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The very first step you need to take when developing a business idea is to identify a need, a problem or a desire in the current market that you can solve better, more efficiently or more distinctively.
Once you understand the impact that consumer needs have on your business, you can finally begin to outline your marketing strategy. If you want further information about this, you can read our article on 9 Things to know before starting a business by clicking here.
Let's take a look at the next steps in marketing on how to create an effective strategy.
Yes, we know that market research is expensive. But this is partially wrong.
You need market research specifically created for you only when you can't find enough data on the internet. We mention this because chances are there are strong competitors who have already done research and adapted their pricing, product, distribution and promotion strategies.
All you need to do is know what your competition is doing and know how to interpret their actions so that you can find an area where you differentiate yourself. In marketing, this is called winning zone and it has to do with price, product quality, the promise you make to your audience and/or your industry experience.
A business without a plan is just a hobby, or worse - it's gambling with very little chance of winning.
Target group needs
Target group wants
The environments in which the target group is found
Why would someone buy from you and not your competition? This is where the benefits come in:
These benefits are usually the brand promises and the main differentiators from the competition
Emotional benefits - how you feel when you make the purchase
Functional benefits - what you get when you make the purchase
Only then should you validate the problems and solutions written into your business plan.
If everything looks all right in these scenarios, you can finally work on your pricing strategy, product strategy, distribution strategy and promotion strategy. To be highly successful, you ideally want to find factors of differentiation in all these strategies.
Important: If you're just starting out, test the idea with people you know before investing large sums.
Here's what people evaluate when making a decision:
You need to build trust in order to sell, and any hint of doubt will increase the risk of people not buying from you. Only at this point it would be worth thinking about your company name, logo, slogan and other identity elements.
Important mention - image is not just about graphics
Image is a potential customer's perception of your business - this is where we include testimonials, reputation in the market, turnover, etc.
To make it easier to understand, you can set it according to your competition
Based on competing products:
This refers to the channels of interaction you use to sell:
Important: The promotion strategy is only established once the pricing, product and distribution strategies have been properly executed.
The most effective advertising strategies fall into three categories, which can be occasionally used in combination:
When all of these elements of a marketing plan are completed, discuss and allocate resources to build an appropriate action plan.
The recommended minimum requirements for a successful action plan associated with the promotion strategy:
How much are you willing to pay for a purchase? - Cost of Acquisition per Customer (CAC)
How long do you expect a sale to take from first contact? - average conversion time
How many sales do you expect? - monthly sales volume
To whom do you want to sell? - target group
How much do you want to sell to one person? - Average Order Value (AOV)?
What profit are you aiming for per sale? - Simple example: Profit per sale = Order or transaction value - Product cost - Purchase cost per customer
Company name, logo, slogan
text - descriptions, specifications
photo/video - relevant to support text content
remember, you need to generate trust, attraction, desire to buy
Brand story is a plus
Everything must be legal. This is where a lawyer can help you, or you can search on the internet, but the terms need to be checked and adapted.
Less ethically, you may look at your competition for inspiration, but beware that it may not apply identically.
You can also find information on the internet, but it's better to get help from a friend who already has some knowledge, or ideally has a lawyer, if you can afford to pay at least €200.
If you are just starting out, it's important that it's functional and easy to use.
Advertising money that goes directly to third parties - Google, Facebook, LinkedIn, Instagram, TikTok, YouTube, etc.
Bank card for advertising
Implementation costs - money going to marketing & software agencies
Applies if you don't have the knowledge to do the ads and other marketing yourself, or don't have the time and resources.
As the results improve, you can optimise for greater profitability.
Companies' marketing results should be visible, measurable, interpretable and ready for improvement at any time. Good results occur when a clear marketing strategy is applied, and when wasted budget on unprofitable actions is reallocated in a more efficient way.
If you relate to this information, don't forget that we are here for you. If you think you need our services and would like a potential collaboration with the Remote Marketing team, you can contact us, visit us or schedule a meeting online.
We appreciate your interest and we hope you have a wonderful day!