Autumn, the season of transition, the time of year where we reap the rewards of the seeds we’ve sowed; the final stretch into the winter months and the perfect time to refine your marketing strategy for the coming year. The summer sun has set upon the horizon and the season of selling has arisen. It’s time to make autumn the season of success.
Autumn is the most imperative time of year for preparing a marketing strategy since just around the corner skulk the most prestigious and prominent occasions; Halloween, Bonfire Night, Black Friday, Christmas, New Years, Valentine’s Day and Easter. These renowned events are crucial when it comes to getting your name out there and getting sales in.
As a successful business, it is your due diligence to make sure your company has a marketing strategy in place that will help expand, promote and grow your enterprise and not miss out on any potential conversions. Of course you aren’t alone in this seasonal strategy to secure the shoppers as we are with you every step of the way in our guide to create a successful marketing strategy!
What is a marketing strategy?
Before the first golden leaf falls from the great oak we need to cover exactly what we mean by marketing strategy. When we say marketing strategy we are referring to a business’s method of converting prospective customers into consumers or clients. The strategy itself tends to be a well thought out process including documentation on all the main aspects of a business such as the target market, brand message and mission statement. A fundamental part of developing a marketing strategy is not forgetting the 4 Ps of marketing: Price, product, place and promotion.
How to create a marketing strategy
A marketing strategy contains many moving parts and can be a daunting task for any business but we cannot stress the vitality of the assignment at hand. The marketing strategy will pave the way on how your business will act and behave so it’s always a wise idea to get everything sorted sooner rather than later. Every element a successful marketing strategy should be included has been written with a brief breakdown below:
Marketing Mix (4 Ps)
The marketing mix is identifying each of the main aspects of your business using the characteristics of price, product, place and promotion. Though these are the 4 main Ps, it is often times broken down into other categories too for extra depth and clarity.
Example: Price – The price of our service is bespoke to the customer’s needs starting at £500 with a pay over 12 month option, Product – We are offering custom coded websites and graphic design, Place – Sold directly from website via form or number, Promotion – Dedicated landing page, social media advertisements, natural SEO from blog key terms (and if you’re reading this then its worked!)
Prospective clients or existing customers that share similar characteristics to be marketed towards.
Example: The target market for my brand are young women between 18 and 30.
SWOT is an acronym for strengths, weaknesses, opportunities and threats and as the titles may suggest this analysis is to highlight each of the internal (strengths & weaknesses) and external (opportunities & threats) factors of your business.
Example: Strength – high customer retention rate, Weakness – high production costs lead to higher prices, Opportunity – market trends have been directed towards our industry, Threat – new competition has diversified the market
Setting a selection of SMART (Specific, Measurable, Attainable, Realistic & Time-bound) goals for your company that support your business model.
For example: By the end of December we want to have sold 300 units.
A market analysis is the identification of any elements out of your control that may impact your business, usually negatively.
Example: Due to the move away from plastic waste, we need an alternate solution for our packaging.
Competitor analysis is recognising each of the top competitors in your industry and the potential threats they possess. This will assess where you stand in the overall market. A good way to do this is by ranking them on their strengths and weaknesses. This could be assessed using a price to benefit ratio.
Example: Low price – high benefit, high price – high benefit, low price – low benefit, high price – low benefit
We’re here to help
We know that creating a marketing strategy is an intimidating and demanding task but a clear path to success will help your business grow exponentially. If you are struggling to create a marketing strategy we are here to help!
Mosaic are experts when it comes to business management and we can help you identify the strengths and weaknesses throughout your company and work alongside you to rectify any issues to help you thrive. Please give us a call on 01925 563 960 or contact us to allow us to work alongside you in growing your business.