Developing the right marketing strategies for a new business is always a challenge. The important thing is to choose your global marketing strategy before deciding on the smaller things like where you are going to advertise and what your message will be. A good way to start is to decide how you wish your enterprise to be seen by the world. Every marketing decision you will make can change how your customers and your partners see you, so it is better to know where you want to be before starting any action.
One of the most known theory in marketing is the marketing mix, which can also be called the “4 Ps” of marketing. It gives you four distinct items that any business needs to think about when defining its marketing strategy.
Are you aiming for a high quality product, a standard product, a technologically-advanced product or a targeted product? In order to determine how you want your product to be properly, you need to assess which market you want to target. Are you looking for a broad market or more for a niche which will touch only some people? Once you have answered those questions, you can define which type of product is the best fit for the market you are aiming for.
The place is about where your products are going to be sold or where your services will be rendered. Are you going to use the Internet to sell worldwide (and have to deal with customs) or will you distribute your product in some specific stores only? The type of product you have chosen as well as its target clientele are keys factors in determining where your product should be found. A high quality product should be sold only in renowned stores, for example, since selling it elsewhere can affect customer’s perception of its quality, as well as the image of your enterprise.
There are a lot of pricing strategies. Choosing the right one for your product should be based on the decisions made earlier about your product and place. For mass market penetration, a good strategy is to start off your product at a lower price than your competitors to encourage people to try it. Then, you raise your price in the hopes that your clientele will be loyal to your product since they perceived its advantage. For a technologically-advanced product, you might want to use the skimming strategy which consists in selling at a high price to the early adopters in order to recuperate your production costs as quickly as possible.
Promotion decisions will be about how the ensure your targeted customers hear about your product. It goes from advertising to sales promotion. I recommend finding out the best way to reach your clientele and to focus your efforts and money on them.
Once you have established your marketing mix and have made sure every part of it is coherent with each other, you will have a pretty good idea of what are the best marketing strategies for you new business. Making sure you are grounded with your market segment should be your priority.