The Ultimate Guide to Marketing Strategy: How to10X Your ROI
- Posted on 17 Oct, 2022
- | Category- marketing strategy
The abbreviated ROI stands for return on investment. And that can be increased a thousand times higher with a well-thought marketing strategy.
No doubt, having a marketing plan directs your business to progress through ups and downs in the market. But, with big jargon on online sites and an overwhelming number of plans, you can feel confused while deciding how to frame and execute your marketing strategy.
To ease your planning, we have picked up the most important aspects indispensable for success in your marketing. Read on to explore how to have a full-proof marketing strategy after brushing up on some necessary details.
What Is Marketing Strategy?
Any marketing strategy consists of goals and actionable plans that promote your services or products to targeted customers on execution. Also, the strategy includes deciding which promotion channels your business needs.
No matter how different your marketing strategy looks from those of contemporaries, remember your strategy needs to be built on what your customer wants, not what you need them to desire.
Also, while browsing through strategies, it’s wise to consider the differences between marketing terms. And that brings us to our next section.
Separating a Marketing Strategy from a Tactic
If the marketing strategy is “how to get there?”, then the tactic is “how exactly do we get there?”, as informed by PR Smith’s SOSTAC model.
The marketing strategy gives the choices you need to have. Having a strategy gives you proper direction and helps you plan.
But, marketing tactics comprise specific activities that can fulfill your goals. Examples of tactics include posting content for social media campaigns and increasing website ranking.
Notably, a single marketing tactic contains several mini-tactics. Like, increasing website ranking (a single tactic)requires many mini-tactics. And these include giving SEO-friendly content and understanding website analytics.
Building Marketing Strategies to 10X your ROI
Incorporating the following components in the marketing strategy gives a very basic yet effective plan.
- Defining Brand Value and Offering
This remains the pillar of the foundation of any marketing strategy. Eliminate focusing on overlapping brand value. Yes, you can promote the plus points of your business but emphasize USP.
Like, your online psychological consultation business need not emphasize the ease of virtual platforms. You can get plenty of virtual services, and you must emphasize the diverse consultations and unique counseling strategies if you have any.
- Identifying Customer Pain Points and Expectations
How well you address the pain points and handle customer expectations makes you stand out among your contemporaries. Like, there can be many sunscreens in the market. But, a sunscreen that is non-sticky and provides many skincare benefits will address the expectations and pain points better.
- Identifying Market Trends and Competition
Developing strategies without paying attention to competition would be a great waste of time. Moreover, keeping track of competitors’ marketing strategies can give actionable insights.
Importantly, you need to know where your competitors are advertising. If you offer financial services, and your competitors are on LinkedIn and you are not, your potential customers know the existence of your competitors, not yours. Thus, they are more likely to approach your competitors, not you, no matter how good you are.
You need to keep track of market trends. If the market shifts towards sulfate-free shampoos, you may face a hard time promoting shampoos with sulfates.
- Creating Value Proposition
A value proposition is nothing but the value your products or services give to customers. No matter how much money you spend on Facebook ads, if your products are useless, you are bound to experience a hard time boosting your ROI.
When developing a service or product, your business needs to focus on resolving the problems not yet addressed in the market. And you get a great value proposition.
But, you need to advertise well your value proposition. Like, you need to plan the frequency of giving ads, objectives of online promotions, and involvement of offline paths like a newspaper.
- Identifying Target Audience
Having a marketing strategy without identifying the target audience is pointless. By targeting, we mean knowing who needs your offerings and where or how your audience spends their time.
Like, if you have baby care services, you need to target parents and analyze which social media channels or shopping platforms they use more.
Are You Searching For Marketing Strategies That Can Boost Your ROI?
If you are wondering how big data can help your business, it comes with an indispensable aspect. Big data provides insights that help you to understand your customers better. And the tactics you build based on analytics are quite specific and help you fulfill your customers’ needs.
The Importance of Having a Marketing Strategy
Can you imagine Johnson & Johnson, Domino’s, or Pantene without a marketing strategy? Sure their product development deserves the main credit, but these stalwarts would not have reached where they are today without a well-defined marketing strategy.
Needless to say, a marketing strategy, if executed effectively and timely, gives many benefits. Most importantly, the strategy lets people know about your products or services and thus positions your business in the market.
Moreover, marketing strategy makes your services or products stand out amid an overwhelmingly high number of competitors in a similar domain. Importantly, the strategy serves as a blueprint that helps you to optimize your business based on market trends.
A strategy is indispensable for increasing your ROI to thousand folds. The strategy helps to proceed in the right direction and, most importantly, positions your products or services in the market.
Interestingly, with well-thought strategies, you let people know about your business and make it stand out among contemporaries.
While developing marketing strategies, make sure to address market trends and keep track of the activities of competitors. Also, operating with a well-thought value proposition and how well you can resolve pain points is essential.