Implementing a Marketing Strategy
Without marketing, converting sales would be difficult if not impossible. For this reason, it is important to establish a clear-cut marketing strategy for your company. A marketing strategy is the plan you create to attract customers who will buy your products or services. Once you finish writing the marketing plan, the next step is implementation.
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Establish Distribution Locations
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As part of your marketing strategy, you'll need to determine the distribution methods for your product or service and then secure distribution agreements. You must create a list of distributors for your products (or places where you'll advertise your services) and then start contacting them to establish relationships with those outlets. For instance, if you sell cakes, you should establish agreements with local bakeries and supermarkets to carry your products.
Develop the Product
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The quality, makeup and design of the product or service is another element of marketing. Take the advice of focus groups and findings of market research to develop the product and its packaging. For instance, your market research may tell you that consumers prefer smaller, more compact versions of what you order instead of large, bulky packages, so you would then modify your offering in that way. If selling a service, like a computer repair service, you may learn that consumers prefer remote servicing for software issues, where the customer gives you permission to take over his computer remotely. Give the customer what he wants.
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Set a Price
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Set a price for the product or service you plan to sell. The price is another element that you decide based on market research and by looking at the prices charged by competitors. When you set a price that customers find fair that also maximizes your sales and profit, you've put a very important marketing requirement into action.
Pay for Promotions
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The final element of the marketing mix is to set up and implement a promotional or advertising plan to get the word out to the public about your product or service. This part of marketing is ongoing -- you must implement promotions regularly to keep building your brand and bringing in new customers. Implementing a promotion varies from paying for advertising in magazines or newspapers to offering a two-for-one special to customers where you sell your goods.
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