"The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself." ~ Peter F. Drucker
What are Marketing Strategies?
A marketing strategy refers to a business's overall game plan for reaching prospective consumers and turning them into customers of their products or services. A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements. A thorough marketing strategy covers "the seven Ps" of marketing—product, price, place, people, physical evidence and promotion. The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over rival companies.
In this article, you’ll learn step by step how to create a successful marketing strategy for a new product launch:
Who is your target audience?
This question will enable you to select what platforms, networks, partnerships, and, most importantly, how you can launch your product in a way that captivates their attention.
You have to build a target customer persona and use that information to help plan your product launch. Know who your customers are and you’ll know how to grab their attention and effectively make sales.
Once you’ve mastered what kind of audience you’re selling to, it’s time to hammer down the value proposition you intend to use for your product launch and marketing tactics. Your value proposition is not a slogan or a catchphrase. Instead, it explains what problems your product solves. It should drive specific benefits and let your customers know why your product differs from others in the market.
2. Promoting Your Product on Social Media
About 90% of top brands say that social media needs to be a part of their sales strategy, so shouldn’t it be a part of your product marketing strategy? You’ll need to create a social media marketing strategy to promote your new product online. A social media campaign is a brand coordinated or strategic marketing plan to specifically highlight a brand, product, or service using a preferred social media platform(s) to meet a quantitative or qualitative goal.
Earlier, we spoke about knowing who your target audience is and using that data for your launch, which includes your social media campaign. This will help you to choose the right social media platform that your target audience is most likely to spend most of their time on.
3. Profile your competitors
Similarly, as part of your marketing strategy, you should develop a profile of your competitors by identifying their products, supply chains, pricing and marketing tactics.
Use this to identify your competitive advantage – what sets your business apart from your competitors. You may also want to identify the strengths and weaknesses of your own internal processes to help improve your performance compared with your competition.
4. Use the '7 Ps of marketing
Reach your selected market by utilising the 7 Ps of the marketing mix. If you can choose the right combination of marketing across product, price, promotion, place, people, process and physical evidence, your marketing strategy is more likely to be a success. You can choose any combination of these to achieve your marketing strategy.
5. Test your ideas
In deciding your tactics, do some online research, test some ideas and approaches on your customers and your staff, and review what works. You will need to choose a number of tactics in order to meet your customers' needs, reach the customers within your target market and improve your sales results.