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“Selecting the right strategy for marketing a business is effectively ‘do or die’. Putting the right team in place and following the lodestone of correct guidance helps businesses to succeed,” – Roland Frasier
The competitive markets of modern times impose enormous strains and expectations on brands, business owners, and business operators. Multiple factors, such as commercial competition, disruptive technologies, government regulations, macro-economic factors, and geopolitics weigh heavily on commerce and exert various levels of influence that remain beyond the control of modern businesses. Therefore, each business must create a marketing strategy that will likely help it to succeed in the context of its immediate environment. We must note that such strategies should be designed to help the brand or business to establish and consolidate its market presence, create a distinct value proposition, and to attract customers to the business enterprise. We intend to examine some of the factors that can help a business to develop a better marketing strategy in the interests of succeeding in the long term.
Businesses should bear the importance of mobile technologies in mind when they intend to frame an outstanding marketing strategy. This insight is derived form a multitude of facts that point to the dominance of such technologies in the context of commercial marketing. A significantly large numbers of customers, operate independent mobile devices powered by evolving broadband and connectivity technologies. These numbers are expanding every day and therefore, any marketing strategy should be built around the importance of mobile technologies. For instance, a quick service restaurant can choose to market its wares exclusively on a mobile-enabled marketing strategy. The rationale for this approach is embodied in the fact that the younger demographics that typically patronise such business establishments are heavily attached to mobile devices. Therefore, a mobile-only strategy (in the form of online promotions and video advertisements) enhances the promise of outsized returns as far as the marketing strategy is concerned.
Customer-centric marketing should help any business to fashion a top-notch marketing strategy. This dictum applies to all manner of business ventures and commercial enterprises. This approach to marketing places the customer squarely in the middle of the marketing strategy and seeks to create a personalised experience for each category of customers. For instance, a common approach to such personalisation is addressing the customer by his or her name. We must note that this technique is valid for both online and offline marketing strategies. Email-driven marketing campaigns can be devised to address the customer by name, while offline business operators can similarly greet visitors and customers on their second or third visits to the business premises. A different approach to framing a unique customer experience is manifested when a business extends special courtesies or privileged treatment to high volume customers. We may note that, by definition, this strategy does not include all customers because the marketing strategy is designed to boost business outcomes from a select group of customers. Therefore, said strategy hinges on exclusivity and can be said to create its own set of outcomes.
Innovation in devising a marketing strategy can be brought into play by enterprises that choose to operate in social media platforms. Commercial operators can work to influence their audiences by sharing content, product promotions, contests, etc. on social media. This form of a marketing strategy should be monitored constantly for the desired outcomes. However, marketing strategists should be advised to avoid micro-management of such campaigns. Social media tends to be chaotic but has deep appeal among certain consumer segments. Therefore, brands and businesses should allow these campaigns to develop their own online momentum and may choose to analyse the proceedings from online dashboards. That said, we must note that the validity and efficacy of social media-powered campaigns are amplified by the fact that businesses can establish a direct connection with their customers through social media platforms.
Modern brands and customers operate in data-rich electronic environments and therefore, brands and businesses must explore the possibilities of harnessing big data in the service of creating a marketing strategy. We must appreciate the fact that big data denotes sheer volumes of (unstructured) business information and carries heavy potential to provide inputs into a marketing strategy. The modern business should actively consider using relevant silos of big data and customer analytics to decipher market trends, competitor strategies, and to device a native marketing strategy. Big data can also help marketers to boost online customer conversions, direct customer attention to online destinations, and to assess the quality of customer feedback on a brand or product. In light of the above, numbers must play a central role in the development of a marketing strategy.
Ambush marketing has emerged as an alternative marketing strategy in recent times. Firms and enterprises that are unable to create substantial marketing budgets can sketch a marketing strategy that hinges on ambushing the attentions of consumers and customers. We must note that this kind of marketing relies heavily on the creative uses of human imagination, or the surprise factor. For instance, a popular brand of energy drink created marketing ‘buzz’ by offering a free drink to members of the public at certain sporting locations. The venues were chosen carefully to match the brand appeal of the said beverage manufacturer and a number of staff persons wearing identical attire would offer the drink free of cost. The ‘ambush’ aspect of this marketing strategy lay in the fact that the beverage brand did not figure in the list of official event sponsors, yet the said beverage managed to extract significant publicity from the marketing exercise. Therefore, brands that wish to explore such marketing tactics need to exert themselves to find the perfect moment.
Every brand needs large numbers of marketing collateral to gain traction in a given market or markets. These items of marketing collateral should ideally reflect the brand message and brand colours correctly. Posters, flyers, emails, banner ads, etc. should be in total consonance with brand colours and the brand image. Any discrepancy in these matters may upset the marketing strategy and may destroy market traction. Therefore, brands and businesses should entrust print and design work to vendors that have consistently worked with the brand. These measures should be built into the regular marketing operations of the brand in an attempt to minimise errors in planning and execution.
In the preceding paragraphs, we have examined some of the methods to create and execute a better marketing strategy. We must bear in mind that every strategy is different from the other and therefore, the expected returns or market traction may differ in each case. However, brands and businesses must ensure that they offer a steady value proposition on a consistent basis because this can make markets (and consumers) more receptive to brand communications. Therefore, every business must work to nurture and woo the market in incremental steps because such actions will amplify the net effects of subsequent marketing campaigns. That said, businesses should be advised to clearly construct and reinforce a value proposition. This action should be viewed as a long-term investment designed to boost business performance. Similarly, brands and businesses should invest in building and projecting a clear brand image that enables these entities to stand out in commercial markets. A judicious combination of such actions can help every business to attain its commercial destiny.
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