Do you want to make your business popular and even want your products or services to reach every corner? Then marketing strategy is the best option that you are looking for. Marketing strategy is a plan that is specially formulated for achieving the marketing objectives of the organization. It helps the organization to use scarce resources in the best possible manner.
It is a method developed to recall the value of your products and services in the mind of existing customers and to make your potential customers aware of your business. It is a long term objective of the business. It aims to build brand image and improve sales and profit of the business.
The advantages of marketing strategies are as follows:-
- Provides you with an edge over your competitors.
- Based on the market research you can fix the optimal price of your goods and services.
- Improves departmental coordination.
- It ensures optimum utilization of resources.
- A powerful marketing strategy would help your business to gain remarkable pat in the targeted market.
- Marketing strategies are an integral part for attracting a new bunch of customers towards your business.
- It helps to keep a check that your budget does not go haywire by overspending on promotional activities.
- You can come up with unique and out of box ideas for your business to be distinctive from your competitors.
- Helps to improve market share.
- It simplifies the daily execution of your task.
There are various types of marketing strategies. You can select from as per the need of your business. But before choosing any of the strategies do ponder about the following points:-
- Choosing the audience to target:- You need to consider which type of audience you want to target, as according to your traffic marketing strategies can be set up.
- Determining your marketing goal:- To select the most effective marketing strategy you should first determine the purpose of marketing that is either for creating brand awareness, boosting sales or improving lead generation.
- Know your budget:- You need to create a budget for your business then only you can select the right marketing strategy which is within the reach of your pocket. As you have growth you can make changes to your strategy.
- Select wisely:- It is true that you can even apply more than one marketing strategy but it would be a loss if the expenditure that you incur on these strategies are much higher than the revenue you are earning. Thus choose these strategies wisely to avoid adverse effects.
There are various types of marketing strategies that you can choose from for your business:-
In this form of marketing strategy, you have to pay to showcase your business. It is also known as digital marketing. Companies target customers based on their interest. It provides faster results and even more granular targeting capabilities. The benefits of paid marketing are as follows:-
- Helps to build brand awareness.
- Improves customer engagement.
- You can target a specific segment.
Cause marketing is preferred by business owners who want to increase their profit and even want to do something for society by means of corporate social responsibility. For instance, the advertisement of the business may contain some social message just as Procter and Gamble advertise that one rupee would be donated for each purchase of the product one makes for the education of children. The tagline for the ads is “Padhega India tabhi to badhega India.” This strategy is like a mutual benefit both for society and business owners.
This type of strategy mainly focuses on building better relationships with both existing as well as potential customers. It aims to enhance customer loyalty and to have long-term customer engagement. If your company has strong relationship marketing you can easily convert many into loyal customers.
The major advantages of relationship marketing as are under:-
- Increased return on investment.
- Improve customer retention.
- By building a relationship with your customers you can get feedback from them and by working on them you can serve your customers in a better way.
Word of mouth
This is the most effective and important marketing strategy. When your customers are well satisfied with the service and products that you offer they would surely promote you. It is a form of advertisement triggered by your loyal customer’s experience. On your part, you can encourage your customers by giving them a good reason to talk about you. According to a survey, 92% of the people around the globe trust upon the recommendation made by their near and dear ones.
It is a marketing strategy of promoting your business and its products or services over the internet to increase traffic, sales, leads and thereby improving the overall revenue of your business. It is also known as cloud marketing.
Who does not love free gifts? By offering low-value products as free gifts, you can surely attract many customers. Getting something additional without any extra cost improves the satisfaction level of the customers. This type of marketing strategy psychologically influences buyers.
In this type of marketing, marketers have a chance to capture the whole market segment as competition is low and the market size also decreases. To become the leader owners targets defined demographic, psychographic and geographic market segments.
Looking for the best marketing strategies for your restaurant business? Here are the tops strategies that would surely attract growling stomachs toward your restaurant and make your business touch the sky:-
To draw the hungry eyes toward your business add drool-inducing pictures on your social media account. This is one of the best way to promote your business as these days visual contents are in great demand
Partnering with food apps
As the marketing strategy you should put your business on food apps say on Zomato or Swiggy as it improves customer loyalty and you would advent better sales also.
Special occasion discount
You can offer a coupon or discount for a special occasion it may be Christmas, new year, Diwali or any other occasion as many like to have a dine out on such occasions, and if you are offering special discounts your customers would surely prefer you over your competitors.
To pursue your customers to order your new dishes on the menu you can offer them a free dish maybe in less quantity so that after tasting they can order for it, as many are afraid of trying something new. This strategy would not only improve your sales but also enhance customer satisfaction.
After filling a simple and short form containing the personal details of the customer that is the name, contact number, email address etc they can drop the form into the bowl for a lucky draw, offering a reward to the winner. The reward could be a free meal for them and their partner, free desserts or anything else that you like. You can make use of other forms by sending them an email or contacting them and making them aware of your new offers, dishes etc.
An awesome online menu
Menu is the most looked thing on the website. It should be easy to read and attract your customers towards them, to make a reservation or order online. Do remember to add your menu on the home page.
Respond to online reviews
Online reviews can act as an opportunity or threat to your business. There would be a negative impact on your business if you got a negative review. You should know the art of tackling a negative review in a positive manner to change the goal around you. It is essential to reply to online reviews, especially on the negative ones.
Bring the contest on
An excellent way to spread the words about your restaurant is by offering some contests. The participants would surely post the picture on their social media account. The people following them can also get to know about you. Imagine how much massively you can promote yourself with this marketing strategy.
If you want to accomplish the goals of your business it is vital to understand the intricacy and importance of marketing strategy. They have made a piece of cake to promote your product or services and create a market standing for your restaurant.
Read our blog on, “8 common ways Small Businesses waste money on Marketing”.
By Vanshika Tandon