Marketing strategy is an important part of the marketing planning process, and because its main goal is to increase sales and achieve a sustainable competitive advantage, you want to do it right. A well-crafted strategic plan can help you identify the best opportunities, the tools your company can effectively use to fight competition, save your company’s time and money, serve as a foundation for your communication campaigns, and create consumer preference for the brand.
However, creating a successful marketing strategy can be a real challenge, especially for new entrepreneurs, as it can fail for many reasons. We have made a list of the things you will want to avoid if you want your marketing strategy to succeed.
Often times we make errors while interpreting customer feedback or data from surveys and focus groups. It’s our tendency to interpret the data in a way that coincides with what we believe the results should be. The main mistake in market research is not looking for other ways of viewing the data. So while doing market research, make sure you look for alternate ways of interpreting the information and consult your team or company when you analyze the data. Some of them might notice a flaw that you missed, and save you a lot of money and time in the long run.
While coming up with a marketing strategy, it’s important to do an assessment of the strengths and weaknesses of your current and potential competitors. This analysis will provide you with both an offensive and defensive strategic context to identify opportunities and strengths. So what you want to do first is find out who your competitors are. Then, gather information about them that you need for your analysis. After you’ve gathered all the important information, study it and ask yourself how you are going to compete with your competition and pay attention to what they are doing wrong. If you don’t do your competitor analysis smartly, you will end up with goods or services that won’t really sell, as there might already exist something better in the market.
- USING ONLY ONE MARKETING CHANNEL
People have a tendency while working on their marketing strategy, to focus only on one marketing channel for many reasons. Sometimes it seems impractical to manage all channels, and you’ll definitely need to prioritize resources on the channels which will give the best returns. But don’t let this turn into putting everything into one channel that seems the most prospective. Social media marketing may seem as the easiest channel through which to reach large audiences, but don’t forget there’s also display advertising, email marketing, and affiliate marketing, all of which can help you attract customers.
So in a nutshell, if you don’t want your marketing strategy to fail, make sure you do your research, pay attention to what your competitors are doing, and cover and target all marketing aspects – pay special attention to SEO, social media marketing, content creation, and other popular means through which you can market your goods or services digitally.