Marketing Strategy: How to Create Yours in 4 Simple Steps

Post by
Marketing Strategy: How to Create Yours in 4 Simple Steps

What happens when you search for a product, say “leather wristwatches” on Google? You’ll get over a hundred results showing different types of leather watches; some will be affordable, and some will likely cost more than your rent. 

The e-commerce industry is a very competitive space, hence, you need to know how to make your store stand out. By adopting the appropriate marketing strategy, revenue can be increased, and new customers can be gained.

Are you thinking of starting an e-commerce store? Or perhaps, you already have one? Then this article is for you. Read on to learn how tailoring your marketing strategy can attract the right customers.

Most business owners learn a few marketing tactics but fail to put together a concrete marketing strategy. Without a marketing strategy, these tactics end up failing to produce adequate results.

Here are four proven steps that will enable you develop an e-commerce marketing strategy that works:

1. Write down your goals

The first thing to do is outline your goals for the business. This could be yearly, monthly, or even weekly goals. It’s easier to create a marketing strategy when you have a goal you’re looking to achieve. 

2. Identify your target audience

With your goals in place, your next step is to identify your target market: Who are you selling to? What does your ideal customer look like? Knowing your target audience will influence the marketing steps and decisions you intend to take. 

If you already have an audience, conduct surveys to get more information about them. The surveys should contain information such as age, gender, marital status, job, buying behavior, social media preference, etc. 

3. Conduct market research to see what others are doing

Next, identify your competition. Try finding out their strengths and weaknesses. If you know their weaknesses, you will gain an edge over them. Are there aspects they are lacking? Are their websites user-friendly? What about customer service? How fast do they respond to customer complaints? Do they have a blog? Is it tailored to customers’ preferences?

By keeping an eye on your competition, you can figure out what they lack and fill those blanks.

4. Set your product price

Today’s customers can easily compare prices, all it takes is a quick google search, therefore, set a price that your ideal customer can afford. With the information gathered from surveys, you can quickly identify a baseline that falls well within their budget. 

The research conducted on your competition should provide an insight into how others are setting their prices. If you think you can go lower than your competition and still make a profit, you could consider toning down your price.

Now that you know how to create a marketing strategy for your online store, implement them and watch your business grow.

If you enjoyed reading this post, then you will enjoy our courses. Over 15,000 brands have achieved their business goals by enrolling in our courses.

Why Stanbuzz?

Imagine you want to run an advert with an influencer or a blog, but it costs a million naira. Expensive, right? Here’s what we’ll do; we’ll bring together other companies interested in advertising their product, and have that influencer produce an advertisement that includes the products of all the companies. By doing this, you could end up paying about 700,000 naira, thereby spending less than your intended ad budget. (Note that this is just an example).
Remember, our goal at Stanbuzz is to greatly reduce advert spend inefficiency.

FAQ for Batch Marketing
How does Batch marketing work?
It involves Influencers advertising more than one product on a particular advert, and the product owners get to split the payment, thereby reducing the cost of marketing for all the companies involved.

Can similar brands be grouped together?
No, brands in the same industry will not be grouped together to prevent unhealthy competition.

Who can benefit from it?
Companies with large ad budgets will greatly benefit from it, as they can divert funds to other significant parts of the company and still get value.

If I select more than one media house, will the information be disseminated at the chosen time?

Yes! Not only will they be distributed at the same time, we guarantee that the information will also remain the same.

How can an influencer benefit from it?
As an Influencer you

Our goal again...

To greatly reduce advert spend inefficiency and to make the internet’s advert experience so much better.