Business Marketing Strategy

Business Marketing Strategy

What is​ it​ and who needs one?

The term business marketing strategy might sound like it​ is​ esoteric or​ stratospheric,​ so let’s take the​ mystery out of​ it​ so you​ can devise and implement your own business marketing strategy that fits in​ to​ your small business plan.

Strategy comes from a​ Greek word “stratagein” meaning “to be a​ general”. Think of​ a​ strategy as​ an​ overall plan of​ action needed to​ win a​ war. the​ smaller,​ detailed actions are called tactics. you​ can have tactical plans which help you​ achieve your strategic marketing plan or​ overall business marketing strategy. That’s simple enough,​ isn’t it?

A business marketing strategy or​ strategic marketing plan is​ an​ overall plan of​ marketing actions you​ intend to​ take in​ order to​ accomplish a​ specific goal for your company.

Start with a​ goal: $2 million in​ sales this year; expand into new premises by a​ certain date; double the​ size of​ the​ company in​ 2 years… whatever the​ goal may be. Something realistic but challenging. That's the​ "war" you​ want to​ win. Guess who the​ general is.

Then work out a​ simple,​ overall plan of​ the​ major marketing steps needed to​ accomplish that (for example):

1. Publish a​ newsletter for all existing customers and mail out quarterly.
2. Work out 4 special offers in​ the​ year and promote them to​ all our customers.
3. Set up on-line shopping and expand the​ web site.
4. Direct mail campaign promoting the​ web site to​ all customers.
5. Get mailing lists of​ (target markets) and do a​ series of​ 3 mailings of​ postcards to​ them and follow up on​ and close all leads.
6. Etc.

You get the​ idea. Don’t rush this. Do your homework. What worked in​ the​ past? Read up on​ successful marketing campaigns.

Your business marketing strategy needs to​ be laid out in​ the​ right sequence and you​ should have some idea of​ budget when you​ write it. “Run a​ series of​ 30 second TV ads during the​ Superbowl” might sound like a​ good thing to​ do but can you​ afford it? on​ the​ other hand,​ when you​ build your business marketing strategy you​ mustn’t try and cut corners. if​ you​ don’t promote heavily,​ it​ doesn’t matter how good your product or​ service is,​ no one will know about it​ and you​ will go broke.

What really works when it​ comes to​ marketing?

Many business owners don't have a​ good enough answer to​ this important question. I learned by a​ combination of​ study and trial and error.

From my own hard won experience I have discovered that a​ real marketing campaign will take into consideration at​ least the​ seven points which are outlined below:

1. Target Your Market

Your marketing will produce the​ best results for the​ lowest cost when you​ target prospects with the​ greatest need for what you​ offer.
Identify the​ best people to​ send your postcards to. Design your postcards to​ appeal to​ their greatest need.

If you​ are able to​ break down your target market into sub markets you​ can then write postcards that specifically speak to​ the​ needs of​ those people (an example is​ breaking down your own customer list into customers who buy most often,​ customers who spend the​ most money with you,​ customers who have been your customers the​ longest and then making them special offers based on​ the​ category they fit into).

2. Create a​ USP For Your Business

USP stands for "Unique Selling Proposition".
It is​ a​ statement of​ what is​ different about your company and its products. Your USP gives the​ reason people should do business with you. it​ amplifies the​ benefit of​ doing business with you​ and your company. My USP is​ POSTCARD MARKETING EXPERTS.

Create your own USP and put it​ on​ all your promotional materials,​ invoices,​ shipping labels etc.

Use your USP to​ communicate the​ benefit of​ doing business with you​ and why you​ are better than any of​ your competitors.

3. Always Make an​ Offer

Make sure you​ ask your prospects and customers to​ do something when they receive your postcard. By offering them something you​ know they are likely to​ want and giving them a​ smooth path to​ respond on,​ you​ are making it​ easy and desirable for them to​ respond.

4. Create and Maintain a​ Database of​ the​ Customer Information you​ Collect From the​ Responses to​ Your Mailings

Most people who receive a​ postcard from you​ won't contact you​ the​ first time they receive one.

But once they contact you,​ you​ must create and maintain a​ database which allows you​ to​ repeatedly contact them with offers to​ respond to.

Fifty percent or​ more of​ many businesses' sales come as​ a​ result of​ following up with people who were previously contacted,​ but didn't buy right away.

No kidding,​ repeat contact does drive sales. One-time mailings can get response,​ but are bound to​ leave sales on​ the​ table. Those sales can be picked up with repeated mailings.

5. Take Away the​ Fear of​ Loss

People don't want to​ be fooled,​ plain and simple. Unfortunately trust does not run high today between customers and businesses in​ general. People have been disappointed too many times by being sold one thing and getting another.

A guarantee or​ warranty is​ a​ good way to​ reduce or​ eliminate the​ customers’ risk of​ getting something other than what they bargained for.

Guarantees and warranties increase response and sales by reducing customer risk.

6. Expand Your Product Line

Getting new customers is​ more expensive than selling to​ existing ones. By regularly developing new products and services to​ sell to​ your customers and offering these new products and services to​ them,​ you​ can expand your business efficiently and easily.

7. Test Your Postcard Promotions

Track the​ effectiveness of​ your postcard mailings. How many people responded to​ your mailing? What dollar amount of​ sales resulted from those responses?

Is the​ money you​ are spending to​ attract new business giving you​ a​ good return? What can you​ do to​ make your marketing more effective? Change your offer,​ headline,​ price,​ the​ timing of​ your offer. When you​ do track the​ results and improve your response.

These are the​ points to​ follow when designing your own marketing strategy. When you​ are done,​ you​ will have laid out the​ steps needed to​ accomplish your goal using existing resources to​ achieve a​ great marketing ROI (return on​ investment).

After that,​ you​ simply have to​ get those steps executed and that might require further planning but it​ is​ all in​ the​ context of​ your main business marketing strategy.

Business Marketing Strategy

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