HOW TO CREATE A SUITABLE MARKETING STRATEGY FOR YOUR PRODUCT OR SME

The American Marketing Association (AMA) defines marketing as “the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”

Put simply, it is the art of selling a(n) idea, service or product to a buying customer for gain. For the purpose of the work, I shall call everything put up for sale as ‘a product’.

Marketing is more than just selling or buying a product—largely done through advertising, promotions and campaigns; it covers also the aspects of product definition (from the product design phase) and potential customer identification, through to closing a sale and securing a resale window.

Because making a sale is complex, marketing includes all the activities consistent with creating an enabling company culture, researches (on specific market), product design and buyer’s appetite, advertising and promotions, press/customer relations and product/process improvement plans, to mention a few.

Marketing is largely focused on customer orientation and satisfaction as no true sale is made without the customer’s satisfaction which guarantees resale and referrals. Marketing, in finer aspects, is the process of deciding what to sell, to whom, when and how, and the selling/closing the sale.

Strategic marketing is a process of interlaced procedures. The entire sales process is pre-planned, calculated and thoroughly designed to entice (at worst) or charm (at best) the potential customer. This includes the point of sales design.

In creating a suitable marketing strategy, the marketer should consider these:

1. Ensure the product is suitable to the potential customer. It is no use marketing a product that is not buyable—one that has too many competitors and even better alternatives or one that adds little or no value to the buyer. Instead, rebrand (refurbish, remake, revalue, redesign) the product before marketing again.
2. Create selling points for the product, unique and exclusive to the product.
3. Create a customer demography—ideal customer identification.
4. Brand your product; make it easily identifiable and separable from the bulk of competing others.
5. Create the best sales procedure to adopt. It is a sign of poor conformity when there is no standard or clearly defined mode of sales.
6. Determine product market value.

Note: values are primarily tied to unique selling points, not the cost of production materials.

After these are done, it is important then to

1. Segment marketing schedule, medium, work options and the likes.
2. Create Product’s own market turf (website, outlets) etc.
3. Staff or recruit for publicity or marketing exercises
4. Create your marketing campaigns and promotions through publicity and advertisement.
5. Determine afore-hand, what medium through which you (or your team) will respond and serve clients
6. Strengthen your product by consistently improving on its quality, delivery procedures and marketing values (add-ons).

Do remember:

• Marketing is a science or art of closing a sale. The core goal of marketing is to eventually close the sale, and secure referrals and re-sales.
• Marketing is dynamic and changes according to the economy, trends in technology, business climate, time and competitor’s strength.
• Marketing processes must be well thought out, potential customers predefined before the first campaign is ever designed.
• Marketing is a conscious effort and does not happen by chance. The marketer should be ready.