The goal of investing in the creation of a marketing strategy is to think long-term about how your business can realize and sustain an effective competitive advantage. Lucrative marketing strategies are often customer-facing, listening to and understanding the wants and needs of your potential customer base and enticing them to patronize your business over others in your industry.
A marketing strategy consists of two main components: a marketing plan and a marketing budget. A marketing plan is a strategic roadmap that is used by businesses to execute and organize their marketing strategy, often over a set time period. A marketing budget is a document that outlines all marketing-related expenditures over the same time period.
Having a defined marketing plan and budget allows your business to set and achieve realistic yearly or quarterly goals.
The general goal of most businesses is expansion. Profits are necessary to achieve expansion, and customers are necessary to achieve profits. Your marketing strategy should hinge on the idea that attracting customers is the ultimate goal, as having a loyal customer base or high customer appeal will help you realize more profit.
So how exactly should you look at your potential customers? There are 4 main ways in which it is helpful to analyze and engage with them, including:
Your target market is the specific groups of people you would like to reach with your marketing strategies. These groups are often defined in the marketing world in terms of demographics, measurable characteristics such as zip codes, ages, incomes, and job roles. However, you can also use psychographics, which include lifestyles, values, interests and opinions.
It is also helpful to combine demographics with psychographics. For example, a target market for a company selling climbing gear may be people ages 18-34, with an income of over $30,000, and who have expressed interest in hiking or other outdoor activities.
Psychographics and demographics help you define your target market, and allow for a more specific and personalized message to be sent out that will appeal to more potential customers.
A buyer persona is a fictional person who has the characteristics of your ideal customer based on market research and existing data about your customer base. A buyer persona personifies the people who have already done business with you in the past, and can aid in finding the markets that you may have missed previously.
The buyer’s journey, or customer value journey, is a marketing concept that details the steps a consumer goes through before, during, and after making a purchase of a product or service.
In simple terms, this journey begins in the awareness stage, with the customer realizing they have a problem that needs to be solved with a purchase, and give the problem a name. Once the problem is realized, it is time for the customer to begin their search for a solution.
The consideration stage is the point at which the customer begins to explore their options, often by means of an Internet search. Coincidentally, this is also where your business will have the largest opportunity to grab their attention with marketing materials.
Finally comes the decision stage. The customer has assessed all of their options and has decided on the best course of action to take to solve their problem. With a strong, calculated marketing strategy, you will be able to attract and persuade the customer while they are in the consideration stage, and ensure that you will be their solution of choice in the decision stage.
There is a great deal of information, knowledge, and planning that goes into creating and executing a successful marketing strategy. Blackhawk prides itself on providing 5-star marketing solutions for all kinds of businesses, from home services, to technology, to product marketing, and anything else in between. Blackhawk wants all of our clients to win, and gain a competitive advantage in their industries.
|Product Divisions or Departments|
|Goal Setting with Objectives|
|Budgets & Financial Planning|
|Strategic Management Formulation|
|Stakeholders & Partnerships|
|Business Entity Formations|
|Business Models - Sales, Costs, Profits|
|Business Purpose - Vision, Mission, Values|
|Customer Value Journey Analysis|
|Target Markets & Audiences|
|Unique Selling Propositions|