Marketing strategy is an important aspect to ensure the development of your business in the midst of today’s market competition. You must build a good marketing strategy which is then converted into daily implementation such that you can easily climb up the ladder of success.
Some strategies deal with practical business operations such as pricing, promotion and distribution.
The first operational marketing strategy you must learn has to do with determining the price. This is exactly about how much you want your clients to pay you. Pricing strategy is strongly affected by the sum of your net income as well as a long time goal you want to reach in the future.
The right pricing contributes in the success of the marketing strategy you are conducting. That is why you need to carefully select the pricing technique. For instance, if you offer a product which is sought after too many people, you can go for a very high price and get a lot of money from that. This will be a good pricing technique you can apply and hence will be a grand marketing strategy for you.
Once your product is released, you will have to let market knows about it. That creates the urge of promoting. Hence, promotion becomes the second marketing strategy you must follow.
There are two techniques of promotion strategies which are ready to guide you, namely, push and pull strategies. The first marketing strategy (“push”) requires you to employ the existing business channels to endorse product sales. And since they do most of the job, there is a little need of advertising from your side. However, you must pay a certain amount of incentives to those channels. The opposite happens when you use the second technique where the use of channels is minimized.
After the price is set and promotion made happened, you must consider how to hand the product to customers. Distribution is then the third operational marketing strategy to be acted upon.
There are methods of distribution you will have to choose, such as direct sales, wholesale sales, and full service retails. Select one which suits you the most. If you are likely to meet the customers on your own, and that you feel it is the most efficient, you will have to go for direct sales method.
When you are going to conduct any operational marketing strategy, you must mull over the benefits and consequences. In case the risks seem to be greater if you manage to proceed a certain approach, then that marketing strategy must be re-assessed.