The Telecoms industry is highly competitive. Today’s rapid digitalization has not helped the situation, with customers expecting even more attention and they are ready to express loyalty to more responsive brands. However, no matter how tough the competition may be, a strategy is what will differentiate between a successful and unsuccessful company.
Richard Alden’s success story building Spanish Telecoms Company ONO from scratch is proof that it can be done. The investor and CEO managed to pick the company from the bottom when it had no customers and turned it into a firm worth billions of Euros during his 10-year tenure. The success of any company is in the value of its market share, which is a result of successful marketing strategies. To craft an excellent marketing strategy, you have to begin by identifying your target market and stating concise marketing objectives.
An example of a weakness is that you may not be offering anything new to the market, which means you have to be creative and come up with something to entice the market. After all the above steps are set, you can then begin to draft your marketing strategy. It should include four elements which are the product, price, place, and promotion.
It not only builds friendliness with potential customers, it also increases your brand’s credibility.
Few customers will attempt to crack their heads trying to understand your product.
Not all customers can buy all the different products. You need to do your homework and find out what segment of the market is interested in which product. Such steps can help shorten the marketing cycle which reduces costs.
After marketing, you should go back and evaluate how you have performed vis a vis your set objectives. This is the time to also plan for follow-up activities and better ways to overcome the marketing challenges that you encountered.