stillave.blogg.se - 10 keys to a successful business intelligence strategy

Now that we know our target audience, it is time to set our organizational goals and objectives. If you fail to understand your target audience accurately, you will lose it all. Remember, this is arguably the most important stage in this process. That said, you need to know your potential customers by getting details about their age, pain points, touchpoints, income, goals, buying patterns, etc. Once you determine your target audience, the next step will be to acquire more data about them. Behavioural (actions made within a website, in-app, in-store).

Demographic (age, gender, income, marital status, etc.).

Geographic (location, urbanicity, climate, culture, language).

Psychographic (values, likes, dislikes, lifestyles, opinions, etc.).

Market segmentation is generally further categorized into four categories: This process of defining your target audience on the basis of different factors is called market segmentation. Your brand can only target a specific niche/group of people. However, if you are selling something specific, i.e., developing something for diabetic patients, then you cannot opt for mass marketing. But, this marketing strategy is helpful for businesses selling universal products such as FMCGs. Now, different companies also opt for mass marketing (their target audience is everyone and anyone). Similarly, external elements include competitor analysis, customer experience, socio-economic factors, legal restraints, etc.

Internal factors include performance analysis, marketing mix, budgetary limitation, etc. Apart from that, a good marketing strategy must also consider the internal and external factors. That said, a marketing strategy addresses elements such as the company’s value proposition, information related to target customer demographics, key brand messaging, and many other core elements.Ī great marketing strategy always includes the famous “4Ps of marketing” product, price, place, and promotion. Now, it might sound like a straightforward thing, but it is not. A marketing strategy is any business’s overall Plan to reach its target audience/potential customers and then convert them into actual customers by selling them a product(s) or service(s).