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Ten Most Affordable Marketing Strategies |
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Written by Linda P. Motyon
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Tuesday, 22 April 2008 |
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Affordable marketing strategies guide your choices of marketing activities so that they too are affordable as well as effective.
by LindaP.Motyon
Affordable marketing strategies guide your choices of marketing activities so that they too are affordable as well as effective.
The marketing strategies listed here are affordable because you can do them with just a little planning and research.
Affordable Marketing Strategy 1 - Choose a Target Market: Your first affordable marketing strategy is to choose a target market. Every other marketing strategy requires first knowing who your best potential customers are.
Affordable Marketing Strategy 2 - Discover The Best Appeals For Your Target Market: Once you've selected a target market, you need to learn as much as possible about its members. Knowing demographics like age, education level, occupation type, gender and race, reveals many other characteristics, and their values, concerns, attitudes, information needs and media preferences.
Affordable Marketing Strategy 3 - Do A Competitor Analysis: Your next strategy is to recognize and learn about the businesses and products that compete with yours.
A table works well for recording your competitors, along with the weaknesses and strengths of each. Make a column for each competitor and a row for each benefit or feature. Then use minuses to note weaknesses and pluses to note strengths.
Affordable Marketing Strategy 4 - Distinguish Your Business or Product From Your Competitor's: Next compare your business and product to theirs. Use the table you did in strategy 3, and add your business or product to it. This will help you to see where you are strong in an area that most of your competitors are weak. This strength becomes your distinguishing characteristic.
Affordable Marketing Strategy 5 - Establish A Marketing Goal: Now decide what you most want to accomplish with your marketing. This is your primary marketing goal. It should include how you can best communicate your distinguishing characteristic to your target market.
Affordable Marketing Strategy 6 - Select Objectives To Meet Your Goal: Your marketing objectives lead systematically to your marketing goal. They are the steps to the destination where you want your marketing efforts to take you.
Affordable Marketing Strategy 7 - Create The Key Message Or Slogan For Your Marketing: You should be able to communicate your distinguishing characteristic as a benefit for target market members in one concise sentence. Keep working on it until you get a strong phrase or sentence that will leave a lasting impression with your target market.
Affordable Marketing Strategy 8 - Decide Which Media Will Reach Your Target Market: After completing your target market profile, you'll know what media your target market prefers. Create marketing messages that are appropriate for your target market members and their preferred media.
Affordable Marketing Strategy 9 - Implement Your Tactics: Your tactics are the specific marketing actions that you take to reach your objectives. You should decide on tactics based on your target market analysis to assure effectiveness.
While you're taking action, keep records of all the tactics that you use, how much you spend on each, and the results of each.
Affordable Marketing Strategy 10 - Evaluate How Well Each Tactic Worked: Using the records from strategy 9, evaluate how well each tactic performed so you can repeat the effective ones and eliminate the ineffective ones.
Each of these marketing strategies are affordable and will save you money by helping you to spend your marketing resources only on tactics that will be effective with your target market.
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