Marketing strategy development is defined as the process of identification, selection, adoption and implementation of an appropriate marketing strategy. A Marketing Strategy Development covers different stages of developing a sustainable competitive advantage, thus providing direction to marketers. This can be achieved by studying customer needs, identifying their characteristics i.e. their wants, needs and demands through deep analysis of companies’ environment
Marketing strategy development is all about making a successful business. Without having any marketing strategy, no business can make its presence in the market place. Many managers think that marketing strategy entails using one or more tactics to increase sales. This is not true, as an effective marketing strategy must include many other factors that are explained below.
Streamlines Product Development
A marketing strategy helps you create products and services with the best chances for making a profit. This is because marketing strategy starts with marketplace research, taking into consideration your optimal target customer, what your competition is doing and what trends might be on the horizon. Using this information, you determine the benefit customers and clients want, what they’re willing to pay and how you can differentiate your product or service from the competition.
Helps Determine Optimal Prices
Part of a marketing strategy is setting the right price for your product or service based on what you learned in your market research. If you learned that customers want a high-end product in your category, your pricing strategy might require you to sell at prices that create a high-end perceived value. If your target customer is bargain conscious and is willing to accept fewer bells and whistles on your product in exchange for paying less, your pricing strategy will require you to sell at or below the competition’s price.
Establishes Effective Distribution
Once you know what product features you’ll offer, who your target customer is and what your price points will be, you can select where you want to sell to maximize your marketing effectiveness. Younger customers will be more likely to shop using a smartphone or on a website, paying with PayPal or a credit card. Older customers might prefer to shop at retail outlets. If your market research shows you need to be in retail stores but you don’t have a sales force, you can use a wholesaler or distributor.
Keeps Everything Timely
Following the train of thought with keeping everyone on the same page, you also want to keep everyone on the same timeline.
And you must create a timeline in order for this to work.
The importance of a marketing strategy is highlighted by the timeliness of its plans. As we all know, timing is critical when it comes to business.
But before you can create a timely marketing strategy, you have to fully commit to digital marketing.
You must accept that it will require consistent and constant attention.
If you think that don’t have the time or patience, then hiring a digital marketing agency is always an option.
Consistent and constant attention implies the following:
- Being responsive to questions and messages.
- Being responsive to likes and tweets.
- Putting yourself out there with your own likes and tweets. In other words, being social on social media!
- Always responding to feedback, whether good or bad.
- Responding in a professional manner.
You must also be adaptable enough to keep up or catch up with the newest trends.
See how the top companies do this? They keep up with the newest methods to increase or maintain their target audience.
When you’re committed to staying adaptable, then you’ll be all set on the path to optimization.
And with the right marketing strategy you’ll get the basics right.
Then you can continue to improve upon the key aspects of your digital marketing strategy. For example, search marketing, social media marketing, etc.
Now, to tie all this together, it’s of course essential to write down dates/deadlines and your objectives.
It’s best to do this on a marketing calendar.
It will detail your timelines to achieve your objectives. You should check this calendar on a weekly basis at least.
There are many different marketing calendar templates that you can find for free via Google search.
For example, here’s an annual marketing calendar template.
There are also weekly ones, monthly ones, calendars for social media marketing, content marketing calendar, you name it.
Your list of tasks should address these 3 key aspects:
- Leadership roles for producers and reviewers in your objectives
- Basic details of the campaign:A working title, main elements, target demographics, etc (you can flesh out the rest of the details during the planning stage of the campaign)
- What are the key dates: for example, conference dates, when campaigns are launched, etc.
Finally, you’ll want to integrate real-world events that relate to your business into your marketing strategy.
For example, you could run a promotion off of Valentine’s Day or National Donut Day.
Even though Edible Arrangements doesn’t sell donuts, they capitalized on National Donut Day…
…by offering cored out granny smith apple slices dipped in chocolate.
Whatever you choose to do, make sure it’s right for what your business offers to your target customer.
You can play off of the popularity of the holiday, or against it – use your imagination!
Attract a new set of customers
The management and the marketing department of the firm need to understand the Importance of Marketing Strategy if they want to attract the new set of customers from the same operational market plus from the untapped markets as well.
The promotional tools and techniques that are an integral part of the marketing strategy are planned and selected considering the taste, lifestyle, income levels, and other such parameters of the targeted customers that works as a pull factor for them and helps the sales department to convert the fence sitters to quality prospects and to the customers of the brand.
Plan the nature of products and services
Market research and study is a significant part of marketing strategy and this aspect helps management of the company to plan the features, and unique selling propositions of the products and services that are in pipeline or are in the launch planning phase.
There are thorough research and study on the current market scenarios, what do the competitors offer, government policies, the factor of profitability, and other such changing dynamics that can affect the sales and operations of the products and services. Hence, it is crucial for the company and its promoters to pay due attention to the Importance of Marketing Strategy.
The whole process of managing your business operations will be more effective if you have a proper marketing strategy for it. This is because, in fact, marketing strategy helps you to achieve the operational plans smoothly. Your marketing strategy is the foundation of every step of your operations. It plays major role in deciding the direction of your operations and performance.