Effective marketing strategy serves as an outline guidance route for all the business firms. With the help of effective marketing techniques, an organization can develop and establish their business by promoting their business, underline and target right types of clients, and allocate their resources accordingly, as per the requirement.
It is very important to understand the role that an effective marketing plays in a business firm. Without proper marketing strategies, a business firm can fail to maintain its name in the market, it may fail to maintain proper transaction of their products, therefore, decreasing the sales of their products. Shareholder value, reputational risk and the impact of digital technology are three of the most important considerations companies must take into account while attempting to market their services to the right audience. In order to remain viable in the longer term, organizations need to recognize the sovereignty of their customers before establishing marketing strategies. One example of effective marketing can be seen through Nepalese shoes brand, Goldstar. After years of downfall, the upbringing of this shoes industry has totally been related to the amount of customer research done by the brand, and also by implementing strategies of national pride towards the customer’s beliefs.
Some effective marketing strategies that a firm can utilize are as follows,
- Expanding Service to Existing Clients:
Expanding products service and cross-selling of services is a major source of growth for the professional firm. For example, a lawyer who is preparing a client’s taxes may uncover some poor asset management and propose some estate planning. A public accountant may note some areas of performance and suggest that the client utilize the firm’s management services.
- Identifying and Cultivating High Potential Prospective Clients:
One of the major marketing strategies involve identifying eligible and attractive clients, who have potential to increase the firm’s profits, forming a base to attracting further clients in that industry, with the help of good contact and referral source.
- Favorable Awareness Programs:
A business firm should always undertake steps to increase its overall market visibility and reputation. This can be accomplished by organizing or participating in several awareness programs, as this would be the first step to assess public image. This helps in maintaining public relations and networking for effective marketing.
- Service and Market Specialization:
A business firm should always set proper goals and should survey market in such a way that it doesn’t strike out in all directions for finding possible new clients. This “total service” philosophy can be counter-productive. Therefore, efficient market specialization is required in order to maintain effective marketing within the firm.
Written by: Aayush Sharma