Having a great product or service does not mean much if people are unaware of its existence. An effective marketing strategy is essential to generating awareness and driving sales. Businesses need to plan BEFORE investing in tactical marketing initiatives. As noted in a previous blog, developing a successful marketing plan that consistently drives results is a marathon, not a sprint. It takes time to gain momentum and determine if your strategy is reaching and converting your target audience.

Let’s take a closer look at six critical components of a well-crafted marketing strategy and discuss their importance.

Marketing Strategy Graphic planning, price, placement, product, promotion, performance

  1. Planning

Start with a plan. What is the goal of your marketing campaign? What do you want to achieve?

  • Do you want to generate more inquiries about your legal services?
  • Do you want to add prospects to your mailing list?
  • Are you trying to increase awareness about a new product launch?

Set specific objectives to tailor marketing efforts. Having a broad scope will reduce the tactical impact. You don’t have to be everything to everyone.

Define your target audience—there is no sense in going after everyone. Consider who uses your product or service, be it members of the C-suite, office managers, or another demographic.

  1. Price

Analyze the market and decide on a pricing strategy. Be competitive without making a lowball offer.  You must still be profitable and meet your margins.  Conversely, ensure you are not engaging in overpricing and excluding a large segment of your audience.  Research and evaluate similar products and services and strike a happy medium.

Also, consider your marketing budget. How much money has been allocated to this campaign, and for how long? Divvy up funds between strategies, including:

  • Paid advertising
  • Commercials
  • Videos or images
  • Direct mailers
  • Events
  • Other initiatives

Spread expenses strategically and allocate funds on generated results and performance.

  1. Placement

Decide which channels are key to promoting your product or service. Base this on where your target audience spends time and how they interact with your business. Explore varied opportunities, including:

  • Social media
  • Email
  • Print advertising
  • Digital advertising
  • Radio/Television

Don’t waste your time, effort, and resources on channels that your customers do not use.  Place a focus on media that will result in ROI.  Know that you can broaden your reach once things are underway.

  1. Product/Service

You know your product/service is excellent, but do other people? Spend time researching and analyzing your competitors. Determine what sets you apart and what makes your product/service a better fit for the customer.

Highlight compelling features, benefits, or advantages.

  • Does your business specialize in a specific area of law?
  • Does your product outperform others on the market?
  • Do you offer a lower cost or finance rate?

Identify your product or service’s compelling value proposition.  If you have problems establishing this, you may want to go back to the drawing board.

  1. Promotion

Once you know what you are selling and to whom, you must promote it and drive interest. Give customers a reason to try your company—and encourage them to become repeat customers.  Ensure you factor the cost of promotions into your overall budget.

Here are a few options that can add incentive:

  • Free samples
  • Discount codes
  • Limited time offers
  • Contests
  • Referral programs
  • Loyalty programs

All are great ways to increase customer engagement and draw them in; however, they are tactics you must plan to ensure smooth deployment.

  1. Performance

Finally, how will your marketing strategy’s success be tracked? Ensure key performance indicators are measurable and you have defined goals alongside monitoring tools.  Software like Google Analytics, Salesforce reports, and feedback from customer surveys all could prove helpful.

Remain aware of where the most traction and ROI occur while allowing your marketing plan enough time to take effect and reach the intended audience—then examine underperforming areas.  You may want to tweak your approach or reallocate funds to a place that has shown better performance.

Consult with a Professional

If you need help navigating these six steps and developing a marketing strategy that works for your business and its goals, contact the professionals at YGL Enterprises. We customize plans to align with your unique needs and budget and deliver a focused approach to drive realistic marketing solutions.

 

Yvonne Levine, Charlotte NC-based Marketing Consultant Provider of strategic marketing solutions and brand management.Yvonne Levine, president of YGL Enterprises, Inc., is a strategic marketing consultant who collaborates with professional services organizations and small and mid-sized businesses to develop and execute successful marketing strategies, branding initiatives, content creation, and digital marketing plans. By helping companies devise a targeted strategy first, this approach creates a strong foundation for tactical decisions, which drives brand awareness and positive results. Follow Yvonne on LinkedIn and Facebook.