Thursday, March 18, 2010

Marketing Strategies 5 Tips to Success

Developing a marketing strategy is like creating a map to the future success of your business. It gives you an opportunity to mark X as the destination you are trying to get to and lets you see what the playing field looks like. Without a good marketing strategy its like you are just cruising on the highway with no destination. A business needs a destination, so everyone in the company knows what to strive for.

5 Tips For Developing a Marketing Strategy

1. Define your service or product
Define what you are offering in clear precise terms. You want to answer the question, "What does your company do?"

2. Know your competition
It is a good practice to take the time to know what other companies are offering the same or similar products or services to your own. Whenever I am creating a marketing plan or strategy, I like to say, "Know your competition better than they know themselves."

3. Determine your target market.
You have to find out who needs your products or services and where they are located. How they get their information and which products would be most beneficial to them.

4. Establish a marketing budget
A marketing budget is an important part of any business. If your budget is too large then you could over spend and lose money on disastrous marketing campaigns. If your budget is too small then you may miss out on opportunities to promote your company.

5. Keep track on what you spend and the results.
Marketing is mostly a process of hypothesis and testing. Some campaigns go well and some, well we just won't even discuss them. You need to track what works and what doesn't.

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