In this blog post I will explain how to tackle a marketing strategy for a new or existing product and what to start with.
A common mistake for a small business owner or a less experienced marketing person is to focus on concrete marketing channels and tools first without considering the “big picture”. On the graph below you can see what the main points to consider are.
First of all, you should be clear what your company values and image is. What are you good at? What skills can you develop? What makes you unique?
A customer is the focal point in any marketing strategy. Be clear on what customer segment you would like to serve and what their characteristics are (not just demographics, but also their interests, motivation and fears).
Product – after speaking to your potential customers and doing further market research decide what product would fulfill the needs of the selected customer segment. Formulate a unique selling proposition for your product. Never design and especially develop a product just by assuming somebody will buy it anyway.
You should also be aware of the market you operate in and how your competition is structured (you can also learn from your major competitors!). However, do not just focus all of your marketing strategy around chasing the competition- put your customers first instead.
Then you can decide on the concrete marketing channels (digital, traditional or hybrid) and the marketing tools you will use in the context of how to better reach your customer with the information about your product. So, the best marketing strategy helps to connect the product and the customer in the most efficient and effective way.
For digital marketing strategy, you can consider the following channels:
- Your own website
- E-mail marketing
- Partner websites (cooperations based on different models).
- Search Engine Optimization (SEO)
- Search Engine Advertising (SEA)
- Display marketing
- Social Media (both organic and paid)
- Mobile marketing (includes e.g. in-app advertising)
- Podcasts, etc.
To the traditional marketing channels belong:
- Post (regular mail) Marketing
- Telephone marketing
- Print advertising
- TV/Radio Marketing
- Outdoor advertising
Hybrid or mixed marketing channels are:
- Press relations
- Influencer Marketing
- Product samples distribution
- Content marketing
- Guerilla marketing
As you can see from this list, a huge number of options are available. You should also combine several tools for a marketing campaign, e.g. print advertising can be supported by an e-mail marketing campaign or a press release. The main thing is to stay consistent in your marketing message and closely monitor the campaign outcome.