Increase Sales One of the most important goals of marketing for-profit entities is driving business and increasing sales. Marketing needs a good return on investment -- meaning the increase in sales should significantly exceed the cost of the marketing -- and should therefore be specific.
Depending on your product or service, competition, budget and customer type, your small business can use one or more marketing strategy to grow your company. Guerilla Marketing If you don't have a budget large enough to purchase advertising, give away T-shirts or market your business at promotional events through low-cost trades.
For example, if you have employees, you can ask them to donate their time to a local telethon, answering phones for on-air mentions of your company.
They can act as ushers, parking attendants or concession workers at events. If you are a florist, you can lend decorative plants to a function attended by your target market in exchange for signage.
If you own a restaurant, you could set up a concession stand at high school sports events, donating the profits to the school in exchange for product sampling. If you are a car dealer, you can lend cars for parade use.
Positioning One way to market your product without spending money is to create a brand, image or position in the marketplace. This might be as simple as pricing a product on the high end to create an air of quality, or pricing it on the low end to make it seem a good value.
If you limit your product to one gender, such as selling only women's shoes, you send a message to that gender that your product or service was made especially for them. Selling golf clubs in pro shops only, instead of big box stores, tells the public that your clubs are for serious golfers.
Cause Marketing One way to develop brand loyalty is to sponsor a charity. Pay the fees or supply the uniforms for local sports teams. Sponsor a tennis tournament or marathon that raises money for a charity.
Offer churches and schools discount days or nights, donating a portion of what their members spend to the church or school. In exchange for a local charity, such as an animal shelter, hospital or school, promoting your business, donate a percentage of your sales to the organization.
This is an effective way to introduce new products or services into the marketplace.
Sports Marketing People who are loyal to a sports team may appreciate your supporting their team as well, helping you create an affinity between those fans and your product or service. Sponsoring a sporting event offers many opportunities. You can get signage at the event, have athletes or officials wear your logo on their uniforms, set up a booth at the event, have the event named after your company or specific product, and be mentioned in pre- and post-event marketing materials.
Social Media Facebook, Twitter and Instagram among other social media platforms are household names and part of everyday life. Because consumers spend a lot of time on these platforms, they are excellent ways to target your marketing.
Additionally, social media has made it possible for business owners to hyper-analyze target markets to direct ads to the people most likely to buy the product or service.
He has worked in the corporate and nonprofit arenas as a C-Suite executive, serving on several nonprofit boards. He is an internationally traveled sport science writer and lecturer.Growth Objectives.
As awareness of the brand increases, so do sales of the product, making the growth stage a profitable part of the cycle. Competitors begin to enter the market during the growth stage, so objectives include maintaining the appeal of the product and encouraging brand loyalty.
A marketing plan may be part of an overall business leslutinsduphoenix.com marketing strategy is the foundation of a well-written marketing plan.
While a marketing plan contains a list of actions, without a sound strategic foundation, it is of little use to a business. Helping you set marketing objectives to provide the right direction to meet your goals Once you have established your strengths and weaknesses and the opportunities and threats available through the marketing audit you can redefine your marketing objectives and how these fit in to your business obje.
The overall process of conveying a good or service to customers. Product marketing includes defining the scope of the product line, identifying potential markets for a product, determining optimal pricing for the market, encouraging potential customers to purchase the product, and finding the best distribution methods for delivering the product to customers or to sales locations.
North South University is the first private university of Bangladesh, It was established in Approved by the University Grants Commission (UGC) of Bangladesh. Part 3: Marketing Strategy and Objectives Posted on by admin Those reading a marketing plan need a clear picture of the direction the product will take.