Not every marketing strategy is effective marketing. Perhaps one strategy that could fit with one company, but not necessarily compatible with other companies. With the growth of electronic media, to market of products become wider. You can see the medium of television, internet, brochures and even word of mouth becoming tools to market the product. Even at this time people tend to market a product is to use social media.
Nevertheless, there is an outline of the marketing guidance to market the product. The final result of a marketing strategy is a sale. Here are 5 steps to Market the Products Effectively:
1. Segmentation, Targeting and Positioning
- Market Segmentation.
The division of a market into different homogeneous groups of customers is known as market segmentation. A market segment should be:
- Accessible by communication and distribution channels
- Different in its response to a marketing mix
- Durable (not changing too quickly)
- Substantial enough to be profitable
A market can be segmented by various bases, and industrial markets are segmented somewhat differently from customer markets as describe below:
A basis for segmentation is a factor that varies among groups within a market, but that is consistent within groups. Four primary bases on which to segment a customer market:
- Geographic segmentation – regional variables such as region, climate, population density, and population growth rate.
- Demographic segmentation – variables such as age, gender, ethnicity, education, occupation, income, and family status.
- Psychographic segmentation – variables such as values, attitudes, and lifestyle.
- Behavioral segmentation – variables such as usage rate and patterns, price sensitivity, brand loyalty, and benefit sought.
Customer market segmentation bases can be applied to businesses and organizations, the different nature of business markets often leads to segmentation on the following bases:
- Geographic segmentation – regional variables such as customer concentration, regional industrial growth rate, and international macroeconomic factors.
- Customer type – factors such as the size of the organization, its industry, position in the value chain, etc.
- Buyer behavior – factors such as loyalty to suppliers, usage patterns, and order size.
- Market Targeting
Your target market can be broken down into four “who, where, why, and how” components:
- Who : Demographics
Who needs your product or service? Include basic demographic details such as age, gender, family size, educational level, and occupation here.
- Where : Geographic’s
Where are your customers? These are the places your customers can be found (i.e., their zip code), and be sure to learn details like the size of the area, its population density, and its climate.
- Why : Psychographics
Why do your customers make the choices they make? This is personality and lifestyle information that will help you figure out your customer’s buying patterns. For example, if you know why your customers buy your product, you can figure out how much of your product they need and how often they need to buy it. Also consider what benefits you can provide over your competitors, and how loyal your customers are to you or your competitors.
- How : Behaviors
How do your customers behave? All customers are buying products to fulfill a need, but how do they regard that need? How do they regard your product? How much information do they have on this need or how your product fulfills it, and what are their information sources?
- Market Positioning
Market positioning is about where organizations want customers to place them in the market based on their brand, product and pricing. For example do customers view you as a quality brand? A firm selling unique products? Or a business offering value products? Market positioning involves effectively conveying marketing message about your brands, pricing and product to your target market so that they position your firm and its pricing exactly where you would like them to.
- Brand Positioning
Brands can be worth billions which is why firm will fight fiercely to protect their brands. Once you have built a brand, loyal customer will flock to buy your products without thinking twice. A brand with a damaged reputation will soon disappear from the market.
- Product Positioning
Developing your product positioning strategy is by doing market research. You will need to find out what features buyers in your chosen market segment feel that your product type should have. Once you have identified preferred product features and how consumers rank them against each other, make a list of products on the market which offer those features. Now that you can see how competitor products are positioned in your chosen market segment and where your product is currently placed, you need to make some decisions about where you would like to position your product.
- Price Positioning
The price of your products and services will affect how customers view the product and the firm if your products are in the same price range. In general customers believe that an expensive product is a quality product. However of low quality product is priced as a quality product it is highly likely that customers will discover that the price does not reflect quality. Instead a better way to position your product would be set your price based on the strength of your brand.
2. Marketing Mix
Marketing mix is important variables that will determine the marketing concept of business marketing strategy. Basically, marketing mix is composed of 4P (product, price, place and promotion) but over the development, now has an additional 3 variables (3P) which are people, process and physical evidence.
Marketing mix definition is simple. It is about putting the right product or combination thereof in the place, at the right time, and at the right place. The difficult part is doing this well, as you need to know every aspect of your business plan.
3. Build Creative Marketing
The level of competitions in the world of business is increased every day. Building a creative marketing strategy to support your business is a must. Without strategy you do not know where you are going to, what is your aim and target. You can make use of digital media to promote your business or other relevant media. Rely on promotion through print media only is a good way but you have to cover all the tools to promote your products or businesses.
Now, digital media has become a tools to promote your products and brands. Based on survey in 2016 in US, 80% people get the news or information from digital media. It means the digital media become big market to promote.
Facebook and Twitter are examples of digital media that can be maximized in order to enhance the competitive of product, brand and company.
4. Consistent and Focus
You need to keep focus and consistent, after doing all the strategies above. Being focus and consistent to the target market is important because at this point you can determine the direction of the business for the future.
The last part is making evaluation. Always do not forget to make a periodic evaluation. With this result of evaluation you can determine whether your marketing strategy is still relevant or not to your business target.
Success or failure of a strategy depends not only on theory or understanding of marketing. The success of a strategy must be accompanied by hard work, the people who support, motivation and luck factor.