What You Need to Include in Your Marketing Strategy

A marketing strategy provides a clear direction for how a business will reach its audience, communicate its value and support its wider commercial objectives. Rather than copying the approach taken by competitors, it should reflect your own market position, customers and plans for growth.

When developing a marketing strategy in Doncaster, local market conditions may influence certain decisions, but the overall approach should still be shaped around your individual business and audience.

Although every strategy will be different, there are several key elements worth including.

Market Research

Market research helps you understand your customers, competitors and the wider environment in which your business operates. It should combine relevant data with insights into buying behaviour, customer needs and changes within the market. Areas to consider include:

• Customers – demographics, needs, behaviours and purchasing decisions

• Products and services – current demand and available alternatives

• Competitors – their positioning, strengths and weaknesses

• Current sales and wider market trends

• Relevant industry benchmarks

• Suppliers and other external partners

Mission Statement

A mission statement provides a concise explanation of what your business does, who it serves and the value it aims to provide. It can help keep your marketing activity aligned with the wider purpose and direction of the company.

Your mission statement does not need to explain every service you offer. It should be clear, distinctive and relevant to the audiences you want to reach.

The 4Ps of the Marketing Mix

The traditional marketing mix consists of four areas: product, place, price and promotion. Considering each area can help you clarify what you are offering, how it will reach customers, what it will cost and how it will be promoted.

When using the 4Ps marketing mix there are a few questions you must answer for your marketing strategy:

Product

• What does the customer want from your product or service?

• How is it different competing alternatives?

• What issue or problem does it need to solve?

Place

• Where can buyers find your products or services?

• How can customers get information and access to your products or services?

• What do your competitors do?

Price

• What is the value of your product or service?

• How will your price compare to competitors?

• Should there be any discounts considered for a type of customer?

Promotion

• How will you get your marketing message across to your target audience?

• How will you reach your audience? E.g. social media, advertising, TV, direct mail?

• When is the best time of year to promote?

Promotion Strategies

Your promotional strategy explains how you will reach prospective customers and encourage them to take action. Rather than using as many channels as possible, select those that suit your audience, objectives and available resources. Potential activities could include:

• Networking and industry events

• Email and direct marketing

• Digital and traditional advertising

• Social media marketing

• Articles, blogs and other useful content

• Trade shows and exhibitions

• Partnerships and referral activity

• Telephone outreach, where appropriate

Marketing Goals

Set clear goals that connect your marketing activity with meaningful business outcomes. These might relate to enquiries, sales, customer retention, website conversions, brand awareness or entry into a new market.

Each goal should be specific, measurable and attached to an appropriate timeframe. For example, a business might aim to acquire ten new clients spending at least £5,000 within six months. It could then work backwards to estimate the enquiries, opportunities and marketing activity required to achieve that result.

Summary

A useful marketing strategy should bring together your research, business positioning, marketing mix, promotional activity and measurable goals. It should also be reviewed regularly so that you can respond to changes in customer behaviour, campaign performance and wider market conditions.

If you need support developing a marketing strategy in Doncaster, Moirae can help you research your market, define your priorities and create a practical plan shaped around your commercial objectives.