On this page
- Set marketing objectives
- Identify tactics to reach your target market
- Meet and satisfy your customers needs
Define your marketing strategy
An effective marketing strategy will help you to define the overall direction and goals for your marketing.
Your strategy should articulate how you're going to deliver your products or services in ways that will satisfy your customers.
Once you've defined your customers or target market, you need to start developing and implementing tactics or ways to reach them. The marketing mix will make up the tactical elements you'll use to carry out your strategy and reach your target market.
Marketing mix tactics
Use your marketing plan to identify the tactical action steps – which will turn your strategy into a reality. The seven tactics listed below are sometimes referred to as the 7Ps.
1. Your product or service
- What product or services are you going to offer?
- Discuss the branding, the packaging (where applicable), and ongoing product or development.
- Consider the features and benefits you offer.
- Consider your unique selling points. What makes your product/service different from everyone else's?
- Consider what potential spin-off products or services might be.
2. The pricing of your product or service
- Price is a critical part of your marketing mix.
- Choosing the right price for your products or services will help maximise profits and build strong relationships with your customers.
- By pricing effectively, you'll also avoid the serious financial consequences that can occur if you price too low (not enough profit), or too high (not enough sales).
3. Your position (place) in the marketplace
- Whether it's a retail store, online shop or on social media, 'place' refers to the channels and locations for distributing your product, related information and support services.
- This is how you'll position your product in the marketplace – it's the location where a product can be purchased.
- Often referred to as the distribution channel, this can include any physical store (e.g. supermarket) as well as online virtual stores (e.g. eBay).
- Being in the right location can be a deciding factor in whether a customer buys from you or not.
- To find out where your ideal customer is buying from, it's worth doing some market research.
4. The promotion of your product or service
- How do you promote and market your business now (or intend to)?
- Regardless of how good your business is, if you don't promote it and tell people you exist, it's unlikely you will make many sales.
- Promotion is about attracting the right people to use and reuse your business.
- There are a number of techniques to use and they can be combined in various ways to create the most cost-effective strategy for your needs, including online, branding, public relations and advertising.
5. The people in your business
- The people you employ in your business can influence the marketing of your products and services.
- Knowledgeable and friendly staff can contribute to creating satisfied customers and can provide the unique selling experience that an organisation is often seeking.
- If an outstanding team provides a competitive advantage, then the quality of recruitment and training becomes essential to achieving your marketing objectives.
- Make sure you have processes and training in place to get the most out of your team.
6. The process represents the buying experience
- Process represents the buying experience the customer gets when they buy your product or service, such as the way a fine bottle of wine is presented and served in a restaurant, the reaction of a business to a complaint, or the speed of delivery in a fast food outlet.
- A poor process can undermine the other elements of the marketing mix. Budget airlines, for example, may offer very competitive headline prices, but if the final price is inflated by additional charges such as baggage charges and administrative fees, customers may begin to feel they have been taken advantage of.
- Try to document your key processes and procedures so your staff and suppliers know what to aim for, and include details such as:
7. The physical environment
- The physical environment where your products or services are sold and delivered can have a significant impact on how your customers experience your business.
- The physical environment can be the quality of the furnishings in your consulting rooms, the design of your reception area or website.
- Creating a positive physical environment doesn't have to be costly – a vase full of fresh flowers or a creative window display can make a big difference.
Case Study: Five steps to grow your business
'If you want to grow successfully ask yourself - why are you different? Who (which customers) will value this difference?'— Greg Chapman, empowersolutions.com.au
Read more about Five steps to grow your business