Developing an informed marketing strategy is essential to success. Most businesses look at marketing strategies with one of two goals:
- For new startups, the goal is often to promote awareness and interest in the company, product, or service.
- The goal for established companies is to analyze what's worked, what hasn't, and what can be improved.
While each business is unique, the following five basic steps will apply to any company's marketing strategy review process:
1. Target Market & Demographics
Determining the target market and demographics best for the company to reach takes research and analysis. Regardless of industry, a company must:
- analyze the target market,
- determine the ideal customer,
- understand their demographics,
- and find the best channels for reaching that target base.
Analyzation of the customer demographic can include everything from:
- gender perception
- regional locality
- economic statistics
- socio-cultural norms
- age range
- and more
Each business and its demographic target market will differ; each should be approached in a unique and custom fashion.