Marketing strategy is the plan we have devised for attaining our marketing objectives, and it must have two essential components:
– Which of the target consumers that we can reach has a realistic chance of purchasing whatever it is that we want to sell?
When compared to their alternatives, what is the offer (i.e., the full marketing mix) we will be offering to these customers in order to appeal to them and so fulfil the aforementioned potential is:
Remember that these are two pieces of a single notion rather than two independent questions to consider. Please allow me to clarify. What exactly do you mean by “target customers with a propensity to purchase”? These are customers (a large enough group of people with purchasing power) who are likely to be interested in what you have to offer. Why would they want it, you might wonder? That is the potential that you are supposed to be able to recognize. There might be a variety of factors at play. For example, they may not be customers of your type of product at this time; however, if something happens or if they are exposed to a specific message, they may become consumers in the future. It’s possible that they have certain requirements or preferences that have not been met by any of your rivals’ offerings up until now (and don’t forget that psychological, social, and aesthetic requirements are all legitimate requirements). Perhaps they have become tired of the items they purchase on a regular basis. When you recognize a scenario with this type of potential, you may be confident that it exists.
The identifying potential is, of course, merely the first step in your endeavour. It would also be necessary for your strategy to include something that you are going to offer to these consumers that will either improve their situation in some way, solve a problem, provide them with more than they currently receive for the same price, or open up new opportunities for them to take advantage of. In a nutshell, something that will encourage them to make a purchase from you and therefore helps to realize the potential.
In your marketing plan, the ‘Marketing Scenario’ is a description of the rationale behind it. In the same breath, it also provides you with the opportunity to confirm if the rationale is sound. The ‘Marketing Scenario’ is a simplified version of the ‘Marketing Strategy’ that may be understood by everyone. What will happen in the actual world? What will be the mechanism via which marketing objectives will be realized? I’m not sure whether you’ve already realized this, but marketing objectives are achieved by the actions of your customers. Assume, for the sake of argument, that we place a camera with heightened psychological insight skills within the market and that it records the materialization of our marketing plan, one purchase at a time.
To use the Marketing Strategy which is quite simple, follow these steps: There are just four questions. Are you making a mental note of this?
1. Who are the folks who, in our opinion, have the potential to purchase what we are planning to sell? Yes, they are the same individuals that we refer to as ‘Target audience‘ on a regular basis. First and foremost, we must identify our objectives. Was it anything they all had in common that made them prospective prospects (in the sense that they were likely to be very interested in our offer)? Was it something they all said? We might make use of demographic, socioeconomic, psychographic, and lifestyle descriptions, among other things. It is important to note that, at times, we do not target a specific set of individuals but rather a broad and virtually indefinable group of people who are in a given mood, in a specific scenario, or who have a specific need or need.
Allow for the possibility of another option. Consumers can be targeted not by a defined group, but by a condition of need or want, or by a consuming environment that is shared by a large number of different consumers at some point in time.
2. What exactly should they be doing (something they aren’t already doing and would most likely not do if we don’t interfere) that would lead them to eventually pick our brand over others’ brands? By the way, it is the first and only goal of branding, as well as the most important. What do they need to accomplish in order for your marketing campaign to come to fruition (even before they make a purchasing decision)? Is it necessary for them to travel somewhere? To call or not to call? To agree to meet with your sales representative? To make a pit stop and select your goods off the shelf? Which action, which does not take place now, would direct them in the right direction on their journey to purchasing?
Describe the compelling argument that should persuade them to break free from their behavioural complacency. What will be the ramifications of this development for them? Why would you, if you were in their shoes, purchase what you are offering? Depending on your inclination, you may conceive of it as either your distinguishing factor (what makes you differentially better?) or your competitive advantage (what makes you comparably better?) Is there anything that they could do to improve their circumstances in comparison to their existing position and the other possibilities accessible to them on the market?
3. According to your marketing strategy, how exactly will they extract the advantage (that which answers point 3)? That is not a rehash of the previous question. Please keep in mind that the third question dealt with the “why” of the intended motivation of the target customer and that we are now attempting to grasp the “what” and “how” of your marketing strategy. The advantage described in the answer to question 3 will be provided in what manner is yet to be determined. Consider this: you previously stated that your product will make anything more accessible, easy or comfortable for them; now describe how that item will become more accessible, easy or comfortable as a result of using your product.
Consider the following illustration: The introduction of the Palm Pilot to the market was a watershed moment. O.K.? Just a few of the most important points:
People who manage a dynamic, always changing schedule but have not yet embraced electronic organizers or have been disappointed by them because they are time-consuming to update and usually unreliable are among the “residents” of the business community, who are also among the gadget aficionados.
4. will walk into the local office supply store and inquire about the iPhone.
Because, at long last, there is an mobile phone that is not only clever, tiny and beautifully formed but is also easy to keep up to date and keeps the stored data even when the phone is destroyed, stolen or when the user upgrades to a different model.
Four… because the iPhone can ‘converse’ with the cloud, making the upgrading procedure a simple chore to do, and because it allows for the development of backups that can be readily transferred to subsequent generations of organizers.
All of this is explained in detail in this blog if you want further information.