Marketing Strategies that Work June 22, 2011Posted by SBDC in Small Business General.
An efficient marketing strategy is one of the pre-requisites for the success of a business. Numerous researches have been carried out to know which marketing strategies can guarantee success. But the fact is that with rapidly changing global markets, organizations need to be at their innovative best to come up with strategies that cater and appeal to the target customers. There are many successful marketing strategies and enlisting each one of them is not possible as what may work for one product or service may not work for another. There are certain basics of marketing that have proven to be useful and effective over the years. Let us take a look at some marketing strategies that work.
Efficient Marketing Strategies
Know Your Customers
The first and the foremost thing that you need to do before you get down to brainstorm on your marketing strategy is to identify which segment of population will the product or service cater to. It is important to know this because customers have varied tastes and preferences and ignorance on this can have serious impact on your plans. It is imperative that you plan your strategy in accordance with your target customers.
Promote Your Product
Running a sale, or putting discount coupons in the daily newspapers or internet sites helps in creating visibility for your business. Before you plan a promotional offer, it is important that you have enough information about the offers of your competitors. Another benefit of this marketing strategy is that your customers are likely to tell their friends about the promotional offer. This will help you as words of mouth publicity counts a lot. It is important that you maintain a balance with your pricing and the offer. If you keep the price too low, you may not be able to recover the your costs which can lead to losses.