What is it and how do you run your home-based business?
The marketing strategy is a part of your business plan that outlines your overall game plan for how you will find and attract customers to your business. Sometimes marketing strategy is confused with a marketing plan, but they are different. Your marketing strategy focuses on what you want to achieve for your business and marketing efforts. A marketing plan details how you will achieve these goals.
A good marketing strategy includes what you know about how your business relates to the market and 5 P of marketing to develop techniques and tactics that will achieve marketing objectives.
When was a marketing strategy developed?
The marketing strategy is created before you start your business. You can not effectively tell without understanding how your business fits into the market, your competition, how you will compete and what you need to achieve (i.e. sales) to achieve your financial goals. Then, use what you have learned to create your marketing plan and start your own business.
Like a business plan, marketing strategies can be fluid, changing as needed to improve your results. Once your business is operational, you need to evaluate and adjust your marketing strategy from time to time to account for changing market conditions, demand shifts, and other factors that affect your sales as a result of your research activities. market and performance of your business.
How to create a strategy marketing
Before writing your marketing strategy, you need to know how your product or service is perceived by others and how it is unique to other businesses in the market. Further you need to do market research to understand your competition, your target market and other factors that will affect your ability to reach and attract people to your business.
Once you have your research, you can write down your marketing strategy including 5 P of your marketing mix:
product: What did you sell? What are the physical attributes of your product or the uniqueness of your service? How is it that you offer differently from your competitors and what benefits do you offer to your customer?
Price: What will it cost to get your product or service? How does it compare to your competition? What will be your profit margin by selling at that price?
country: Where will your products and services be produced for purchase? This is more than just having a home office, and should instead be the place where consumers are able to buy. If you are in multiple countries, you need to work on calculating the percentage of sales from each country. For example, what will be your internet marketing strategy? What is your sales strategy? How will the transaction take place, what is the cost of receiving the product or service to the customer / client and what will be your refund / return policy?
Promotion: How will you understand the market for your product or service? How will you show them the features and benefits you offer to get them to look at what you offer? What marketing tactics will you use and what do you expect the results of each method to be?
Include information about any incentives or coupons you will use to attract business.
People: It matters if other people are involved to help you create or deliver your product or service. Who are these people (i.e. vendors, virtual assistants) and what do they do (e.g. sales calls, customer service)? What is the level of training and / or experience in providing assistance to your business?
When writing your plan, be specific, using detailed steps, views and budget forecasts. Keep your brand (your promise to the customer) so that your marketing strategy matches what you want the customer to experience when doing business with you. Be sure to refer to your marketing strategy as you develop, evaluate, or modify your marketing plan.
Whether you are using a business plan to get a loan or to create angel investors, marketing strategy and marketing plan will be essential elements for your success. Along with a quality product or service, funding sources also want to understand that you understand and have a plan for reaching your market.