In a for-profit company, your company’s goal is to live out its mission, and in order to live out its mission, we need to generate revenue from selling products or services, and marketing needs to support revenue objectives with marketing strategies. The first steps are understanding your market and conducting successful Market Research, start with conducting Audience Intelligence into the who why, and how of starting your strategy is to
Define your buyer
Find out who they are. what challenges they face, which age group they belong to, which industry they work in, and everything from annual salary to hobbies, getting a clear understanding about your audience and will guide you down the line to keep you focussed whenever you do anything like running a marketing campaign to expanding your market presence.
Discover your target market
This means finding out where they are and which region you need to target initially. Because once you have the focus, it will be easier for you to align all your activities and the result will be higher. Going unfocussed by pushing your product across the globe will dilute your effort and might end up in a total disaster.
Run a Market Research and Audience Intelligence strategy
Now you know your buyer and target market, all you need to figure out are the following things to run a Market Research. Ask these questions —
- What are the pain points of your target audience?
- Understand what they are looking for.
- Know whether your product could be the answer to their pain points.
- Learn whether it’s market-fit.
Understanding your market & competitors
Know the market value of your industry, the leading players in the domain, and what are their yearly turnover and profit. Study them thoroughly by using their products, knowing their pricing, strategies, and understanding what they are doing to gain the market and new customers. Also, learn how they retain customers and why people discontinue them. That will be an easy attack for you to convert their unhappy customers.
Look at your findings
Once you are done with the Market Research Survey and Competitor Analysis, all you have to do is summarize the findings and they start breaking down what core areas of marketing you need to focus on. In the CXL marketing growth marketing course we break down how to approach Marketing strategy in the business and what are the core areas to framing your strategy and focus.
We start with
Product marketing sits between marketing, sales, product, and engineering. Some focuses of product marketing include conducting user research, so being really close to understanding who the user, the customer is and what they want. Identifying market opportunities. Product marketing also runs product packaging, pricing, and messaging, so how does the product look when it gets into the hands of the actual user or potential users?And at what price point makes sense? Product marketing is responsible for product launches and everything that goes along with that, so timelines, the messaging, all the coordinating that goes along with working with those other groups like sales or product engineering and marketing as well as like how does it fit into the broader product offering
This is the question — how do we want to be perceived by the market or the user? And also how are we going to achieve that? So some ways that this is achieved is through coming up with voice and tone for the company, establishing the look and feel of what the brand is, what the company is, positioning, so what is your message and how are you differentiated from other kinds of products or other brands, and then awareness.
This can also be called lead generation, growth marketing, digital marketing, and really it focuses on generating leads and nurturing them through to sales. So demand gen creates a pipeline of leads for sales, optimizes lead funnels, singular or multiple, experiments with channels to generate leads, to attract an audience, as well as nurturing leads throughout the buyer’s journey.
Events and community
Here we focus on how to connect with not only prospects and customers, but other strategically valuable connections out in the community. It can be both online, online communities, or using social media as well as offline, so in-person community and events. Events and community is a common approach to building and amplifying a movement that supports your company mission.
Sales v Marketing when approached like happy neighbors is incredibly powerful. Enablement is typically found in an enterprise with a larger sales team or possibly a longer sales cycle. One that requires more marketing support and some focuses for this role include creating collateral for sales teams like presentations and email templates, helping educate sales about market opportunities, training sales about product releases and marketing campaigns as well as writing case studies.
Marketing and sales work towards common goals, they work on the same buyer’s journey, the same funnel, just different parts. see There is not a clear-cut point where marketing stops and where sales begins and it’s going to be different or different companies,
Ultimately the aim is to work toward what high level goals you’re working towards.
Understanding where customers consume information and news, secure coverage in relevant media, nurture media and analyst relationships.
Content and creative
Bringing ideas to life from other marketing focuses, so for demand gen, they’re bringing campaigns to life through the content and creativity that goes out into the channels. They put together polished sales enablement collateral, they create promotional content for the PR team, they’re putting together media kits that can be shared with journalists and analysts, working on social media engagement strategy.
Is important in managing the software tools and tech stack necessary for successful marketing activities such as a marketing automation platform, optimizing workflows through tools and best practices, and tracking KPI and also responsible for ensuring the health of the data, so making sure you have quality data that you can use for analytics. with and collaborates.
These fundamentals of strategy structure will ensure it is aligned to key areas that can ladder up to the business goals individually.