Marketing strategy is the process by which a seller, through its marketing channel supports its business strategy. It is a plan of action that communicates the value proposition to create, build and maintain profitable customer relationships. Stringent adherence to a marketing strategy has a positive impact across all marketing mix elements.
Strategies are things you employ regularly to grow your business or help you reach your goals. This can include offline and online avenues. Whatever works best for you and your clients is what matters most. Here we’ll tell you about the main types of marketing strategy.
What is a marketing strategy?
A marketing strategy is a course of action used to promote and sell a company’s products or services. Businesses create these plans for reaching consumers and showcasing their product’s advantages. Understanding the needs and wants of consumers empowers a forward-thinking marketing strategy able to achieve sustainable advantage and guide a business in the direction its marketing efforts should take.
Marketing strategies consist of the business’s value proposition, key brand messaging, and data on target customer demographics. Marketing often refers to these strategies components as the four “Ps”:
- Product: A marketing strategy describes the product or service the business is offering, along with related information such as the functionality and warranty.
- Price: The business features what price they plan to use for their product and addresses wholesale and seasonal pricing, bundling and price flexibility.
- Place: Marketing strategies address the place or distribution of the product for delivery, including transportation and warehousing.
- Promotion: The business plans how to market its product, using tactics like advertising, public relations and sales promotion.
Why are marketing strategies important?
Marketing strategies allow companies to reach their target audience and grow their business. These plans allow for the visibility of a product and its benefits for customers. They streamline product development to create products with the best chances of making a profit. Businesses use marketing strategies to set clear objectives, which lead to measurable results. Marketing strategies are important in discovering areas affected by the organization’s growth and ensuring return on investment.
Tips for writing a marketing strategy
Here are some tips for writing a marketing strategy for your company:
- Reveal your uniqueness: Find what makes you different from competitors and build upon it when creating a marketing strategy.
- Know your customers: Determine who your ideal customers are and gain an understanding of what they want, need and expect from you so you can accurately target them.
- Be flexible: Formulas, like the 4Ps, may be most effective for products and not services. Skillful marketing may require adaptation in your strategy and brainstorming creative ideas.
- Research competitors: To understand the types and value of your competitors’ advertisements, examine their presence in print, broadcast, online and social media, in order to discover examples of effective and weak campaigns.
- Stick to the budget: When writing a market strategy, stay within a budget and relate how your plan creates financial growth.
Different Types of Marketing Strategies
While they all sound the same, interactive, digital, and internet marketing are each unique. But what makes them different? We often use them interchangeably, and this can confuse us. Each area of marketing requires a knowledge base for different products and different strategies.
Interactive Marketing Strategy
Interactive marketing refers to a marketing strategy that encourages active participation between the consumer and the marketing campaign. This term often refers to a fast-growing shift from one-sided customer interaction to a two-sided conversation. Interactive marketing is becoming a trend because of customers’ demand for a better online experience and improved internet technology.
Customers want a company to know who they are as individuals, not as a demographic or just a number. For instance, every time a customer logs into a company’s website, the person may want to see his or her name displayed along with product interests and communication preferences.
Interactive marketing gives customers the power to receive and give up-to-date, minute-to-minute feedback on a particular business or product. When you think about interactive marketing, a great example is Amazon. Amazon is known as the biggest trailblazer in this marketing area.
Saving Customer Serch Data
The company collects and saves information about customers’ searching and buying behavior. It also remembers customers’ names, provides suggested reading sections for book searches, suggested products based on past shopping behavior, and consistently asks for the customers’ feedback on items they have purchased.
Digital Marketing Strategy
Digital marketing is a marketing campaign that takes place using a digital platform. Digital defines the medium used to deliver the campaign. Digital marketing could easily be considered and explained as a “push/pull” marketing technique. If you’re not familiar with marketing campaigns, it’s your advertising blitz to sell your service or product.
The “push” part allows you to get in touch with consumers and inspire them to buy your service or product. There are a lot of ways to achieve the push. You can use technologies such as instant messaging, text messaging, content marketing, podcasting, mobile marketing, and email. Also, there are many marketing tools you can use like pay-per-click, search engine optimization (SEO), and even online banner advertising.
The “pull” technique occurs when consumers take the initiative to locate your business via an online search via digital marketing. For instance, they may perform a search on the internet using your name. The customers then establish a link, via your website, where they can easily contact your company or keep track of your business. For example, they may sign up for text messages, streaming video, emails, newsletters, or podcasts on your website. So, you’re pulling in, or attracting, customers.
Internet or Online Marketing
Internet or online marketing is a marketing campaign that requires an internet connection. This marketing technique allows you to reach customers, conduct research, and sell your product or services over the internet. For example, you can promote your company’s message. The definition varies according to how it’s used. A home business person may refer to this marketing as selling over the internet.
Online marketing uses the web to share messages about their product while consumers are scrolling the internet. Some companies use search engine optimization (SEO) so their website appears higher when you search for a specific topic. Other forms of online marketing include email blasts, social media advertisement videos, and blog posts.
Example: Upon opening a website, a pop-up banner appears that advertises how much money you could save if you switched to a certain insurance company.
However, if you have a website, you may refer to it as blogging—writing articles or placing banner advertisements on other websites to drive traffic to your site. It’s important to note there are many terms for internet marketing like web marketing, online marketing, and website promotion.
Email marketing sends a commercial message to a large group through email. Using an email list of targeted customers, companies distribute advertisements and company updates. Email lists grow by enticing consumers to sign up in exchange for rewards such as an e-book or free trial.
Example: A newspaper group sends a mass email to past subscribers advertising a deal to save $20 if they resubscribe now. The bottom of the email features a big button flashing “Subscribe now.”
Evangelism marketing develops a fan base to become advocates for a particular business or product. Customers believe in the product so much that they convince others to buy or use it.
Example: Sara joins a social media group for her favorite yoga pant company and attends an event selling the brand’s clothes.
Freebie marketing promotes free giveaways or the selling of products at a low cost to encourage the sale of a higher value product. Freebie marketing increases brand visibility and allows customers to try new products or services before committing.
Example: A streaming service offers a three-month free trial to explore their services and then consider purchasing a monthly subscription.
Mass marketing aims for global sales by creating messages that are relevant to a wide audience. To reach the most people, companies use mass media to spread their message.
Example: A company advertises their soap, a daily product everyone uses, that leaves you cleaner than their competitor’s product.
Niche marketing involves advertising to the needs of a specific group. By segmenting from a larger market, businesses can take a more unique approach to advertise and differentiate from other brands.
Example: A cleaning product company creates products that are eco-friendly to appeal to those who are environmentally conscious.
Relationship marketing focuses on building a relationship with existing consumers to build brand loyalty and long-term commitment. Companies use technology to store data about customers to provide more personalized advertisements and offer special deals.
Example: A mass merchandise store sends emails to customers that are members of their discount card with special deals related to past purchases.
Scarcity marketing exploits a customer’s fear of missing out on something that is trending. Companies use the panic of shortages to sell more. The scarcity method sometimes involves making products available to a select group of individuals to increase the desire of purchasing the item.
Example: A commercial tells customers, “Hurry while supplies last to get this new toy” to scare customers into thinking they need to buy now before the toy sells out, or becomes unavailable.
Seasonal marketing features products during a particular time of year. It centers marketing campaigns around significant events related to the industry. Seasonal marketing coincides with large holidays like Christmas and Easter.
Undercover marketing entices consumers to find out more by not revealing everything about the product. This marketing strategy tries to introduce products in a way that is less pushy and doesn’t appear to be an advertisement.
Word-of-mouth marketing is the sharing of information verbally from person to person. Satisfied customers will recommend them to others who are looking for similar products.
when a team loses, it is often not because of the failure of anyone player, but because the team failed to execute the plan. Strong marketing strategies are made directly from a business’s goals, objectives, and vision. They are developed with a clear understanding of the market environment. If you take this approach in producing your marketing strategy, I’m confident you will be part of those who win big and always score high goals in their implementation – plans that consistently work!