Guide to building an effective marketing strategy

A well developed marketing strategy is the backbone of a successful business as it plays a pivotal role in attracting and retaining customers, and at the same time, maximizing profits for the business entity. Web Windows believes that an effective marketing strategy should be able to incorporate the changing needs and perceptions of customers, identify new markets and communicate the business messages to the target clients through proper advertising channels. It should also provide scope for monitoring effectiveness and making adjustments required to maintain its success.

Here are some simple steps to guide you in creating an effective marketing strategy for achieving your business goals.

Before you decide your marketing strategy

Web Windows suggests that before devising a marketing strategy, do a SWOT analysis to identify your strengths, weaknesses, opportunities and threats and control all external and internal factors that could impact your business objectives.

Highlight your strengths

Your strengths could be providing:

• Personalized customer services
• High quality skills and resources
• •Value for money
• Reliable and cost effective goods and services

Identify your weaknesses

These could include:

• Limited budget for advertising
• Lack of a brand value in the market
• Inefficient data analysis resources

Focus on your opportunities

Always be on the look out for:

• An increase in demand opportunities for goods and services that you provide.
• Any emerging technologies that can change the rules of the game.
• Your competitor exiting the market, giving you new territory to expand your services.
• New advertising options on various channels including the Internet.

Face the threats

Be prepared for:

• New competitors entering the market.
• Changes in legislation that can affect profit margins.
• Constant flux in the markets and economies.

Question your marketing strategy

The following questions can provide you a sense of direction for planning your marketing strategy.

What are my business goals?

Set clear and realistic objectives based on products and services you provide.

Who are my potential customers?

An effective marketing strategy should provide for the expansion of a business entity's client portfolio. For this to happen, you need to identify new customer groups whom you can target, again based on the products and services you provide. You can also consider adapting your product portfolio to attract new clients through appropriate advertising strategies.

How to communicate with potential customers?

Do a cost analysis for advertising your services to your potential and existing customers through different communication mediums such as mass media, Internet or the print industry. You can also advertise your goods through PR channels and trade fairs.

How to keep the existing customers loyal and satisfied?

While a growing business demands new customers, it is important to keep the existing customers happy. Define a marketing strategy that informs existing customers of new launches, schemes, discounts and other such factors. Web Windows firmly believes that selling to existing customers is more effective than changing products and services to attract new ones.

How can I improve my customer services?

In today's cut throat competition, it is imperative that you retain your customers through effective customer care policies. Remember flexible, courteous and prompt customer services can provide a cost effective advantage over rivals and also boost sales. There is nothing like word of mouth publicity to build a good reputation. So one thing that your marketing and advertising strategy should focus on, at all costs, is to identify and list means and ways to provide an impeccable customer experience.

How should I price my products and services?

The general trend is to price products and services at competitive rates but here again you need to decide whether you want to follow a cut-throat strategy or price your product and services based on factors such as reliability, efficiency and quality. For example, if your customer base consists of people who prefer quality above all factors, you could decide on a higher-than market price and then devise your marketing strategy in a way it is able to justify the higher rates.

How do I promote my products and services?

This decision basically depends on, apart from others, two major factors, your target customers and budget. Consider a scenario where your services target a small yet dedicated customer base and your budget is limited. Web Windows suggests that opting for traditional advertising methods to promote your website can be considerably more effective that most Internet marketing strategies. Picking up late availability deals can dramatically reduce advertising rates. On the other hand, if the product is targeted at the masses and budget is not a constraint then you could consider the still in vogue traditional avenues such as TV and the print media to build your brand.

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