Marketing Strategy StepsCreating products for senior women limits your customer base, but may result in greater overall sales because this woman considers your product to be less common and more attractive. Focusing on price, your position in the market and distribution methods results ineffective advertising, promotion and public relations campaigns.
Pricing StrategyThe price you charge for your product or service affects not only your business but also your competitors' businesses. If your competitor has a higher overhead than you, dropping your price forces your competitor to reduce his profit margins to compete, even if he matches your sales.
If your competition does not lower the price, you can gain market share over the costs, reduce its income. Setting a lower or higher price can place you as a better bargain or give you the perception that you are offering more value. However, this strategy can backfire for you if consumers apply this attribute to your competition.
Distribution StrategyWhere you sell your product is the key to increasing sales. Selling your product in a large box store gives you access to more customers than if you sell at certain boutique retailers, but you have to lower prices and maybe lose whatever difference you have in the market as a high-end product. Some businesses sell different versions of their products, offering higher-priced versions at specialized stores and bargaining versions at mass retail outlets.
Branding StrategyTo attract certain demographics in the market, position your product as being made for a particular group of consumers. Do this through the use of graphics, slogans, peer support and other methods that send messages that the product is specifically designed for men, women, seniors, mothers or other narrower consumer groups.
For example, hire senior celebrities to support products for older buyers. Sponsor a 10K woman or breast cancer fundraiser if you want women to buy from you. Hire a paediatrician to promote your product if the mother is your target. Use slang, non-traditional fonts, and bright colours for product packaging, websites, and advertisements aimed at teenagers. Use photos of women, softer colours and rounded edges in the image to attract women's attention. Use a modular layout, including blocks of text and diagonal and square information to attract men. Use a bigger type and a calm picture with seniors.
Marketing TestBefore you implement a new marketing strategy, test it with consumers. Use focus groups that include your customer demographics to determine their reaction to the changes you plan. Sell products in limited geographical areas or areas that reflect your larger market. Launch direct shipping campaigns to only a small part of your list, using various envelopes, promotional copies, and offers to test which works best.
Create CommunicationOnce you have a marketing strategy, work with your advertising, promotion, and public relations department to help them communicate your new initiatives effectively. Hold a meeting with these departments to explain what your strategy is and why you chose this strategy.
Measuring instrumentAfter you develop a new marketing strategy, track your sales to test each other's results. Use weekly, monthly, and quarterly reports to compare sales by store type, consumer demographics, and price points before and after you apply your new tactic. Use coupons, website traffic reports, online sales codes, and post-launch focus groups to determine whether one or more of your strategies has a measurable effect on your sales.
That is the explanation of the steps of the marketing strategy that is important for everyone to enter the business world to know.