Whether you are working for a finance firm, a shoe manufacturer, or a digital signage company, every business needs a robust marketing strategy. In the past few years, competition has gotten so fierce that brands are going above and beyond to market their products and services.
Take Zomato, for example. The brand sent out an email with a spicy subject line reading “Leaked: Zomato’s Whatsapp Chat.” The chat cleverly promoted Zomato’s new 60% off all July offer.
This is the type of brand marketing organisations are expecting from professionals. There are several alternative MBA programs that can help you gain exposure to such creativity and innovation. And such exposure can tremendously help you thrive in the marketing domain. However, before you decide to enrol in one, let’s help you understand how to formulate an engaging and appealing marketing strategy.
The basic questions you need to answers before start formulating a marketing strategy:-
- Who are you trying to reach?
- Where are they?
- How do you propose to inspire them to take action and buy your product or render services from your business?
- What are the ways in which you’ll measure success?
- Know Your Target Customer
The first step in building an engaging marketing strategy is to know who your audience is. You cannot go on saying, “what’s up, party people, we’re here with a new offer”, if your target audience is 40-50 years of age. Gender, age, and demographic, everything counts when you are deciding on the target customer.
You can accomplish this by building a buyer persona to determine people who are actually interested in buying what your brand has to offer. This helps you ensure that the marketing efforts are focused and will yield a higher ROI. Otherwise, your marketing strategy is pretty much equivalent to a man yelling through a megaphone at a random street to random people.
So think about what your ideal customer looks like. Start getting granular, create a list of demographics your business caters to, including location, age, gender, etc. But don’t stop there; aim to know your customers better.
- Know What are Your Competitors Up To
This applies to every business unless yours is a monopoly.
And even then, in a particular niche, you can be rest assured that sooner or later, you’re going to have to face some competition. And guess what? They’ll likely possess their own creative ideas to acquire customers.
So before you start losing some, do some market research on your competition. Do you think Zomato curated a marketing strategy that is so engaging out of thin air? It must have taken several researchers and analysts who studied in depth their audience and customers. They must have also considered the marketing strategy of their competitors, Swiggy and UberEats. Understand what they are doing and how the audience is reacting to their campaigns compared to Swiggy and UberEats.
There are several online alternative MBA programs that can help you do just that. A master’s degree in business management or strategic marketing can help you gain exposure to the latest trends and themes of the domain, aiming to open your box of creative ideas.
- Choose the marketing channels CAREFULLY
Considering the massive growth spurt that the digital realm just witnessed, there are hundreds of platforms to reach customers. How do you choose the perfect platform for your business? How do you get your message in front of potential customers?
Well, there are numerous ways to do that. You can take the traditional route and stick to newspaper ads and commercial billboards. Or, you can try contemporary tactics like SEO and content marketing.
Whatever route you choose, figure out the channels you’ll need to use in order to convert your audience into potential leads and then into customers. In order to choose the ideal platform, research where your audience is hanging out. The age group of 16-20 years is most active on Snapchat, whereas 21-30 years prefer Instagram. Other channels include YouTube, Pinterest, Twitter, Facebook, etc.
- Break Down Your Sales Funnel
Next, another great way to flesh out the details of your marketing strategy, the tactics and channels that are right for your organisation is to do a quick breakdown of your sales funnel.
Simply put, every sales funnel follows the AIDA format of Attention, Interest, Desire, and Action. At the top of every marketing funnel, there are “cold leads” – people who are completely unaware of your brand’s existence. You would want to figure out how to grab their attention.
Once you’ve done that, figure out a way to turn them into “hot leads” by compelling them to purchase. And once you have their attention, capitalise on that desire by asking them to perform a specific action, whether it is to subscribe to your website newsletter or purchase a product.
This can seem challenging and haphazard at first. However, by pursuing a master’s degree in business management or strategic marketing, you can learn the intricacies of creating a robust marketing strategy from stem to stern. These alternative MBA programs can help you understand the what, why, how, and where of a marketing strategy, enabling you to curate the ideal one.
- Curate SMART Marketing Goals
Last but not least, remember to curate SMART goals that are specific, measurable, actionable, relevant, and timely. By laying down SMART goals in place, you can ensure that those goals align directly with your organisation’s goals.
Moreover, they’re easy to follow, your entire team can get behind them, and most importantly, instead of relying on your gut, you’ll have standard metrics to track the success of your strategies.
Ready to Curate a Kickass Marketing Strategy?
Now you know how to. Give your strategies the accreditation they deserve by pursuing a master’s degree in business management or strategic marketing. Once you have the right skill set, knowledge, and certification in your corner, you’ll achieve those winning sales numbers o matter how intricate the product is.
One of the best courses for marketing that you can rely on is the master’s degree in business management offered on Talentedge. Boasting of a unique LIVE & interactive pedagogy and extensive curriculum, delivered by the eminent faculty of prestigious institutions, are all contributing factors that make this ideal for career progression.