Successful business owners know besides relying on selling quality products, they also must have a good marketing strategy. According to Maxim Gorin, “A strong marketing plan will help you grow your customer base while establishing your brand as an industry leader, which leads to maximizing profits.”
A good marketing strategy is, without a doubt, more important than a business plan is to your company’s overall success. The right marketing plan will not only help you sustain a profitable business but also allow it to thrive in a competitive market environment.
Consumers are more informed than ever about their purchases. They research before buying and choose products based on brand reputation and customer reviews more often than other criteria. It is key to developing a marketing strategy that complements this sophisticated buying behavior by taking full advantage of all distribution channels. Here are some reasons why the right marketing strategy can help your business win.
Focus
Marketing strategy is about focus. Your business needs to know its niche and articulate how it solves customers’ pain points in simple terms. You also need to know what you’re good at and what sets you apart from the competition to communicate these ideas to potential buyers effectively.
“For example,” says Maxim Gorin, “if you own a store that sells pet supplies for cats, this should be reflected in every piece of marketing material you create. Not only do you supply a large variety of products for cats, but your focus is providing eco-friendly recycled, all-natural food, toys, and accessories. Everything from the wording on your website to the images of cute kitties on your Facebook page needs to project that message.”
Resource Management
A good marketing plan will help you sustain a profitable business and allow it to thrive in a competitive market environment. Without the right tools, your marketing strategy may do more harm than good. For example, too much focus on social media could lead to neglecting your website. You need to put your product where customers’ eyes are, not where you think their eyes should be.
“Of course,” says Max Gorin, “the most vital resource is time, and it’s easy to get sidetracked with one-off projects that seem like they’ll create buzz for your brand; meanwhile, it’s wasting valuable time that could be spent elsewhere. You need to allocate sufficient time and resources for each task to execute an effective marketing strategy.
Transparency
Transparency is a crucial ingredient for a successful marketing plan. A marketing plan provides transparency and tells consumers upfront what they’re receiving and where their money is going. Being transparent is the best way to answer customer questions and concerns. For example, if you have a product with a longer delivery time, don’t hide it from your potential customers. Tell them upfront so they can make an informed decision.
You should also provide information about where their money is going when they buy from your company when donating a portion of profits to charity. Let the consumer know you are using sustainable materials to help protect the environment. This approach will lead consumers to trust you and feel good about supporting your brand.
Consistency
Consistency, says Maxim Gorin, is another essential ingredient for success. Consumers aren’t looking for businesses that revolve around gimmicks; they want to know what they gain by buying your product or service. They also want to know how it will benefit them regarding it helping their lives run smoothly.
For example, if you’re selling running shoes, tell customers about special design features that will make their runs more comfortable and efficient while reducing injury risk. Have a new clothing line? Be sure to explain to consumers why the new collection complements other products in their wardrobe and makes sense as an investment piece that can be mixed and matched with everything they own for any occasion.
Clarity & Honesty
When creating your marketing plan, be as honest as possible. Don’t make false promises or offer unrealistic guarantees. Instead, spell out precisely what your potential customers can expect from your service or product.
This way, you avoid disappointing customers by advertising items that don’t work for everyone who tries it. Let consumers know what they’re getting and who it’s worked for (or not) in the past to help them make an informed decision. After all, honesty is the best policy.
Final Thoughts
A good marketing plan will help you sustain a profitable business and allow it to thrive in a competitive market environment. Conversely, a poorly executed strategy can lead to inconsistent messaging that confuses potential customers rather than excite them about your products or services.
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