Multi-Faceted Marketing Strategies
Some of the most effective marketing strategies are implemented before you open your doors or run your first ad. Marketing strategies include a variety of efforts relating to your product planning, brand development, pricing and distribution methods. Multi-faceted marketing strategies help you sell using more tools, tactics and techniques than just advertising and promotions.
One facet of your marketing plan should include creating a unique position in the marketplace that sets you apart from the competition. This can include creating a product that appeals to a specific segment of the market, such as women or seniors. Your position might be based on price, quality, customer service or status. Determining your main benefit and creating a unique selling differential will help you position your product by using a consistent brand image. Let your target customer profile guide you in developing your position.
A key marketing strategy is determining how price will help you meet your sale goals. You can reduce the bells and whistles on your products, sell at a low price and use high sales volumes to create gross profits. You can take the other tack and create a higher perceived value by selling at a high price. You might decrease your sales, but making more profit per unit will help you create your desired gross profits. Set your prices based on an analysis of your competition, target market and cost of producing and selling your product. If possible, test market your pricing strategies in different geographic locations to see which one works best.
Distribution is a key part of the marketing mix, affecting your brand, margins, sales and profits. A multi-faceted marketing strategy examines the use of wholesalers, distributors, online sales, sales reps and retailers, based on your target customer profile, competition, price and brand. Choosing the right distribution channels, such as boutique stores vs. big boxes, can be the critical link in your marketing strategy that helps you maximize your profits.
It’s only after you’ve done your pre-launch homework that you decide how you’ll communicate what you have to potential customers. Your advertising should emphasize your benefit, focusing on your customers’ needs and problems, rather than your company or product. Use media kits to determine where your target customer will most likely see, read or hear your message. Radio and TV stations, websites, magazines and newspapers provide potential advertisers with circulation, listeners, viewership and visitor statistics to help you make the right media buy. Add in-store promotions, sales, discounts, rebates, contests and a broad-based social media campaign to create a multi-faceted promotional effort that repeats your message using different methods.