Marketing strategy is an integral part of a business creator’s business plan. The presentation of the marketing strategy adopted by the business creator must answer the following two questions: Who is your target and why? How will the company go about selling its products or services to them?
Marketing Strategy: Target Customers
In a business creation process, it is imperative to target its future clientele. Generally, a project leader knows how to answer this question from the start of his project, and the market study must confirm the choice of his customer segment.
The target clientele can be defined according to multiple parameters:
- Are the products or services aimed at men? Women’s ? to children? To individuals only? To companies only? to singles? To couples? to everybody?
- What is the age group of the target population?
- Are the products or services aimed at people with a certain income?
- In what geographical area will the company offer its products or services?
Next, we must ensure that the product or service offering meets the needs of a potential clientele and that the target market is large enough or has good prospects for the business to prosper.
Finally, it is necessary to study the competition and verify that the company will position itself, thanks to the means employed or too competitive advantages.
Once the clientele is identified, it is now necessary to define the company’s positioning in the target market.
Marketing Strategy: How will the Company position itself?
Once the target clientele is correctly identified, the business creator must explain how he intends to position himself to sell his products or services.
Carrying out a SWOT analysis can help the project leader define his business creation project strategy. First of all, the company’s positioning requires analyzing that of the competitors to find ways to distinguish themselves from them, which will facilitate the customer approach.
It is complicated to position yourself precisely the way the competition. The business creator should ideally stand out with lower prices, better quality, faster service, new features, another mode of distribution.
The market survey should deepen his knowledge of the industry referred to identify what’s missing. The objective is to find a new concept likely to interest a target clientele, providing a competitive advantage over other companies in the sector.
Only practice will then make it possible to verify that the envisaged offer works. Before launching the project, it may be interesting to test it on a small scale in a business incubator or a micro-enterprise.
When the business creator has identified the clientele he wants to target and how he will position himself, he can then work on developing his commercial policy. This is based on the following four elements:
- The products or services offered,
- The prices charged,
- The mode of distribution,
- The communication strategy.