Marketing Strategy: How to Create Yours in 4 Simple Steps

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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?

Last year, about $380 Billion was spent on online advertising by brands all over the world. Up to $150 Billion of that money did not generate the desired result for the brands that paid for them. That’s a lot of money spent without returns.

To put it into perspective, Nigeria’s 2020 budget was $35 Billion. So people wasted up to 4 years' worth of Nigeria’s budget on ineffective advertising in 2020 alone.

If nothing changes, by 2024, $240 Billion will be wasted on advertising, without getting results. Money gone like that, pooooof!

That’s why we have come in to save the day.

We asked ourselves, “what can we do to reduce this money being wasted on adverts without results?”

A lot of things came to our minds, at least 20 solutions. But can we really offer all those 20 solutions from day 1?  No.

So we said, “even though we will work on all the solutions to reduce this money being wasted on advertising, we can start with 3 things and then extend to other things.”

1. If people learn how to market better, they will waste less money - a lot of people waste their advert budget because they have no knowledge about how best to allocate it to get results. So we thought, “let’s start from here; let people be able to enrol into our world-class trainings that can teach them practical ways to be more effective with their adverts”.

2. If people can find trusted experts to market for them, they will waste less money - Some people don’t really want to learn to market by themselves, they just need a good, reliable, trustworthy person that won’t rip them  off and knows their onions. We said, “if we can help clients find those people by screening them and being sure of their proven abilities, then we can make advertising more efficient.”

3. If people can find experts to advise them, they will waste less money - Some people just need a one-hour call with an expert to get super clarity on their marketing strategy. Some may just want an expert to spend some time with their marketing team, and we know this will help reduce advert spend waste.

But that’s not all. There are many more things we are working on; because to be able to achieve our goal of reducing advert spend inefficiency, we need to consider several factors as it is not a one-size-fits-all operation. We are aware of this and are working on it at Stanbuzz.

Our goal again...

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