Having a marketing strategy is vital for every business. It involves identifying who the target market for your product is (for instance adult male, teens, etc) and segmenting them into groups according to their needs using characteristics such as geographical location, demographic factors (age, gender, social class, occupation etc) or psycho-graphic factors (values, beliefs, culture etc). Segmenting your target market into groups allows you to promote your product/service in a way that appeals to each group.
The aim of a marketing strategy should be to meet the needs of your target market more successfully than your competitors
Here are 3 reasons why you need a marketing strategy.
1. Helps you achieve your organisation objectives
If the organisation’s objectives for a particular year is say to make a revenue of xxx, the marketing strategy could then focus on introducing the product to a new market segment or getting repeat business from existing customers in order to increase revenue.
2. Provides a road map for your marketing activities
The saying if you don’t know where you’re going any road takes you there is very true and reflective of our day to day activities. Marketing your products or services should be deliberate and integrated with all other activities of the organisation in order to have a consistent and well put together brand.
3. Prepare for potential changes in your market environment
A marketing strategy sets the premise for how the company responds to changes in activities or preferences by competitors, customers, suppliers, changes in the economy, technology and so forth that could impact the business.
Preparing a marketing strategy does not have to be sophisticated, but it is a must for company’s that want to achieve competitive advantage.