4 Marketing Strategy Key Elements You Need To Be Great
An era is ending. Marketing products and services is no longer enough. Now consumers want more. Business survival means adding 4 new marketing strategy key elements. What are they?
Marketing strategy key elements: what has changed?
To understand, let’s take a glance at the common ingredients of traditional marketing:
- Segmentation – dividing people into groups so you can speak more specifically to their interests and needs
- Targeting – focusing on your most profitable customers, making offers based on your strengths and their wants
- Promotional Tactics – choosing the marketing channels and advertising methods that work best with your target audience
- Monitoring – continuous checking to see what you’re doing is working
- Marketing Plan – creating a specific plan to put each part of your strategy into action
These are still essential. However, winning companies also do 4 additional things.
Marketing Strategy Key Elements:
1 – Organizational Goals
As younger generations gain more spending power, you must focus more on what they want. People used to simply look for the highest quality at the lowest price. This doesn’t make people buy today.
Sales and marketing used to have the simple goal of getting the highest profit. Modern businesses cannot survive with only a profit motive.
By far, one of the largest trends with modern consumers is the desire to spend money with organizations that do good for society. The Mintel 2021 Global Consumer Trends report highlights the large number of consumers who now buy from those companies they believe in while boycotting those whom they feel are unethical.
Dominating over the competition means setting yourself apart from others. Why should people do business with you? One of the most powerful ways to set yourself apart is becoming known for benefiting the world or local community.
Do you have a clear identity, a mission or purpose that defines you and drives your company to action? This can’t be a hidden document in the CEO’s desk drawer. Your customers and employees alike must know who you are, what you stand for and why you do business.
For example, The Honest Company focuses on providing beauty and home goods that are safe and natural, while educating people about the dangers of ingredients hidden in many products.
2 – Your Customer’s Online Experience
Before people buy, they need to feel they have a relationship with your company. One of the most powerful ways to strengthen this relationship is by inviting customer feedback. Work to get them involved in your product development or how you provide services.
Today’s consumer wants to be heard. They want to spend their dollars with a company that cares and values their feedback.
Invite them to comment on social media, either your account or theirs. Your website should also allow leaving feedback or reviews.
Give them incentives and guide them on where to leave reviews – whether on your site or a major review platform like Google, Amazon or Yelp.
3 – How You Treat Your Employees
Making the world a better place certainly extends to how you treat your employees. Your prospective customers now want to know this about you.
Many younger buyers are appalled at larger corporations who have acted in a greedy, heartless way, abusing power and exploiting their people. Yet this is a great opportunity to set yourself apart. How?
Let people know your employee perks. Can you help your employees with childcare or other services they rely on? Perhaps you can support some of the expenses they have. For example, Uber helps drivers with discounts on gasoline, software for taxes, and various educational opportunities.
Another way to highlight your employee advantages is to show your diversity. As an example, Cocokind announces every June 30th their employee percentages, showing their social and ethnic diversity.
4 – Invest In Social Issues
Consumers are watching. You can’t just say you do good for others. People hate marketing gimmicks. Your actions must demonstrate the good that you do. Where do you put your money?
Is there something you can do to benefit the local or global community? Even big corporations do this. Amazon co-founded The Climate Pledge in 2019.
They promise to:
- Reach net-zero carbon emissions by 2040
- Make half of their shipments net-zero carbon by 2030
- Use 100% renewable energy by 2025
- Invest $2 billion now in decarbonizing technologies
Other common concerns include feeding the hungry and cleaning up the environment.
A June 2020 CDC study shows that 40% of Americans now suffer from anxiety, depression, trauma, substance abuse or suicidal ideas. As a result, some companies offer remote work or a change in work habits to help.
By now, most of us recognize the common phrase: “For every X dollars spent, we give Y to Z.” Anything your company can do to advance social justice or redress some problem of society will put you on the good list with your potential customers. Document how your company helps. Include this in your marketing.
The Marketing Strategy Key Elements for Small Business: A Brief Summary
As a small business, you have a great advantage. You don’t suffer the distrust others feel toward large corporations. Yet small businesses tend to be invisible to potential consumers.
How will you set yourself apart from your competition? What will you stand for? What good can you do for others? Make these part of your goals, your online experience, how you treat your people and how you invest in others.
These are your new marketing strategy key elements.
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