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Ten Best Affordable Marketing Strategies

Apr 22, 2008
Affordable marketing strategies provide focus within a marketing plan. They are not specific marketing activities or tactics. Instead they guide your selection and use of tactics.

The marketing strategies listed here are affordable because you can do them with just a little planning and research.

Affordable Marketing Strategy 1 - Decide Who Is Your Target Market: You can't market to everybody so you have to decide who is most likely to buy your product or service and market directly to them. They are your target market and your most important marketing strategy.

Affordable Marketing Strategy 2 - Get To Know Your Target Market Members: Once you've selected your target market, you now need to learn how old they are, what they do for a living, how much education they have, and whether your market is specific to gender or race. These demographics then tell you how your target market members think, what they value, what they need to know, and the media they trust for information.

Affordable Marketing Strategy 3 - Determine Your Competition: Now you need to decide who your competitors are and learn as much as possible about their businesses and products.

You can record each competitor in a table column with each feature and benefit in rows below. Then put a minus for each competitor's weakness and a plus for each strength.

Affordable Marketing Strategy 4 - Distinguish Your Business or Product From Your Competitor's: Next compare your business and product to theirs. Use the table you did in strategy 3, and add your business or product to it. This will help you to see where you are strong in an area that most of your competitors are weak. This strength becomes your distinguishing characteristic.

Affordable Marketing Strategy 5 - Set Your Marketing Goal: Set a goal for your marketing that includes how you will distribute the message about your distinguishing characteristic to your target market members.

Affordable Marketing Strategy 6 - Determine Your Objectives: Now backtrack from your goal to decide the steps it will take to reach that goal. These steps become your marketing objectives.

Affordable Marketing Strategy 7 - Write Your Key Message: Write one sentence or phrase that includes your distinguishing characteristic and its benefit to your target market. If you can't express your key message in one sentence, you don't have it clear enough in your mind to incorporate it into your marketing messages.

Affordable Marketing Strategy 8 - Decide Which Media Will Reach Your Target Market: After completing your target market profile, you'll know what media your target market prefers. Create marketing messages that are appropriate for your target market members and their preferred media.

Affordable Marketing Strategy 9 - Start Taking Action: Finally, it's time to take action and implement your marketing tactics. All you did in strategies 1 - 8 pay off now by assuring the effectiveness of your marketing actions.

Keep good records of your marketing efforts. Record each tactic, what it cost you and what you made from it.

Affordable Marketing Strategy 10 - Evaluate How Well Each Tactic Worked: Using the records from strategy 9, evaluate how well each tactic performed so you can repeat the effective ones and eliminate the ineffective ones.

Each of these marketing strategies are affordable and will save you money by helping you to spend your marketing resources only on tactics that will be effective with your target market.
About the Author
Save time. Choose from 20 Complete Target Market Profiles or watch a video and learn to Create Your Own Target Market Profile.
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