Marketing Strategy:
When you think about marketing strategy, do you picture a bunch of bright and shiny brochures in your hands or do you see a group of people sitting around a table talking about what they are going to do?
Most people picture the latter. The reason for this is that when you are planning a marketing campaign, you need to take into account the following three elements.
1. Product
2. Marketing
3. Price
In order to make sure that your marketing campaign will be successful, you need to put some thought into each of these elements. In this article I am going to talk about the product and price elements.
The first thing that you need to consider is the product. If you have a product that has a limited shelf life then you need to be sure that you can get it out to the market quickly. If you have a product where the demand is seasonal, then you need to be sure to have enough inventory so that you can meet that demand.
If you are selling something that you make yourself, then you will need to make sure that you can produce enough of it. If you are selling something that you buy from a manufacturer, then you will need to be sure that the manufacturer can supply you with enough of the product.
The next thing that you need to consider when creating your marketing strategy is how much money you want to spend. If you are starting a new business, then you will probably not have a lot of money to spend on marketing. If this is the case, then you need to figure out ways to cut costs. This may mean that you will have to reduce the amount of advertising that you do or that you may have to reduce the number of people that you hire to help you run your business.
If you have a lot of money to invest in your marketing campaign, then you should consider hiring a professional to help you. You may need to pay a consultant to help you plan your campaign or you may need to hire a public relations firm to help you with media coverage.
Once you have decided how much you are going to spend, then you need to decide how you are going to spend it. Are you going to advertise through television, radio, newspapers, magazines, direct mail, or the Internet? There are pros and cons to each of these methods of advertising. It is important to weigh these factors against each other before deciding which method to use.
The final element that you need to consider when planning your marketing strategy is how you are going to promote your product. Do you have a website? If so, what are you going to put on your site? How are you going to get people to visit your site? Are you going to pay for banner ads or is there another way that you can get free advertising?
You need to think about all of these things before you start to plan your marketing campaign.
