Execute the marketing strategy so framed
As and when everything is planned and ready to go, the next step is to implement or execute the strategy just the way it was planned. The final implementation helps in conducting an effective PR campaign that will create a strong market for the brand.
Evaluate the marketing strategy plan
Last but not least, in this step the strategy so executed is evaluated and checked if it is effective enough and integrates correct measures wherever required.
This is how a marketing strategy should be created to build a better customer relationship and create a well-established market for the brand.
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