Plan the best marketing strategy for your business

January 13, 2020 in News



Plan the best marketing strategy for your business

Boost your business success with a well-defined digital advertising strategy

Digital marketing strategy creates powerful opportunities to create personalized customer-focused experiences at scale.

Through ads on various devices and channels, marketers can reach larger audiences; this public has been chosen in real-time and in a way that is increasingly personal.

How to structure a well-defined marketing strategy for your company?

1° Step: Firstly, you need to define your company’s vision and mission;

2° Step: Define your goals and objectives for your business;

3° Step: Define your target market, audience and competitors;

4° Step: Understand and examine weakness and strengths of your product;

5° Step: Define your budget;

6° Step: Choose the best marketing channel for your objective;

Marketing strategy - Bigbom -

What is a Mission statement?

A mission is a short resume of the purpose and aims of an organization; indicates what the the organization does, its key objectives and how is going to reach it.

What is a Vision statement?

A vision is a short description of an organization’s aspirations and the wider impact it aims to create. Certainly, it should be a guide to everyone within the organization; something which underpins internal decision-making processes and determines the intended direction of the organization.

Whether you’re a massive corporation or a solopreneur, use mission and vision to gain clarity and ensure that you consistently make decisions in line with your ultimate goals.

These statements also help you to develop a stronger brand that differentiates you from the competition; obviously, this is essential for a good marketing strategy.

Business Goals

As part of the planning process, business goals describe what a company expects to accomplish over a specific period of time. Every company should usually outline goals and objectives in their business plans, so to know exactly where are they going.

The Importance of Business Goals

Moreover, businesses should not fear setting goals because there is absolutely no downside to the process. Also, goals give to a business direction and help measure results. There are four detailed and important reasons why a business should have goals.

1 – Measure the results – Good organizations should always be trying to grow and become more efficient; as a result, to set business goals lead to measure easily your company performance.

2 – Leadership cohesion – Setting goals means also that you have a guide for all your employees to reach specified objectives; understanding goals and the direction, means also to improve decision-making processes in any department of your company.

If you know where are you going then you can prepare
yourself and take the best decisions to arrive there before than others
.

3 – Knowledge is power – Moreover, if any employee understands clearly the goals, it becomes much easier to take decisions based on the goals set.

4 – Measure goals – When goals are set, they should be monitored on a regular basis to verify the business is going well.

Difficulties of setting a business goal

As we said that is really important to set well determined goal for your business, which one are the worst mistakes you can do?

Setting unrealistically high goals – When a goal is perceived to be unreachable, no effort will be made by the employees to achieve them; set realistic goals so that is much more likely that your employees will work together to achieve them.  

Setting vague or too ambiguous goals – Be specific choosing your goals; always remember that the most important thing for business objective is to be measured; so, if it is not possible to do it, you will never know whether or not you achieved them or you need to improve more.

Choose the right Target Market

A target market refers to a group of your potential customers sharing similar characteristics including geography, demographics, and incomes.

In addition, identifying the target market is an essential step for any company in the development of a marketing strategy. Not knowing who the target market is comparable to don’t know the audience for your product, i.e. your product and can be the ruin of your company, let’s be clear.

Understanding Target Markets

Probably, the most important part of selling a product or service is to understand which customer is more likely to buy it. That’s why businesses spend a lot of time and money to define and monitor its target market. Once you have an audience for your product all the next steps will be definitely easier, and you as well will feel more relaxed, because you know as well, that your product is about be sold.

Target markets are generally categorized by age, location, income, and lifestyle. Defining a specific target market allows a company to direct a common plan and strategy for all the people within the market and bind, also, with the customers.

Know your competitors

As Sun Zu wrote in its “The art of the war”, keep your friends close and your enemies even closer.

Another important thing to know, before even to start thinking about to sell anything with your company, is to know who are your competitors.

First of all, you should do some market research; if a market it stuffed with companies selling the same product, you agree, hence, that there is no point to try to get a slice of this market. On the other hand we know that is really difficult to find a virgin market, so let’s try stick to the middle.

Have a look on online communities and forums or check your customers’ feedback as well, to have, eventually, a big picture about competition in your market.

Define your budget

Budgeting is the process of creating a plan to spend your money. In addition, creating this spending plan allows you to know in advance if you will have enough money to continue with your business plan.

Budgeting is simply balancing your expenses with your income; take into account your business’s variable and fixed costs and try to allocate your budget following the goals you had set.

Without a budget, you may not know if your business is performing efficiently, as provides an accurate picture of expenditures and revenues and should drive important business decisions.

Choose the right marketing channel for your business

Choosing the right channel to advertise your business is as important as setting your target audience. Every channel is strictly connected to a specific audience and to a product, so, to choose the right one it is essential for a good marketing strategy.

Here you have a list of online advertising channel:

◎ Search Network Pay-Per-Click Advertising channels, like Google Ads and  YouTube

◉ Media Pay-Per-Click Advertising channels, like Facebook Ads, Instagram Ads, Linkedin Ads, Tiktok Ads

◎ Display advertising channel

◉ Google Search Network and SEO strategy

◎ Blogging and other content marketing channels

◉ E-mail Marketing

◎ Buzz Marketing, always more popular with the participation of influencers

Have a look at Bigbom’s blog for more interesting contents about digital marketing or follow us on Facebook at Bigbom.Global.

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