A business cannot succeed unless it has direct reach to its intended customer. Amidst the clamor of massive marketing and promotion across channels, and competition too becoming intensive, the task of sales person has become more tedious than ever before. A meticulously designed marketing strategy paves the path for a successful sales funnel, every time, while closing a lead and returning the revenue.
As evident from the above discussion, marketing plays a vital role in sales generation for a company by covering factors like demand, price, inflation, recession, innovations, technology updates, and others. Marketing department follows many steps for devising a winning strategy that makes a favorable environment for its sales team by effective positioning, POS (Point-of-Sales) and brand messages.
- Market Research
- Market Segmentation
- Messaging and Advertising
- Brand and Brand Equity
- Competitive Advantage
- Customer Experience
- Customer Relation Management
- Measuring the Results
Essentially, not a beginning point for every business, though, enterprises that come under OEM (Original Equipment Manufacturer) category focus and spent considerable time on the market research. Whether, it is a new product launch or routine annual marketing plan, they indulge in market research activities to assess the mood of market and consumers. Some common areas covered under market research to receive business insights are:-
- Inputs and ideas from the top management of the enterprise about current market scenario and forecast for future demand
- Feedback from the customers through behavior study, toll number and rating forms
- Market insights from the channels partners like distributors and retailers
- Or outsourcing of a professional market research company to conduct survey and provide feedback
The first step to any marketing strategy, market segmentation is creation of distinct databases of customers according to their specific business needs and requirements. The data accumulation methods can be online search, webinar, tradeshows, business directories, e-mail campaigns, social media and others.
After segmentation assessing customer behavior is the next important crucial point of marketing strategy. A customer experience analysis helps a marketer to understand read across not only existing customer’s buying pattern but also future market trends. The feedback received from CX study assists in formulating successful marketing communication messages.
BRAND AND BRAND EQUITY
Next to customer experience on the path to a successful marketing strategy is brand and brand equity. The commitment made by an enterprise with respect to product and services offered by it to customers largely comes under branding. Packaging, product name, product development all lies within the domain of branding. And all branding factors are being extensively covered under a comprehensive marketing strategy by a marketer.
A psychological impression is made upon the target audience through branding and marketing communication.
The process of identifying the product benefits over competitors and delivering them to intended target audience.
MESSAGING AND ADVERTISING
From ideas assimilated from the stages of customer experience, positioning, competitive advantage, under this creative advertising and brand messages are designed to be disseminated across media platforms and the internet.
IMPLEMENTING MARKETING STRATEY
This stage includes finalization of media platforms and outlets, online as well as offline, and publishing and posting of prepared branding messages to the segmented databases and target audience on them.
There are many methods to assess the success of an implemented marketing strategy. The most common way to determine the success of a campaign is counting the leads generated and opportunity created by them. However, for the more serious assessment of the campaign, data analysis from the dashboards of the tools can be evaluated, which had been used either for multichannel or omnichannel campaign management.
CUSTOMER RELATION MANAGEMENT
The task of a meticulously devised marketing strategy doesn’t end with the measuring of the results, instead with the help of CRM (Customer Relation Management Software) retargeting and recalling initiatives begins on the basis of triggers received at the initial level of pitching and lead generation. A foreground at CRM is get being set for retention, better client services, pitching & promoting new product and services, and most essentially for the influencer marketing.
The cumulative impact of the integrated marketing strategy not only provides in route into the market to an enterprise but also creates a favorable already prepared niche market for the future products of the company.