One way to define marketing strategy is as a method that companies take in order to build strategies of this kind in order to attract customers to their products.
To put it another way, a marketing strategy is a tool that assists a company in raising demand for its products, promoting those products, and outperforming its competitors in the market.
When developing marketing strategies, it is possible to take into consideration the seven Ps, which are as follows: product, price, place, and promotion; people; packaging; and the strategic process.
One way for the pan-African entrepreneurs to construct a marketing strategy is to put into action the following marketing strategic conceptual steps:
It is the major role of the organisation to ascertain the goals and objectives that the company intends to achieve, whether it be increasing its income, attracting new customers, or establishing credibility.
The next step is to identify clients who are interested and have the potential to become customers.
The company must conduct market research to determine which consumer segment will be most interested in the product and which will have the means and willingness to make a purchase.
The entrepreneurs need to develop a plan to encourage customers to purchase the firm’s products.
Customers are looking for accurate and comprehensive information about the product, including how it will benefit them, whether it is worth the money they are paying, and the message that the brand is attempting to portray.
It goes without saying that if a firm decides to advertise its products, it will need an adequate budget for doing so.
Since this is the case, the fourth step involves the organisation developing a budget plan that specifies the amount of money it can spend on the product.
The final step is to choose a combination of marketing channels and strategies to use.
During this stage, they determine the product’s utility, specs, various pricing methods, marketing and distribution channels. Additionally, they determine the distribution networks.
Having noted the foregoing, it is beneficial for the pan-African leaders to consider some of the marketing strategies as highlighted notably:
Niche marketing
Niche marketing and tailored advertising help businesses reach a specialised audience.
This technique boosts revenue, supports underprivileged groups, and fosters client loyalty.
Niche marketing requires a detailed understanding of target market needs and preferences.
It is simpler than mass marketing because it focuses on specific consumers. Brands differentiate their markets by values, interests, and quality.
Businesses can leverage social media monitoring and Facebook’s customised ads to enhance specialised marketing.
Niche marketing lets businesses easily engage with and create connections with their target audience.
Social media’s numerous tools allow firms to target specific demographics, maximise their marketing spend, and build brand loyalty.
Businesses can differentiate themselves and build loyal client relationships by targeting niche markets.
Blogging/podcasts/vlogging marketing
Bloggers/Podcasters/Vloggers often update and share their opinions online, making a popular online expression.
The rise of internet users and avid readers has boosted this method of communication.
Blog/podcast/vlog marketing, which uses content suggestions, reviews, and cross-syndication, has become a potent tool for promoting websites, businesses, brands, and services.
Famous bloggers, critics, and reviewers can boost sales by providing impartial reviews and promoting products through collaboration.
The snowball effect of users sharing engaging material across numerous blogging/podcasting/vlogging platforms proves marketing’s virality.
Outdoor marketing
Outdoor marketing is best for product promotion. This advertising appears on billboards, shop signs, vehicle stickers, bus stop posters, and digital channels. Outdoor marketing has limitless benefits.
It increases brand visibility, local recognition, and cost savings for enterprises.
This tried-and-true strategy lets organisations target specific geographic areas and create captivating billboard designs to attract customers.
Outdoor advertising can reach more people and leave a lasting impression than internet marketing.
Search engine marketing
Search engine marketing (SEM) boosts businesses through sponsored ads on SERPs. Advertisers can appear alongside users’ product and service queries by competing for appropriate keywords.
These pay-per-click adverts can be text or pictures. SEM is effective because it connects with interested purchasers at the correct time.
However, many believe that SEM success depends simply on advertising spending.
A greater budget can help, especially when targeting competitive phrases, but it does not ensure success.
Direct marketing
Direct marketing uses email, social media ads, and door-to-door sales to reach consumers. Instead of sending mass messages, this unique strategy connects with potential clients personally.
Direct marketing aims to get people to visit a website, call, or buy via targeted techniques.
Direct marketing uses comprehensive data to target interested clients, resulting in high ROI, cost-effectiveness, and tailored content.
Personalising messaging to consumers’ identities increases reaction and engagement rates.
Events marketing
Event marketing involves hosting themed events to promote products, services, projects, or businesses.
This method fosters client relationships through direct involvement. Events, whether in person or online, allow guests to experience the offerings directly.
Event marketing is essential for organisations seeking to stand out and build strong client relationships in the present competitive business environment.
Events allow firms to understand consumer behaviour and adjust their strategies to each individual.
Social media marketing
Social media for brand recognition can increase sales, website traffic, and audience engagement. Social media marketing (SMM) is becoming a valuable marketing tool. SMM interacts with consumers and collects data.
Businesses can communicate with their audience, use free advertising, and monitor their social presence through eWOM suggestions and other channels.
Companies may acquire and evaluate consumer data with sophisticated SMM solutions to gain market insights and leverage the crowd.
Social media outperforms traditional advertising in marketing. It helps organisations build consumer loyalty, boost brand visibility, and save money.
Social media lets firms reach more customers and get immediate feedback. It also makes directing customers to their websites easy.
Social media is unique in its personalisation, targeting consumers’ demographics, interests, and behaviours.
This appeals to smaller or newer companies looking to make a big impact without breaking the wallet.
Word-of-mouth
Word-of-mouth marketing is unquestionably effective. It smoothly incorporates a company’s product or service into regular interactions, exceeding customer expectations.
This strategy uses buzz, viral, blog, emotional, and social media marketing to leverage customer experiences. Organic word-of-mouth is natural, but WOM marketing requires planned “seeding.”
The Word-of-Mouth Marketing Association (WOMMA) promotes ethical and effective word-of-mouth marketing via a code of ethics.
This guideline promotes socially responsible and trustworthy marketing by prioritising integrity, openness, and authenticity.
Using word-of-mouth advertising, businesses can boost profits, brand awareness, and customer loyalty.
Companies can start a conversation with purposeful techniques to achieve positive customer evaluations, proving word-of-mouth marketing is more successful and cheaper.
Until then, think, eat, sleep, and dream about branding!
