5 simple steps to build an effective marketing strategy

So, you have a great product/service ready? How do you get customers to pay/buy the service/product that your new business can provide? There is no clear answer to this. Marketing new products can be very taxing, as it will take a lot of time, patience and resources. You have to build a focused marketing strategy to take your business off the ground and retain a loyal customer base. Not sure how to go about doing this? Follow these 5 simple steps to build an effective marketing strategy for your new business:

Know your enemies       

Since you are convinced that your business has a unique selling point, you might run the risk of becoming overconfident. As sure you are about your product/service, it is imperative that you do your homework well. Find out who is running a similar business; how their product compares to yours; what comparative advantages and disadvantages ( for example, quality or value for money) you have over your competitor.

Know your customers

While you might have a great product, before going for a blanket marketing model, which will cost you both time and money, research on who your potential customers are. For example, let’s say you have a new clothing apparel business. You running a targeting ad for elderly people about how ‘cool’ and ‘stylish’ your apparels are would probably be a waste. So, you need to find an approach that helps you focus your resources on the appropriate consumer group. 

Be flexible with the marketing mediums

While there is no sure shot formula to designate one marketing medium as better or worse than the other, you need to be open to exploring various marketing approaches. Find out what medium best helps you reach your targeted consumer group. For example, in Nepal’s case, if you have a product that is aimed for older people, print or airwave advertising could be more productive than advertising the product online.

Open with a bang

For a new business/brand with relatively no brand identity, the first few days of your marketing campaign will decide how much longer you will have to slog to reach a financially viable customer base’ critical mass. Use a multidimensional approach to marketing. Budget allowing, consider marketing through airwaves, print and online advertising. If possible, you could launch your product with special launch events inviting media and business personalities. Remember: Any buzz you create in the initial days can only be positive PR!

Keep tabs on the results of your marketing

Once you have started marketing your product, you need to keep track of the return your marketing on various mediums have brought you. For example: If most of your customer base come from organic free media like through social media, news coverage of your business, you might want to reduce your marketing push on paid media advertising. As the market keeps evolving, you need to constantly revise your marketing strategy. Make sure: You keep revising your marketing strategies to keep your business rolling!