Marketing is often at the forefront when building or growing a business. The marketing function provides your business with the ability to communicate to potential and existing customers, as well as relay your business offering in an attractive and persuasive manner. As with any part of your business, developing a marketing and communication strategy is important to ensure your business’s actions align to reach the business goals.
Your marketing and communication strategy is your business’s voice to your target audience. When it comes to your branding, while the colours and aesthetics are important, it’s additionally important to determine what message you want to send your potential and existing customers. As a start, create a business vision or mission statement that can help you determine what your business stands for. Moreover, this can help you determine what differentiates your business from your competitors – your competitive advantage. It’s always useful to relay that competitive advantage in your business messaging, as it is an effective way to persuade customers to choose your business over a competitor.
Additionally, ensure your business branding is memorable. What’s the point if no one can remember your business? Whether it’s using a slogan, creating a memorable logo or bright colour palette, take the time to think about how you could make your business memorable. Additionally, when creating your brand as part of your marketing and communications strategy, ensure you create consistency across your branding. This means all channels of marketing and communication should utilise the same branding and messaging, as this improves brand integrity, which is beneficial to the way customers view your business.
When thinking about your marketing and communication strategy, you may not immediately think of costs and finance. However, this is an extremely important part of your marketing and communications strategy. Setting your budget and determining how you want to price your product/service is a necessity. Determine whether you want to utilise markup pricing, or maybe you want to enter the market using price skimming to insinuate that your product or service is high quality. Your price should additionally align with your messaging – if you’re offering a premium product or service, using penetration pricing (pricing your offering below that of competitors) can encourage the assumption that your product is not premium, and is lower quality, due to price-quality interactions often assumed by customers.
As part of your marketing and communication strategy, you should determine what channels you want to use to market your product and communicate to customers. As a start-up business, it’s worthwhile aiming to raise brand awareness. If your business’s product/service is something that appeals to a mass market, outdoor or radio advertising could be effective. However, this is quite an expensive channel to use, and may not fit as well with your marketing and communication strategy. Launching a website and utilising social media could be more cost effective and appropriate for your business.
vLinkD develops integrated solutions
vLinkD works to create integrated marketing and communications solutions for businesses and is focused on helping businesses engage customers and perform optimally. Learn more about vLinkD here.