Hopefully you read last week’s blog regarding the purpose for conducting a Marketing Audit and Analysis and have a good understanding of why they’re important. If not, it’s a good idea to read through it now.
After completing a Marketing Analysis it is important to outline your Marketing Objectives. Marketing Objectives are defined as the group of goals set by a business when promoting its products or services to potential consumers that should be achieved within a given time frame. A company’s marketing objectives for a particular product might include increasing product awareness among targeted consumers and providing information about product features. Specifically, common marketing objectives include:
- Changing the way customers think of your offering
- Introducing new products or services
- Cross-selling more products or services to existing customers
- Expanding into a new geographic market
- Seeking out and securing new customers
- Improving customer services
- Increasing the average size of an order
Once the Marketing Objectives have been defined, you can create a focused Marketing Strategy for each one. Marketing Strategies have many potential tactics that can be utilized. Below are examples of Strategies with their corresponding tactics:
Market Share & Expansion Strategy: Develop aggressive sales & marketing tactics to expand your market. Examples of tactics include:
- Consumer and/or trade promotions (e.g. coupons, BOGO’s, contests, special offers, etc…)
- Direct mailing to include incentive
- Secure additional distributors and/or sales force
Positioning Strategy: Designed to affect how people think and feel (perceive) about your product or service. Examples of tactics include:
- Advertising and public relations campaigns
- Attending, exhibiting or presenting at trade shows
- Enhancing and/or developing corporate communication and marketing materials (e.g. brochures, website, flyers, social media profiles, etc…)
Reminder Strategy: Reminds customers to make a purchase. Tactics include:
- Postcards via direct mail with coupons
- Free premium items with company’s information
- Disseminate monthly newsletters
- Communicate newsworthy information via social media
Determining which Marketing Strategies are necessary and important based on your business goals is critical to the success of growing your company. If done incorrectly, you will only end up wasting a lot of time and money on implementing the wrong strategies. Needless to say, my advice is to seek out a qualified Marketing Consultant who can assist you through this process. And just in case you need help finding a qualified Marketing Consultant, we just happen to know of one that would be happy to help!
For more information email Danielle Foley at dfoley@foleymarketingadvisors.com or visit our website at www.foleymarketingadvisors.com