With digital marketing taking the front seat, there can be as many innovative ideas to reach the customers as possible. With perfect marketing, you not only define your product offerings but also position your startup uniquely in the market.
So, are you all set to let the world know, What is the objective behind your business? What are you planning to achieve? Yes! Let’s get started.
HOW YOU CAN CREATE A SUCCESSFUL MARKETING STRATEGY
Below are the steps required to create a unique and innovative marketing strategy.
1. SET A DEFINED BUSINESS GOAL
First and foremost, you need to establish a clear business goal. Your goal can be to reach specific types of customers, dominate a particular channel, or achieve a percentage of market shares. The vision and objectives of your company should be reachable and measurable.
2. IDENTIFY YOUR TARGET AND RESEARCH ABOUT THE MARKET
The company’s goals define the market you should pursue. With the help of research and analysis, familiarise yourself with customers in the market. You would also need to determine the following things about your target market and its customers:
Market size and Growth potential for the company
Market Trends
Competitors of your company
Customer Behaviour
Geographic and Demographic characteristics of customers
3. FOCUS ON THE 7 P’S
While you develop a marketing strategy for your company, focus on these 7 P’s.
Product - What type of product would satisfy your customer?
Price - How much price your customer is willing to pay?
Promotion - How will you tell your customers about the product?
This story is from the September 2023: Startup of The Year 2023 edition of The Global Hues.
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This story is from the September 2023: Startup of The Year 2023 edition of The Global Hues.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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