How to prepare your marketing strategy
Entrepreneurs must start by defining the image they want to convey. They also need to determine what they want to sell, where and at what price.
A good marketing strategy should ensure coherence between the company's product policy, price policy, distribution policy and communication policy. This is what is called the "4 Ps" or the marketing mix.
- Product: The physical product, service, brand and after-sales service;
- Price: Refers to the pricing of the product and its financial cost to the customer;
- Place: Covers all decisions related to the distribution channel (retail networks, distribution through its own stores, e-commerce, etc.);
- Promotion: Refers to all the means implemented to inform and attract customers.
These four aspects form the basis of a company’s promotional effort. These are the prerequisites to be met before launching the promotional campaign itself. In implementing these 4Ps, the company chooses to develop a unique product by setting a competitive price that reflects the perceived value. It also ensures that appropriate distribution channels are selected and that targeted, relevant promotional campaigns are conducted.
Steps to develop a good marketing strategy
Market study
Focusing on your objectives, customer base and competition will help you define your promotional efforts via an analysis of its target market. This also means developing a product that people like.
Defining your goals and budget
A good marketing campaign knows exactly which direction it is going in. It is based on precise and realistic goals, objectives and budget.
Targeting your customers
Marketing is only effective if it is aimed at the right people. This means knowing your customers, both current and future.
Positioning oneself as a brand
Brand positioning determines how a company is perceived by its target group and the market position it aims to achieve.
Schedule
A well-designed schedule is a powerful tool to improve the organisation, coordination, and effectiveness of a company’s marketing actions.
Learn more
Marketing of products or services
A marketing strategy will have to focus its priorities differently depending on what the company is trying to promote. The approach will not be the same whether it is a service or a product.
Pricing: determining the price of your products and services
Entrepreneurs should determine how much customers are prepared to spend on their products. But they must also make sure they cover their costs.
Distribution channels
The entrepreneur has a choice of several channels to sell their products. These choices do not all have the same implications in terms of cost and logistics.
Good communication
Promotion or communication refers to all activities aimed at quickly and sustainably making a company, its products and its services known to its customers.