Marketing is the set of activities and initiatives that a company undertakes for realizing its objectives. The ultimate goal of a marketing strategy is to select and develop those programs which help maximize or optimize the company’s resources. And if you are confused between marketing strategies and promotion strategies, don’t be. Promotion is only one of the tools of marketing generalization whereas some others are as follows:
Marketing strategies consist of plans and techniques used to increase market share. Marketers can create a comprehensive marketing strategy by developing a cohesive business plan and analyzing the environment surrounding their business.
What Is a Marketing Strategy?
A marketing strategy refers to a business’s overall game plan for reaching prospective consumers and turning them into customers of their products or services. A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements. A thorough marketing strategy covers “the four Ps” of marketing—product, price, place, and promotion.
- A marketing strategy is a business’s game plan for reaching prospective consumers and turning them into customers of their products or services.
- Marketing strategies should revolve around a company’s value proposition.
- The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over rival companies.
Understanding Marketing Strategies
A clear marketing strategy should revolve around the company’s value proposition, which communicates to consumers what the company stands for, how it operates, and why it deserves their business.https://002e7248e3a96f2a05b3890d9030d4cb.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
This provides marketing teams with a template that should inform their initiatives across all of the company’s products and services. For example, Walmart (WMT) is widely known as a discount retailer with “every day low prices,” whose business operations and marketing efforts are rooted in that idea.1
Marketing Strategies vs. Marketing Plans
The marketing strategy is outlined in the marketing plan, which is a document that details the specific types of marketing activities a company conducts and contains timetables for rolling out various marketing initiatives.
Marketing strategies should ideally have longer lifespans than individual marketing plans because they contain value propositions and other key elements of a company’s brand, which generally hold constant over the long haul. In other words, marketing strategies cover big-picture messaging, while marketing plans delineate the logistical details of specific campaigns.
Importance of having a Marketing Strategy in your business
Choosing a suitable marketing strategies for the company will bring great advantages such as:
- Increased sales
- Creating sustainable growth for the company
- Understanding what your customers want
- You will meet the needs and exceed the expectations of the customers
- You will strengthen the relationship with the target market
- You will build the brand in the consumer’s mind
How to develop an effective marketing strategy?
For an effective marketing strategy it is necessary to know your competition and know that what you offer to your clients has the added value that the competition does not have (FAB ANALYSIS- features, advantages and benefits).
After this define your target market in a demographic and psychographic way, this will help to know why they need to buy products/services from you.
There are several ways to make marketing strategies effective, so it is necessary to focus on the most important communication channels (traditional and virtual media) and to be able to carry out the strategies with a successful follow-up of the implementation of the strategies.
Establish the objectives and the process:
- Analyse the position in the market: identify the target audience, the competition and what is happening in the company. In addition, define which are the strong aspects and those that you should optimize
- Establish goals: create achievable brand and sales objectives and determine the time frame to reach them
- Design the tactics: after you examine the landscape, create the lines of action based on the strategies you know
The Best Types Of Marketing Strategies For Small Businesses
To determine the best types of marketing strategies, one first has to ask what is most necessary for their business.
A big business can afford the traditional methods of advertising, so those types of marketing strategies can sometimes work well for them.
A big business likely already knows their target audience, has built up an engaged following already, and could benefit a lot from more exposure.
Social Media Marketing
Social media marketing is one of the most popular and effective types of marketing strategies.
And it’s not hard to understand why when more than 2.8 billion people use social media platforms.
That’s approximately 37% of the world’s population!
This huge number includes people from all age groups. Even children as young as 10 years old have started to use social media regularly.
Add to that the fact that all the reputable digital marketing news sites support social media marketing.
According to WeAreSocial, SMM is almost guaranteed to improve your level of engagement and brand awareness.
But perhaps the biggest reason for the widespread adoption of SMM is its ease of use and low barrier to entry.
The value per dollar spent on SMM is also excellent.
And social media isn’t just limited to social networks like Facebook.
SEO simply refers to how you can get free and organic traffic to your website.
Basically, if you get to the top or at least page one of the SERPs, then you’ve succeeded at SEO.
PPC is one of the costlier types of marketing strategies, but the return and conversion rate is worth the cost.
Basically, you pay a fee each time one of your ads is clicked
But one of the main reasons for the widespread usage of PPC advertising is how much it’s promoted by Google, Bing, and Yahoo.
It’s easy for these reputable companies to gain the trust of business owners.
But of course, these companies are in it to make money (just like you!).
With that being said, that doesn’t mean that you can’t come out ahead with PPC!
After all, these companies want you to succeed so that you’ll keep using their advertising tools.
Email marketing is one of the types of marketing strategies that work far better than its traditional counterpart.
For one, gathering email addresses is much easier than gathering mailing addresses or phone numbers.
And two, the costs are much lower because there are no printing and postage costs with email marketing.
Sending emails is practically free by comparison!
Content marketing is different from the other types of marketing strategies.
It’s different from traditional advertisements too. And it’s also different from the humorous posts on social media.
Content marketing can influence someone’s thoughts without them even knowing it.
But it does require a lot of time, dedication, as well as some skill in writing.
Marketing is the plan of action taken by a business to promote itself and gain customers in the easiest, fastest and most effective way. Much like your business, it can be thought of in its components; The brand, the customer, the market place and plans for growth.