Creating a marketing strategy for SMEs
Introduction
Every company has a different set of challenges when it comes to marketing their business. Small and medium-sized enterprises (SMEs) often find it difficult to stand out from the competition due to the limited resources they have at their disposal. When you’re operating on a smaller scale, it can seem like you have less scope for creativity in terms of coming up with new ideas for marketing your business. However, no company is too small to benefit from developing a marketing strategy to help them succeed. Marketing is the process of communicating your value proposition as clearly and persuasively as possible so that customers will buy from you rather than your competitors. If you’re reading this article, we assume that you are interested in launching an effective marketing campaign for your SME. That’s great! Creating a marketing strategy isn't something that happens overnight, but by following our advice below you should be well on your way to making it happen. Read on and get ready to unleash the potential of your business with an effective marketing plan...
“No company is too small to benefit from developing a marketing strategy.”
What is a marketing strategy?
A marketing strategy is a plan that describes how you will create demand for your product or service in the marketplace by focusing your marketing activities on specific target customers. A good marketing strategy answers questions such as "Who are your customers?", "What do they want?" and "Why will they buy from you?" By creating a marketing strategy, you can make sure you’re spending your marketing budget in the right way by targeting the right audience with the right products and services. A good marketing strategy results in a strong brand and increased sales. A marketing strategy can be defined as an organization’s path to achieve its goals. Marketing strategies can be defined as an organization’s path to achieve its marketing goals.
Defining your target audience
One of the first things you should do when starting to create your marketing strategy is to identify your target market. Your target market is the group of customers you want to sell your products or services to. Targeting the wrong customers can result in a lot of wasted time and money, so it’s important to get it right. To define your target market, ask yourself these questions: Who are the customers for your product or service? Where do they come from? What will prompt them to buy your product or service? What are their biggest challenges or problems that your product or service can solve? Once you’ve answered these questions, you should have a thorough understanding of your target market and be able to identify your most suitable customers.
Market Orientation
A value proposition is a promise that your company makes to its customers. A better phrase though is Market Orientation. It’s the reason that your customers should pick you over your competitors. It’s important to understand your company’s value proposition and be able to communicate it clearly. If your target customers understand the value that your product or service offers, they’re more likely to make a purchase. To understand your company’s market orientation, ask yourself these questions: Why should customers buy from your company instead of your competitors? What’s special about your product or service? What makes your product or service better than your competitors’ offerings? Once you’ve answered these questions, you should have a thorough understanding of your company’s positioning.
“The most important concept in marketing is the one the majority of marketers have not heard of – market orientation.”
Defining your marketing capabilities
There are a number of factors that you need to take into account when you’re defining your marketing capabilities. Bear in mind that your marketing capabilities will evolve over time as you gain more experience in the marketplace and learn what works and what doesn’t. Your marketing capabilities should reflect your company’s strengths, weaknesses, opportunities, and threats (SWOT). This can help you identify the marketing activities that will be most effective for your business. To define your marketing capabilities, ask yourself these questions: What are your company’s strengths? Weaknesses? What opportunities does your company have? What threats does your company face? To make sure that your marketing capabilities reflect your SWOT analysis, you should create a marketing capabilities scorecard.
Developing your go-to-market strategy
Once you’ve assessed your marketing capabilities, you can start to develop your go-to-market strategy. Your go-to-market strategy is the set of marketing tactics that you will use to acquire new customers, increase brand awareness, and drive sales. Your go-to-market strategy should be built around your marketing capabilities. To develop your go-to-market strategy, ask yourself these questions: Which marketing activities will you use to acquire new customers? Which marketing activities will you use to increase brand awareness? Which marketing activities will you use to drive sales? Once you’ve answered these questions, you should have a thorough understanding of your go-to-market strategy. To complete your marketing strategy, you should also come up with an action plan.
Summary
Marketing strategies are important for any business, regardless of size or sector. By taking the time to create a marketing strategy, you can ensure that your business will reach the right customers and maximize its revenue potential. With these tips, you’ll be well on your way to creating an effective marketing strategy for your SME. Remember, it will take time and a lot of effort, but the benefits are well worth it! Good luck!