Marketing strategy comprises tactical approaches used by businesses to appeal to customers about the organization’s product and services. The strategy generally involves information on the target consumer population, the message of the organization’s brand, and the value proposed by the organization.
Importance of Marketing Strategy
The marketing strategy is valuable as it provides a framework for the company to use available resources to get the best outcomes from sales and an advantage over competing organizations. If a company has a repeatable marketing strategy, one of the benefits gained is the existence of a framework that can be regularly adjusted. A repeatable marketing strategy also provides a sense of stability and the ability to forecast marketing changes that are needed. Another importance of the marketing strategy framework is that it can be manipulated to suit the marketing needs for strategy in other departments within the organization. This means that the company always had a template to fall back to even in the event of massive change.
Differences between Target Audience and Target Market
Fundamentally, the target market comprises the people that will consume the products and services offered by an organization. The target market additionally shares similar features such as the same age group, the same type of job, same income group, and the same gender. On the other hand, the target audience is more particular as it consists of the specific group of people that would engage in the purchase of the product or the services. Essentially, the target audience can be identified as part of the target market. The target audience is important to the organization as it comprises the individuals who fit into the potential ideal consumer profile.
Marketing Strategies for Small Business
Specific marketing strategies are needed to meet the demands of the target audience, particularly in an environment where the strategies need to be changed to attract the target market and audience. The following are some strategies that can be used by small businesses to maintain constant revenue.
- Use of social media
Social media is currently the trendiest online platform in the globe where different media is shared, including business information. Marketing through social media involves posting of products and services and information that consumers may find useful about the business. Use of social media should be strategic in light of the message presented in order to appeal to the target audience and potential market.
- Use of Influencers
Getting an audience in the online and offline platforms can be tedious, especially for small businesses. The use of influencers, therefore, provides a boost to the business as a wide audience can be reached with the use of the right influencer. The choice of influencer is specifically important, depending on the type of message they give to the audience. Their authenticity and the possibility of influencing a large number of followers to purchase products and services is also important for small businesses.
- Use of Online Video tutorials
Another online strategy that can be adopted by small businesses is the use of video tutorials that explain business processes and also create enough interest in the potential target audience to buy the products and services. In addition to creating interest, the videos could also explain how to use a particular product for the company. Currently, viral videos have been instrumental in the marketing and promotion of products and services which have never been known before. Making the content very intriguing to all audiences, therefore makes it easier to market the business.
- Use of Blogs
Blogging is another platform in which small businesses can share their ideas, experiences, and processes of the business. Blogging is an essential way of increasing the visibility of the business and also creating an emotional attachment between the target audience and the organization
- Use of Affiliate Programs
The use of affiliate programs is an online marketing strategy that involves providing the link of a different site to an affiliate. For example, when visiting a website, a link to a different site that sells books would mean that the business engages in an affiliate program. The strategy of affiliate programs markets a business and enhances selling as the audience accesses the actual site for the products and services through the affiliate. The mutual advertisement of products has been helpful in the growth of many businesses.
Companies with the best marketing strategies
Among the companies that have the best marketing strategies for this age and time include Airbnb, Ikea, Coca Cola, and Amazon.
Airbnb has effectively used social media marketing to increase awareness of its business. Most Airbnb service consumers often share the pictures of the Airbnb lodging places they have been to as well as their experiences, which has heightened the excitement of using the service as a form of accommodation.
Ikea is another brand that markets itself on Facebook, Twitter, Pinterest, and Instagram. Through this social media, Ikea responds effectively to both its consumers and other potential audiences to effectively market its brand. The connection with the target audience through different media is beneficial for its emotional appeal to its consumers.
Coca-Cola also uses an array of digital marketing strategies, among them which is the use of a corporate blog to share stories within and around Coca-Cola, such as the Coca-Cola foundation, fun facts, careers, and progress.
Amazon’s affiliate program, on the other hand, markets its company through engaging other people and sites to refer sales to Amazon and earn money. When a sale is made, the referee is a boy to earn money from the sale.
Effective Plans for Marketing
To ensure that marketing is effective, the strategy should involve a strong message. Strong messages are appealing to the customer and also create an emotional attachment, which attracts most buyers. The strategy should also be focused and the consumer for success. Within the strategy, the use of diverse channels such as the use of social media, blogs, and vlogs in the online platform ensures maximum reach to the target audience.
The identification of the target audience is the first step that any marketer should take in the formulation of an effective marketing strategy. While the target market is certainly important, the target audience forms your ideal customer, and therefore the strategy should be involved around them. This would mean the recognition of their interests and formulating the strategy in such a way that appeals to their interests through language, audio, and visual material.