Hello! I am glad to see you again.
You’re watching the second video about marketing basics for startups.
It’s about marketing strategy and marketing plan.
Marketing strategy helps you to focus and see the way that apply your limited marketing budget more effectively.
In marketing strategy, you tell how you will position yourself, your products and services.
Strategy explains target markets, customer needs, your product, pricing, marketing activities and promotion.
Marketing objectives must be specified in marketing strategy as well.
It can be increase in sales, growth of market share or successful product launch.
You also should specify period of time for your strategy.
Marketing plan is essential when you want to put your strategy into action.
It will describe your tactics.
It will tell how you’re going to reach your target customers – via advertising, social media, direct marketing, trade shows, seminars and so on.
You can base your plan on AOSTC model which is acronym for Analysis, Objectives, Strategies, Tactics and Control.
So, let's look closer at AOSTC model.
Step 1.
Analysis.
You should consider the following things: Current market situation Try to find information about your current and future competitors.
Competitor analysis is the next thing to consider after you collected all data.
You should analyze competition itself and situation in the market.
Product or service analysis.
On this stage consider your product and analyze your USP that is Unique Selling Proposition.
It defines how you will position your product and why it is unique.
Target Market.
At this step you will have to define who are your customers – whether they are elderly people or teenagers, creative people or engineers.
Step 2.
Objectives.
Set SMART marketing goals.
It means that they should be specific, measurable, achievable, realistic and timed.
So, it’s a SMART model.
For example, by February, 2016 increase sales of product B by 15%.
Step 3.
Strategies.
It tells which approach you will implement to achieve your SMART goals.
You should define and focus on your target segment.
Then decide how you will position a product or a service or a whole company within your target segment.
Step 4.
Tactics (it’s actually your marketing plan).
Define your marketing mix using 4Ps model and consider Product, Place, Price and Promotion.
I described it in the first video.
Step 5.
Marketing control.
Control is essential part in your planning.
Marketing plan’s measures I will describe in detail a bit later.
Anyway remember to consider start-up expenses, monthly budget, sales figures and market data.
Thank you for watching! I wish you good luck!.
Source: Youtube
