Understanding Internet Marketing Strategy

Author: Brad Lessard

Sales can be increased and the loyalty of clients or customers
can be gained by a business that is able to satisfy their needs
more effectively than its competitors. Therefore, at the core of
a successful marketing strategy lies the understanding of the
needs of clients or customers.

Since the business environment and the needs of customers are
dynamic, the marketing strategy requires being fine-tuned, in
accordance with the changes that have taken place since the
previous review of strategy. Along with aiding the
identification of new markets, the marketing strategy should
help to compare the company's performance against its
competitors, in addition to keeping track of the needs of
existing and prospective clients or customers.

For a marketing strategy to be successful, it has to have
certain key elements. In order to understand their needs, it is,
first of all, important to identify the segments or groups from
amongst all clients or customers that the company has, so that
the marketing effort can then be targeted separately at each of
these segments, as appropriate, in order to achieve the best
possible results.

While drawing up a strategy for marketing, it is essential to
carefully consider developments in the economic environment, as
well as in terms of the needs that the target audience is
looking to satisfy through the company's services or products. A
strategy can then be drawn up, after taking all the changes into
account and building on the strengths of the company, so that
the best possible attempt can be made at satisfying the needs.

For ensuring that the marketing strategy is realistic, it is
essential to consistently monitor the effect it has been having
upon the ground-reality and, hence, evaluate the level of
effectiveness, by looking at the consequences of its
implementation. This can, obviously, aid in the evolution of the
marketing strategy for the future. So, constant updating and
reviewing is required throughout the process of implementation
of the marketing strategy, as is the case with the services or
products of a company.

Before a business begins to formulate its marketing strategy,
however, it has to carefully evaluate its own weaknesses and
strengths, so that the effects these could have, potentially,
can be understood and accounted for, so that opportunities can
be availed of and threats can be watched out against.

This can also help to manage the weaknesses in such a way that
profitability does not suffer a negative impact and to make an
attempt at minimizing the weaknesses in the longer term. A
detailed plan can then be drafted for implementing the strategy.

Some important considerations, during the strategy's development
are:

1. The latest developments in the environment and whether these
are threats or opportunities

2. The business's own weaknesses and strengths

3. The objectives for the marketing strategy, which should be as
realistic as possible

4. The needs of the clients or customers

5. The segmentation of clients or customers, with respect to
potential for profitability

6. The most effective means for targeting the audience with
maximum potential for the business

7. The communication channels; those are likely to be most
effective

8. Customer relationship management and ways and means for
improving it

9. Modifications that may be required in services or products,
in order to maximize gains

10. The most appropriate levels of pricing

11. Modes of sale and distribution

12. Modes of promotion and advertising

13. Determining the need for and, if required, conducting trials
on a small-scale, to gauge the results that a marketing strategy
is likely to have and whether these are in agreement with those
that it is desired to have

Also, since it is far more in the interests of the business to
retain existing customers than attracting new ones, ways and
means of ensuring growth on account of the customer base that
the company already has, should be looked at carefully, before
aiming at the development of new markets.

Besides analyzing customers' needs, a company's marketing
strategy, therefore, should:

1. Concentrate on the niche in which the business enterprise is
likely to perform well

2. Lay greater emphasis on serving consumers from whom the
greater part of profit is earned, while not ignoring the others

3. Specifically spell out programs, resources to be employed,
dates for targets to be achieved, besides the actions to be
performed

4. Define the criteria for monitoring and evaluation of the
strategy and the mechanisms for course correction, as
appropriate

About the author:
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