There is, unfortunately, a common misconception that if a business has a high-quality product, customers will effortlessly be able to find and purchase the product. Without a strong marketing strategy, however, it is easy for high-quality and in-demand products to be ignored. In today's world, understanding market needs, focusing on your brand image and crafting an effective marketing strategy is just as important as designing and manufacturing a high-quality product.
Why is marketing important?
After you have launched a new product, you cannot simply expect information about your product to spread organically and reach your customers. Instead, you need an effective and efficient marketing strategy that will ensure information about your product reaches your target audience and helps you to connect with them. Marketing ensures your brand is seen by the right people and will ultimately facilitate the growth and success of your business in the long-term.
Why do I need a marketing strategy?
In order to achieve the best results for your business, it is essential your marketing efforts have a clear direction and definable goals. Business owners should think of a marketing strategy as a plan or cheat sheet for their marketing efforts. The right marketing strategy will help businesses to focus on the marketing efforts that will be most effective and profitable for their business. For example, a brand hoping to attract a younger demographic may have a marketing strategy that is focused on social media, whereas a company trying to appeal to older generations may focus on email campaigns in their marketing strategy.
What role does a website play in a marketing strategy?
It could be argued that even the best marketing strategy in the world will be ineffective without an interactive and easy-to-navigate website supporting your marketing materials. For example, if a potential client is impressed by a sponsored social media post and clicks onto your website, only to find an outdated and confusing site, they will take their business elsewhere. It is important your website attracts new clients and conveys the same tone and branding as your marketing efforts. It is therefore essential to ensure your website is in the best condition possible before you start or launch a marketing campaign.
What are the consequences of not having a strong website or marketing strategy?
If a business is unable to understand the importance of having a well-researched marketing strategy and doesn't support its marketing strategy with an impressive website, they may experience a number of limitations and consequences, including…
- Failure to meet targets
- Slow rate of customer acquisition coupled with a high rate of attrition
- Easily edged out by newcomers or competitors
- Disconnect with the realities of the business and larger economic environment
- Negative cash flow
How to create an impactful market strategy
1. Build a website
Before a brand begins to research and define its marketing strategy, it is important they have an impressive website that will support and solidify the marketing materials they release. A website must have consistent branding so a new customer quickly gains an understanding of who a business is and what they have to offer. Technically, a website should work flawlessly and be optimised for UX, to ensure technical glitches, such as broken links, do not prevent a customer from completing their purchase.
If you currently have a website, you can analyse the drop-off rates of your webpages and consider what information/technical errors may be causing potential customers to exit your website.
2. Calculate your brand reach
Calculating your current brand reach and establishing your goal brand reach will help to shape and build your marketing strategy. Look at your current online channels such as your website, blog and social media pages and analyse which channels seem to be connecting with your audience and which channels are bringing more relevant traffic flow to your brand.
If you don't currently have any channels other than your website, conduct research into your target audience and decipher which channels your target audience usually resonate with.
Once you have determined the reach of your brand, you can focus your marketing strategy on certain channels, to ensure your marketing efforts are relevant and will be seen by the right people.
3. Understand your target demographic
It is not simply enough to identify your target demographic, you must be able to understand them. For example, you should have an in-depth understanding of how your target customer thinks and feels. This will ensure you understand their needs and pain-points, allowing you to market your product to them effectively.
There are many ways to research your target demographic, including gathering data about your social media followers and conducting focus groups. Once you have a clear understanding of your target customer, you will be able to create a convenient and attractive marketing strategy that will act as a bridge to bring target clients to your website.
4. Be SMART
When creating a marketing strategy, ensure it meets the following criteria - smart, measurable, attainable, realistic and timely. Keep this SMART acronym at the forefront of your marketing strategy to ensure all of your marketing campaigns and materials have a clear direction and are supporting a common goal.
5. Maintain effective communication
Whether you are a start-up company or a flourishing medium-sized business, it is essential every employee who contributes to the marketing efforts of your brand understands your marketing strategy and is able to maintain a consistent brand voice. For example, you must ensure your social media manager and blog copywriter adopt the same tone of voice and contribute towards your marketing strategy.
If you have a high-quality product that you are eager to launch, ensure you give your product the support it needs through launching it with a smart and effective marketing strategy. The combination of a quality product, interactive website and an innovative marketing strategy will not only ensure your product reaches your target audience but will skyrocket the successful conversion rates of your company.
Want to learn more around marketing your brand. Read our other branding articles.