Understanding your market: the essence of your strategy.
When planning to grow your company, the first step in a marketing strategy is for business owners to understand thoroughly the market in which they operate. It is very risky to try and expand your business without having proper knowledge of your competitors and the market which you inhabit. When done properly, market research can assist with growth, prepare you for changing market trends, and prevent your business from being left behind as your competitors move ahead.
Market research can help you with gaining insight into the target audience and market dynamics. It will help you make sure your product/service remains relevant in the market, understand the motivations that drive consumers to purchase your product/service and that the advertising and marketing efforts remain meaningful to the audience that you work with.
All this and more has probably already been carried out, especially during the initial stages when building your company. Once you establish yourself, it is very common to then fall in a routine in which other demands and priorities start taking precedence. However, the relationship between your product/service and the marketplace is organic, constantly evolving and morphing. The introduction of new technologies, changes in the environment and changes in your audience’s priorities are all factors that affect your business and the strategies with which you operate. Regardless of how well you’ve done your homework in the beginning, market research is crucial at every stage your business might be in. It needs to be constantly assessed and analysed in order to ensure retention and/or growth of your market share.
Helping you with your Marketing Strategy
Marketing strategies do not come in a one-size-fits-all dynamic. Each business is unique in its own way and in respect to the market it inhabits. We will get to the grit of your business and help you with creating the marketing strategy suited for your business’ needs and goals. Taking into account changes in your business environment, new sales and acquisitions and increase your profit margins, you will have a tailor-made marketing strategy that will align with your business objectives and goals.
Marketing strategies encompass various tactics that can be used to reach your audience and deliver the desired message about your product or service. Such tactics include, but are not limited to; social media campaigns, digital media buying, traditional means of advertising such as print campaigns, radio and TV campaigns; email marketing, telemarketing, employing a referral program, expanding networking efforts and many more. Your marketing efforts can be expanded and improved to cover a broader spectrum and reach more people, while at the same time make sure that the relevant audience is reached.
Not all tactics are applicable to every business, some companies may benefit more from a traditional media campaign, whereas another product or service can be most affective via the use of social media only. Together we can build the marketing strategy ideal for YOUR business growth.
We will help you with exploring and covering various aspects of your business and its market including:
- Customers and customer strategies
- Market forces and trends
- Market segments
- Products and services
- Pricing and value
- The supply chain
- The buying process
- Key drivers affecting demand
Key questions to ask yourself about your business:
- What markets are we present in?
- How big is the market which we inhabit?
- Is the market growing, and is the growth constant or in decline?
- What’s our current share of the cake – how much do we need to succeed?
- Where are the opportunities for growth?
- Who are our most valuable customers?
- How, why and when do they purchase?
- What is our share of their spend?
- Do they buy across the full range of our products and services?
- Do they buy from our competitors?
- Why do they spend with our competitors?
- How much more could they spend with us?
- Can we sell to different market segments?
- What is critical to our success in this market?