How to build a marketing strategy
For startup companies and founded businesses alike, having a solid marketing strategy is essential for reaching maximum profitability. Are you looking to build a strategy for your brand but don’t know where to start? CENTRIC is here to help.
A marketing strategy is a plan that outlines how you will reach and engage your target audience. Here are some key steps to follow when building a marketing strategy:
1. Identify your target audience:
The first step in building a marketing strategy is to identify who your target audience is and their key demographics: age, location, habits, and interests. This will help you tailor your marketing efforts to reach the right people. You find this information by creating customer personas or conducting market research.
2. Set your goals and objectives:
Once you know who your target audience is, the next step is to set clear goals and objectives. These should align with your organization-wide goals and milestones. Make sure your goals are SMART (specific, measurable, achievable, relevant, and time-bound). This will help you determine what success looks like and how you will measure it.
3. Conduct a SWOT analysis:
A SWOT analysis is a tool used to evaluate your business’s strengths, weaknesses, opportunities, and threats. This can help you identify potential challenges and opportunities and develop strategies to overcome them. Make sure to involve as many sectors of your business as possible to get a thorough analysis. Don’t shy away from discussing weaknesses – this is where the growth happens!
4. Develop your marketing mix:
The marketing mix is a set of tactics that you will use to reach and engage your target audience. This includes your product or service, pricing, promotion, and place (distribution). Keep in mind your audience demographics to ensure that the mix is as relevant and visible as possible.
5. Create a budget and timeline:
Once you have developed your marketing mix, you will need to create a budget and timeline to ensure that your marketing efforts are effective and efficient. This will help you allocate resources and plan your activities without overspending time or money.
6. Monitor and evaluate:
The final step in building a marketing strategy is to monitor and evaluate your efforts. This will help you understand what is working and what isn’t, and make adjustments as needed. Flexibility is the name of the game when it comes to marketing. Don’t be afraid to switch tactics if you need to.
By following these steps, you can create a comprehensive marketing strategy that will help you reach and engage your target audience and achieve your goals and objectives. It is the framework that CENTRIC uses for each of our clients. Good luck!