Last updated on September 11th, 2021 at 10:25 am
In a world that is mostly dominated by technological advancements, how does a business person take advantage of the number of people who are currently using the internet? But did you know that that number is growing by the minute ever since the COVID-19 pandemic started? In fact, according to The New York Times, internet usage of websites like Facebook has increased by 27%, Netflix website usage by 16%, and YouTube by 15.3%.
Since more and more people are spending their time online, you as a business person should also step up your marketing strategy. This means that you have to adapt to the times and make the most of the growing number of people online. More people have the chance to see your online store and buy your products!
However, for you to create an effective marketing strategy and properly employ it we must discuss the Four Principles of Marketing Strategy. Let’s get to know each one and provide examples for you so that you can determine the best method that works for your business.
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In order to create the impact that you want your business to leave on your customers, you first need to get them to notice your product. This means employing the best marketing strategy that will convince your customer or website visitors to click “BUY NOW.” If you don’t know how to market your products online or reach out to your customers virtually, you can hire a digital marketing agency and let them handle it for you.
First, you should identify what you’re specializing in. It is what product your company is selling. If you’re a service-based business, it is what you are offering to your customers. Basically, specialization is what products and customer market you give focus to. This also includes what makes what you offer different or better than your competitors. Identifying this “uniqueness” will be your main selling point and the determiner of the rest of these four principles of marketing strategy.
For example, if you’re selling beauty products, you should list down the benefits of why potential customers should buy your skincare line. If your products help customers reduce wrinkles, blemishes, and prevent saggy skin, you can market those benefits to men and women who have those problems. With a little research, you would find that those men and women fall under the age of 35 and up so you can leverage that information to your advantage.
The second principle of marketing strategy asks you this question: What makes you different from the other competitors in the entire world? Identifying those “benefits” that make you different will make customers think that you’re unique and will make them want to buy.
If you’re a service-based business, humans are more susceptible to hiring you if they’ve heard good things from other people. So make sure to have a page where you can display your previous customers’ testimonials! These days, especially during the pandemic, compassion is widely sought out and research says that when brands use empathy in their advertisements, they outperform their competitors.
Following the same example in the previous principle, if you were selling beauty products such as makeup and skincare, what would your defining edge be? Usually, people purchase products because they get the results they want at a price that is reasonable to them.
Segmentation is identifying who your products and services are for. This way, you won’t waste your time and money marketing to the wrong customers!
Taking the beauty product example again, you should identify that your target market is people with problematic areas such as fine lines, wrinkles, saggy skin, and blemishes. Therefore, you should market your items to adults and not kids.
When you’ve identified the essentials from the first three principles of marketing strategy, you can begin to make your marketing materials. What we suggest is an animated explainer video, which is highly appropriate in today’s era since almost everything can be found online. Click here to find out what animation videos are and how long animation explainer videos should be.
There is no such thing as “staying local” in this world of technology. Growing your brand internationally might take some time, but it is definitely doable.
The fourth, and most important, principle of marketing strategy is concentration. As soon as you have determined the very essential parts of your business (target market, unique defining edge, etc) you should focus all your time, effort, and resources on getting more customers to notice your brand, getting customers to buy your products, and keeping those customers!
Keeping customers will also help you gain new ones. After all, word of mouth is one of the best ways for you to market for free. Again, asking for testimonials from your existing customers will give potential buyers the confidence to buy from your store or acquire your services. When existing customers are also happy with your product or service, they will also recommend your business to their peers which, in turn, will bring you more sales. These days, it’s all about quality service at a reasonable price.
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After getting to know each of the four principles of marketing strategy, you should be able to put all of these together to form the ultimate marketing strategy that works best for your business. Remember that one of the most important aspects of making your marketing strategy work is consistency!
Without consistency, you’re going to be wasting a lot of your resources so make sure that you allot the appropriate amount of time and cash when employing your marketing strategy. Even just setting one hour a day to check and respond to your emails will not only make working efficiently for you, but it will also give you more time to focus on other things for the rest of the day. Setting a schedule for every hour of the day may sound a bit neurotic, but keep in mind that the most successful people use their time wisely – and so should you.
Being consistent will bring you the results that you are aiming for.