Top Ten Affordable Marketing Strategies
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.
You can record each competitor in a table column with each feature and benefit in rows below. Then put a minus for each competitor’s weakness and a plus for each strength.
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 - Determine The Media That Best Reaches Your Target Market: Your target market analysis should provide you with information about the best media to reach your target market. Research that media so you can design messages that work well with it.
Affordable Marketing Strategy 9 - Start Your Marketing Efforts: Now it’s actually time to start taking action. All the strategies so far prepare you to produce marketing tactics that will lead to meeting your marketing goal.
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.
These ten marketing strategies used together are not only affordable, but will save you from wasting money on ineffective strategies.