What is Marketing Strategy
A marketing strategy is a process or model to allow a company or organization to focus limited resources on the best opportunities to increase sales and thereby achieve a sustainable competitive advantage.
definition of marketing strategy as the high-level rules that direct your marketing activities. For example, if there’s a single influencer who touches all your customers and has a significant impact on the way those customers try to solve their problem... one of your strategies may be to focus on building a strong relationship with that influential individual or company.
Your marketing strategy is the way you make sure you’re getting the maximum impact from your limited marketing budget and time.
- Start with your business goals: these are the highest-level objectives of the business, or mission statement.
- Next comes the marketing strategy: the high-level rules that will govern what marketing efforts you focus on.
- After you’ve defined your marketing strategy, you will define the marketing mix: plans for Product, Pricing, Place (Distribution), and Promotion.
- Then the final step is writing a marketing plan, which will describe the specific, detailed marketing activities that you plan on engaging in to achieve the marketing strategies and business goals.
Your first step in developing a marketing strategy that drives significant business results is to make sure you fully understand your market by doing some research: market size and growth, competitors, complementors, and customers.
Marketing strategy: objectives:
Your marketing objectives will focus on how you increase sales by getting and keeping customers.
To explain how to do this, experts talk about how best to package your products and services, how much to charge for them and how to take them to market.
A marketing strategy will help you tailor your messages and put the right mix of marketing approaches in place so that you bring your sales and marketing activities together effectively in an effective marketing plan.
Marketing strategy: knowing your customers:
A successful marketing strategy depends on understanding your customers, what they need and how you can persuade them to buy from you.
There's no substitute for knowledge. Experience and regular two-way communication will tell you a lot about your customers. But targeted market research will build a more detailed picture of customer segments with similar needs. It will help you understand how to target these people so you're not wasting time on people who aren't interested in your offer.
But you'll also need to understand how your market works - where do your customers find out about your offer, for example? Your strategy should even tell you how you measure up against the competition and what new trends to expect in your market.
Marketing strategy: making a plan:
A marketing plan explains how to put your strategy into action. It will set marketing budgets and deadlines, but it will also tell you how you're going to talk to your target customers - whether that's through advertising, networking, going to trade shows, direct marketing, and so on.
Crucially, it will tell you when to talk to your customers. Timing your activities to fit their buying cycles will save money and maximise sales.
Finally, your marketing plan should look to the future: it should outline how you follow up sales and what you're doing to develop your offer.
As with any plan, progress should be regularly measured and reviewed to see what's working and what isn't, so you can set new targets as your market changes.