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Creating a Marketing Strategy

MARKETING | 03/05/2018
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Identifying and then communicating the benefits that your business offers to your target market should be the purpose of your marketing strategy.  The first step is to do an honest SWOT analysis, observing your strengths, weaknesses, opportunities, and threats. At this point,  it is recommended to conduct market research on your existing customers; this can help you see the big picture of your reputation in the marketplace.

How will I target potential customers?

Your potential customers just as your existing ones will fall into specific segments or groups determined by their needs. It is important to conduct surveys to both, this way you can identify how you can improve your product or service, or find out if there are any missing aspects of it. Conducting research on your competitors is equally important, this allows you to find out who their customers are and which type of marketing campaign works and which doesn't.

Identifying your customer's needs

Before looking for potential customers, think about how you can get the most out of your existing client base. You can identify client needs through market research, and group them accordingly. The last step and focus of your strategy should be addressing those needs more successfully than your competitors.  That means to take advantage of your strengths by matching them to the needs of your target market.

What is your customer's buying process?

In general, the customer's buying process begins first by recognizing the problem. In other words, identifying the "need." Then it proceeds to information searches, during this step the customer looks for information about the product or service (answer to the problem). The next step is the evaluation of alternatives, then the purchase decision and finally the post-purchase evaluation. However, even though this cycle provides you with a simple framework,  there are many aspects of consumer behavior to take into account such as goals, the effect on mood, attitudes, and their decision process.