Starting up a business with a good marketing reputation comes with its own pros and cons, although present day businesses have now better the approach to content management and presentations that have proven to work in resent years, these wasn’t two decades ago when logical human reasoning was required to cater for vast activities and service rendered by organizations, companies and firms.
In our current day of living, entrepreneurship as emerged as the driving force in the labour market, considering its powerful rise to the major source of employment all over the world, it has forced all attentions and study, unfailingly resulting have emerged and there is no other bigger secretes than STRATEGIC MARKETING.
Although social media have made marketing procedure simpler and quicker in outreach to unimaginable number of people, but strategy as one of the major tools of marketing goes wilder than just B2B emails, advertising companies, leads generations or the social media itself.
Marketing style often varies due to changes in the environment, uncertainty, economic periods, as well as social and political issues, have significantly influenced recent marketing conditions.
In many years of marketing practice, the most effective practitioners (x%) are those that sticks to the basic rules of marketing which was laid down by Philip Kotler of the Kellogg School of Management, here are the top three:
Starting up a business requires a pattern and course of which the business sails, Bob Wilson of stoney-wilson business consulting said “You need a destination and you need a map to get there,” that is the primary aim of all business plans. The reputation of a business always depends on the tactical analysis of the plan, a well planed business will always have room for misfortunes that might be encountered, SWOT analysis is the essential tool to this aspect of business strategy well analyzing the strengths, weaknesses, opportunities and threats of such business. In feature, a company business plan might be required by lenders, insurance companies, bonding companies for investment purposes, having a good business plan on ground makes investment suitable for potential investors.
A business plan helps the business owner to think through issues and understand problems. It’s the shorter-term plan 6-12 months — as compared to the longer-term strategy plan. The shorter term enables greater accuracy in completing the action steps to achieve the key initiatives, Wilson explains.
Understanding your targeted audience and solving their problems:
Knowing the competition is an important component of a business strategy. In order to compete, you must understand what the competition is doing, these plays a vital role in modern day marketing, having a product or services developed on the bases of good market survey, quality questionnaires and customer opinions or feed backs helps in producing quality problems solving materials and providing (as the case maybe) a fore knowledge of a particular field or product. This help you to shea away from corporate competitive advantages or technology. having this in place, help you to have more time to interact with your costumer, analyze their problems accept their criticism, suggestions, evaluate their compliant then device a means to beat down the pricing and service levels of your competitors. With these you great a new approach to your proposed field.
Build your brand promise that is delivered by everyone in your business network:
one thing is understanding your market, another is policy that guide your product, in this regards all employees and agents of your company including associates have to be trained and monitored so as to maintain the integrity of the product you produced and for then to meet with expectations. Transparency is also a watch world when going about this part of marketing strategy. Companies like Amazon, Ebay, Microsoft all have this as a major rule in their businesses, they all train their workers and all their channels are made to follow the company private policy. It also helps in gaining the trust of your potential customer. Knowing the competition is an important component of a business plan. In order to compete, you must understand what the competition is doing, such as pricing and service levels.
Innovate continuously in your products and services:
For a company to maintain it strong hold for fortunes of years, it has to understand this universal marketing rule. The need for continuous growth has to be perpetual if your company must stay in the spot light. Changes made in the company’s product due to present demands or problems could only take care of current situations therefore drastic measures, materials and more thinking strength have to be put in place to take care of the future. This are measures that the founders of the world largest branding companies, Adolf Dassler (Adidas) and Phil Knight and Bill Bowerman (Nike) put in place when they started and it helped in keeping the supply chain alive. Love their prosperity? why don’t u do the same to your business.
This were the basic strategy Philip Kotler laid down, but that’s not all, there are more of which he made mention of, the above are the predominant and basic strategies practiced by the standing out companies of today.