However there are numbers of software companies which are promoting their product and services successfully, we meet numbers of tech backgrounded founders suffering about marketing and growth. This marketing strategy guide is about core functions, starting points and how to create a robust marketing strategy in 10 steps for domestic and international markets.
OVERVIEW
Today, any business or product requires a robust marketing strategy to survive in an increasingly competitive field. You may be believing in your product or business, but it will mean nothing unless you will let your audience know about it!
In this guide, we will help you to build your marketing strategy in ten simple steps. However, before we start, we would like to emphasize the importance of marketing strategies and why you need them.
Why Every Business or Product Needs a Marketing Strategy?
Basically, a marketing strategy is a comprehensive plan, which is specifically formulated to achieve the marketing objectives of a product or business. In this regard, it helps you to create your own plan to achieve a marketing goal.
As you may guess, marketing strategy is the building block of any marketing plan, and it helps you to shape your plan. As it can be designed to boost the sales of an organization, it can also help companies to find better opportunities to grow or increase their brand awareness.
How to Create Your Own Marketing Strategy?
Basically, a marketing strategy is a comprehensive plan, which is specifically formulated to achieve the marketing objectives of a product or business. In this regard, it helps you to create your own plan to achieve a marketing goal.
As you may guess, marketing strategy is the building block of any marketing plan, and it helps you to shape your plan. As it can be designed to boost the sales of an organization, it can also help companies to find better opportunities to grow or increase their brand awareness.
1. Research possible markets
Of course, the first thing first should be to research your target markets. Each product may have more than one market depending on how you market them. Thus, you need to evaluate many factors while choosing your market and starting your research.
Unfortunately, not all markets may be profitable for you or some of them may have high entrance standards, which you may not be able to afford for now. In this stage, you may want to focus on your possible competitors as well.
On the other hand market research gives you insight for your marketing strategy. For example, according to competition or marketing costs, you can decide whether to drive a digital marketing or direct reach out methods.
To gain a quick insight market research based on search engine data can be a good starting point, besides local resources, professional market research companies, consultants and potential customer meeting would empower your research.
Market research gives you insight for your marketing strategy. For example, according to competition or marketing costs, you can decide whether driving a digital marketing or direct reach out methods.
2. Specify Your Customer Segments
Each customer segment has unique needs and habits. Your product may appeal to more than one customer segment but not all of them may be sustainable or profitable. Thus, study your lesson on your target audience.
Attention! The worst marketing mindset is assuming every industry or customer segment is able to use your software.
Do not forget to create a meaningful product or brand story too. This will help you to create a connection between your audience and brand.
3. Position Your Brand or Product in the Market
Depending on your brand or product, you need to plan how you can position it in the market. This is a crucial step that will help you to identify your possible target audience as well. A well-positioned brand or product will enjoy highly rewarding benefits.
If you try to enter a market with high competition, especially in developed markets, you need to identify niches markets and your key differentiators. You must define a clear value proposition for your target audience. On the other hand, if you discover a blue-ocean market with low competition it would be great to take position on subject matter domain.
If you try to enter a market with high competition, especially in developed markets, you need to identify niches markets and your key differentiators. You must define a clear value proposition for your target audience. On the other hand, if you discover a blue-ocean market with low competition it would be great to take position on subject matter domain.
4. Identify Marketing Channels
Opportunities in the business world are endless but they are also not easy to achieve or create. If you want to boost your success chances and create your own opportunities, then you need to make use of marketing channels very well.
However, this does not mean that you should prefer every marketing channel you find. Keep in mind that some marketing channels can serve you the best for a certain purpose than others.
Possible marketing channels are below, and you need to compare the possible channels based on your market research and decide for one or mixed model and prioritize according to budget, possible conversion rates, sales-cycle and business model.
Events and fairs
Direct Reach out (Call, Linkedin, etc )
Search engine optimization (SEO)
Content marketing
Paid digital marketing
Email Marketing
Social Media Marketing
Word of mouth marketing (WOMM)
Influencer Marketing
Offline Advertising
Partnership Marketing
Community Building
5. Define Your Goals and Objectives
In fact, this step is also one of the most crucial steps, which you need to start simultaneously with your market research. You cannot make any plans without knowing what you are planning to achieve.
Make sure that you set realistic and achievable goals and objectives. You need to have short and long-term plans and expectations to evaluate the success of your marketing strategy as well.
6. Allocate Your Budget Needs
Of course, one of the most important things to consider is your budget. Allocate a budget for your marketing strategy. Your budget need may depend on which marketing channels you prefer, what kind of strategy you are developing, and the nature of your brand or product.
If you want to get quick results, then get ready for allocating a good amount of budget. If you are not able to allocate a budget for marketing, for now, do not worry. There are still plenty of marketing techniques and channels you can benefit such as social media marketing.
If you want to get quick results, then get ready for allocating a good amount of budget. If you are not able to allocate a budget for marketing, for now, do not worry. There are still plenty of marketing techniques and channels you can benefit such as social media marketing.
7. Start Testing Your Marketing Strategy
Once you are sure that it is time to take action, do not invest all your budget at once. Instead, start small and test your marketing strategy with a controlled group. This will let you prevent pitfalls that you might not be aware of.
In addition to this, it is a great way to identify estimated conversions. Once you are sure about your trials, you can gradually increase your budget and fully implement your marketing strategy.
Right here, I would like to mention about pipeline or funnel, which we call with various names, becomes our compass for conversions and measure success. For more details check out Pipeline Management for software and tech companies article.
8. Don't Miss Social Credit and Reputation
Never underestimate the reputation and social credit. Whether you are developing a marketing strategy for your brand or product, have social presence and be aware of losing reputation with boring marketing or sales activities.
9. Identify and Calculate the Possible Risks
While creating your marketing strategy, you may be too optimistic about the results or process. However, you should identify and calculate all the possible risks. You may even want to be a true pessimistic for the sake of your marketing strategy and guarantee satisfying results.
It is quite natural to get lost in numerous objectives you may want to achieve with your company or brand. Most of the time, business owners or managers steer in another direction with the evolving conditions.
It is quite normal to update or improve your marketing strategy in time but make sure that you do not do it too often. Otherwise, you may not be able to achieve anything in general.
10. Learn, Adjust and Improve Your Marketing Strategy
It is important to understand that there is no marketing strategy that can create wonders for years. Marketing is a competitive area, and you need to learn, adjust, and improve your marketing strategy at almost every opportunity.
Following these tips will significantly boost the success rate of your marketing strategy. If you have any further recommendations or success stories, please feel free to share them with us!
