Marketing Development Strategies_ Key Points to Effective Business Promotion
At the heart of every business lies a marketing strategy. After all, it’s the key to bringing your products and services to your audience. Without it, a company simply could not make it in the world of business. That’s why all businesses must develop marketing strategies that are appropriate for them. The question is: how?
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What Is A Marketing Development Strategy?
Marketing is filled with jargon – so much that sometimes, it can confuse you. Now, let’s get this settled. What exactly is a marketing development strategy?
A marketing development strategy, also known as a business growth strategy, refers to a company’s blueprint to introduce existing products and services to untapped markets. Before launching any product, a company must perform market research. Hence, they must have answers to the following questions:
- Is there an untapped market segment that will benefit from your offerings?
- Is it profitable to explore other markets?
- Can your company adequately measure the performance of your marketing strategy?
- Is the company ready to implement the marketing strategies?
With this information, companies can develop effective marketing development strategies. It’s a big no-no to rely on a niche market segment. In a competitive world, this will only lead to your downfall. That’s why strategizing is key.
What Are The Key Marketing Development Strategies To Effectively Promote Your Business?
With stiff competition providing similar products and services, attracting your customers will not be an easy feat. That’s why it helps to familiarize yourself with marketing development strategies to distinguish yourself from the competition. Here’s what you have to consider to effectively promote your business:
Manage Your Price
Is there such a thing as the right price? Well, the game show The Price Is Right certainly thinks so. But, that isn’t always the case for every business. The real answer is: it depends. Mostly, it varies depending on customer data, market trends, and your competitors. This can change next week, or perhaps even a year from now.
There are a few strategies that you can employ to set your prices. The most obvious one is by implementing discounts on your product offerings compared to your competitors. This pricing strategy is also known as competitive pricing. Other pricing strategies you can try include cost-plus pricing, penetration pricing, price skimming, and value-based pricing.
Expanding your business quite literally means expansion in a geographical sense. Now, this doesn’t mean you have to immediately penetrate the international market. It’s worth considering other regions nationally, too. While this may pose a risk to small businesses, doing your market research in untapped areas can bring new leads and opportunities for your company. Take note that this strategy works particularly well for businesses with brick-and-mortar shops.
Explore Other Distribution Channels
Speaking of brick-and-mortar shops, it’s wise to consider your distribution strategies. If your business is online-based, assess whether a physical store might reach areas where your products have not registered their presence. This works both ways. If you think your physical store is preventing you from expanding, consider going online.
Up Your Marketing Game
When all your competitors do the same thing, learn to think outside the box. Try a new strategy that helps you stand out! But first, it’s important to identify what works for your target market segment. This is where data comes into the picture. Past data should identify effective marketing strategies and simultaneously show areas of improvement.
Whether it’s boosting social media marketing, creating corporate videos, or focusing on print advertisements – your marketing strategy matters. More so when it comes to bringing a product to the market.
Invest In Product Development
Driving innovation in your business is essential if your business needs to be up to speed with market trends. But before product development, performing exploratory research is a must. This type of research aims to tackle problems that haven’t been studied thoroughly. Moreover, it helps in research design and data collection. You might think: why do I need to conduct exploratory research when I can just skip to the product development stage? Well, skipping this step altogether lengthens your product development process by up to 2-3 weeks. Hence, it’s best to allocate time for research before delving into product development.
The upfront cost of investing in product development is quite steep, especially if you’re just starting your own business. But, it’s a fruitful investment that pays off in the long term, particularly if you successfully launch a product that disrupts the market. Fortunately, you don’t always have to start from scratch. Take a look at your current offerings and ask yourself: what else can I modify? It could be as simple as modifying the colors and sizes. Or, you can simply add new and improved features that would entice buyers to choose your products.
In a highly competitive environment, employing a marketing development strategy allows your business to thrive. But before hitting the gas on a new strategy, take a moment to check if it is backed up by data. Only then can you effectively take your business to greater heights.