Marketing Strategies are like a single source of guidance for your success in your marketing campaigns for your small business. It includes all the vital information about bringing your business online. While you focus on making the right product, the marketing strategies will focus on bringing it to the right audience. Digital Marketing Strategy can either be integrated with your overall marketing plan or can be a different document altogether.
In this fast-changing market, we know how important is to find and retain new customers. It is only logical to adjust to it. Increased operation costs of offline marketing coupled with the loss of audience are making businesses come up with an Omni Business strategy. Investing time and money in digital marketing will make you visible in this world driven by the internet. Nowadays, almost every piece of work is done online. Potential customers have moved online for their needs. They spend a lot of time searching for products and services. Google processed over 3.5 Billion searches per day in 2019 of which over 75% resulted in a purchase.
Read more : Understanding Digital Marketing
Now that we have understood how important it is to have a marketing strategy, let’s see how to make one.
Marketing Strategy is mainly developed for two reasons. The first is to promote your business so that it catches more eyeballs. Second, is to bring more sales to it by reaching more customers and effective conversion. Depending on your long term goals, marketing strategies are developed.
It is ideal to make sure you can make changes in it, according to the market dynamics.
For this, we need to have Flexible Plans which all point towards the same end goal.
For our current purposes, we will take the example of an Ice Cream Business called ‘Ice Age’ which is located in Kitchener, Ontario to better understand the whole step by step process of creating your strategies.
What to sell?
The first step in the process is to identify the USP or Unique Selling Proposition for your business. Understand your products, the value they provide, and the problems it solves. Let’s talk about the Ice cream business ‘Ice Age’ to better understand this. Ice Age provides ice creams that don’t melt in room temperatures for up to 4 hours. So the USP for our business is that our product can be transported without cold refrigeration for up to 4 hours of travel time. The Value is that the Ice cream lovers can enjoy it without worrying about it melting. It solves the melting Problem in Ice creams. After fully understanding all facets of our business, we will move to decide something very imperative, which is the Price.
At what price to sell?
Yes, the second step is to decide the Price that you are going to offer it for. Price should always be in proportion to the value the product offers. In the case of ‘Ice age’, we found that the average price of an Icecream cone is somewhere at $2 dollars for a single scoop. But since we solved a bigger problem, we are planning to offer it for $4 to start with.
But if you are an established Small business you need not worry about it. You can continue at your current prices if it sells. A key element often missed by Businesses is that of monitoring and evaluating how effective your pricing strategy has been. Remember how we talked about being flexible to the dynamics?
Whom to sell?
Now that you know your product and the value it gives, let’s move forward to understanding your customer base or market as we call it. Over here the most important thing we are looking at is to either target a specific group of customers or provide products that appeal to all groups.
For example, Ice Age provides 3 different types of same Icecream Flavour. All have the same appeal but at different costs due to quantity. Basic Ice cream has 1 scoop, Intermediate has 2, and Advanced has 3 scoops. They are priced at $4, $5 and $6 respectively. Ice Age also has a Premium range of Icecream which has some rare ingredients like Lotus petals, Balck Rose Petals priced at $45 for a scoop.
Our advice would be to decide between 3 broad types of customers and target one group.
1. A customer who looks for the right price which doesn’t harm the pocket or,
2. A customer who doesn’t care for the price but wants the best product. or,
3. A customer who keeps a balance between both value and competitive price.
Choose one segment from these and then focus on where will you find these Kings and Queens.
Further customer segmentation can be done by understanding the needs, age, interests.
Where to find them?
Now that you have decided on your broad customer base, it is time to know where to find them. For this, you need to further go deep into your customer segmentation.
Ask yourself these simple questions: What is the age bracket of my customers? Are my customers married or single? Males or females? Young, Mid-aged or old? What is their location? What language do they majorly speak?
Start picturing your clients, put them into segments to reach them in huge numbers. For example, A simple search on the internet will tell you, young children spend the most time on Youtube followed by Instagram. So it is logical to build a presence on these platforms to reach potential customers.
To understand it better let’s talk about our business.
Ice Age has three major groups of customers. Kids who love eating ice cream, Adults who want to express love to their dear ones, and people who visit Kitchener on a holiday because of the shop’s location near a holiday destination.
Ice Age saw that the Tourist’s average basket value is more than the rest because they tend to buy icecreams to take back home in nearby towns. So they have decided to reach more potential tourist customers. Where should they look for them?
Ice Age decided to build a presence on Instagram by sharing photos of their icecreams and write a blog with nearby destinations & customer reviews to be featured on their website.
Now you understand all facets of your business and now it is the time to bring it online.
Read more: How to bring your small business online?
Part 2 of this article will contain how to develop Digital Marketing Strategies, which include :
- Social Media Marketing strategy
- Content Strategy
- Brand Color strategy, Creative strategy, Logos, Covers
- Competitors Analysis
- Keyword Research
- Advertisement Strategy
Premier Outlook is a team of Freelance Digital Marketing Specialists. We have experience in the Automation of many small Businesses. Let us put your product and business under the spotlight it needs.
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