Having a solid marketing strategy in place is vital to the success of any business. Without a marketing strategy, you lack focus. Without focus, you will, quite simply, fail to reach any of the goals and objectives you have set.
Marketing is a dynamic and ever-changing field. The top digital marketing strategies alter with the customer and also technology trends of the day.
That indicates that while many of us aspire to launch our marketing initiatives the minute we decide to start a business, we really need to invest in planning.
If you want to get the most out of your marketing budget, you must invest in a plan before diving into anything. This will allow for smarter allocation and help ensure success once they’re underway!
“ If you fail to plan, you are planning to fail.” – Benjamin Franklin
What is Strategic Marketing?
Several different meanings often get used to this relatively straightforward term, so it’d be best to delineate precisely how this guide specifies the idea.
Marketing strategy explains exactly how businesses and organizations understand their markets and their methods for influencing profitable client action.
That seems concise enough, right? To put it simply and also for maintaining things straightforward, this is all about:
- Recognizing who buys your products or services.
- Comprehending how you’ll inspire them to take action.
- Comprehending your competitors that are attempting to do the same thing.
- Understanding exactly how you’ll determine marketing tasks and also improve your strategy moving on.
This rephrases the 4 P’s of marketing: Product, Price, Place, and Promotion. According to MBA Skool, these principles collectively assemble the “product mix,” which is a “crucial tool in determining a product’s offering to the consumer.” As online marketers, everything we do begin with recognizing this principle.
Related Article: The 5 P’s of Marketing
The Difference Between Marketing Strategy and Marketing Tactics
A marketing strategy is a plan for getting to a specific marketing-related goal (or goals) in a focused and attainable way. It considers what your business is presently succeeding and what you’re missing regarding your set’s objective, so you’re most likely to achieve it.
Marketing tactics are the execution of your strategy, not the strategy itself. Therefore, to achieve a goal, you must focus on each detail with precision and accuracy to work together in perfect harmony for maximum effect.
Why a Marketing Strategy is Necessary for Every Business
Every business needs a marketing strategy. It is the backbone of any successful business. Without a well-thought-out marketing strategy, your company will not be able to reach its potential as a profitable and sustainable investment.
Marketing strategies are necessary for every business because they help businesses set their priorities to allocate their resources efficiently.
To create a holistic marketing strategy, every company needs to identify its unique selling point. Additionally, a company must know how they want to market themselves and what kind of message they want to get out with their marketing. Finally, it’s also important to know when and where they want consumers to receive those messages.
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” – Peter F. Drucker
Related: Marketing Myopia
Steps to Create a Solid Marketing Strategy
A strong marketing strategy is crucial for a company’s success or failure; without one, you can’t guarantee that your products will be able to compete in today’s marketplace.
A marketing strategy is a set of actions that are designed to achieve a specific objective. It consists of a plan for each step, and it should be well-structured. A solid marketing strategy can be defined as a written plan that identifies all the opportunities, obstacles, risks, and best practices. In addition, it should have a comprehensive plan for each stage of your growth.
A marketing strategy should be created before any business action is taken. The steps required to create a solid strategy are:
1. Conduct market analysis to understand customer problems and existing competition
The importance of conducting a proper market analysis cannot be overemphasized. It is the key to understanding your customer’s needs and creating solutions that will keep them coming back for more while also remaining one step ahead of any competition to maintain an advantage over the long term.
We need to understand the customer’s behavior to make effective marketing decisions. This means that we need to understand consumer psychology and all the various factors influencing their buying behavior. This will allow us to dictate a specific message at minimum cost while also ensuring that our product meets market demand.
2. Define target audience, customer segments, and ideal buyer persona
Who are you trying to sell your product or service to? What type of people do you want as customers and clients? Do they have similar lifestyles, interests, values…etc? Can their needs be met with what is being offered by the company? If so, then it’s time for some marketing campaigns!
Now that we know who our target audience is (or at least a general idea), let’s go over creating an ideal buyer persona ( a ‘type of customer’ – is the ideal buyer profile, which the company does not want to overlook).
A buyer persona is a fictional character that represents the audience you’re targeting, what they want, and how to present your product to them.
A buyer persona is made up of some key information:
- Age group
- Education level (a range from high school diploma to PhD.)
- Income level (a range from $0-$50k, $50k-$100k, and over $100k)
This will help us understand why someone might make certain purchases based on work-related factors outside of just preference/need considerations.
3. Write SMART goals for better accountability and performance management
To improve performance management, SMART goals must be created. Achieving goals is easier when you write them down and clarify your expectations.
SMART stands for Specific, Measurable, Achievable (that requires effort), Realistic (feasible), and Time-based. When setting a goal, it’s important to be specific so that the success criteria can be clearly defined; this makes achieving the goal more likely since there are no surprises or unclear benchmarks.
Creating specific goals will allow your employees more room for success as well as accountability if they should fail in any way along the line with their work; having measurable objectives means there’s no guessing involved-it’ll be clear whether or not progress has been made because we can measure how close they’re getting based off results which then leads us into actionable strategies so that we aren’t left with any doubt about what needs doing next.
This gives room for strategic decisions to be taken without hesitation and finally giving a time amount on when these actions need to be done.
4. Analyze your tactics to come up with creative campaign ideas& strategies
Analyzing your tactics to find new and creative ideas is essential in marketing. However difficult it may seem, this process can be simplified by thinking about the following questions: are there any unexploited opportunities? What have competitors done so far? Are you fully utilizing social media as an outlet for promotion? Have we exhausted all possible angles on this topic yet, or could fresh perspectives bring out new aspects of our message that might not otherwise come into play without careful deliberation?
Considering how people will react when they see a promotional campaign gives insight into what audience one would want to engage with. Creative campaigns do more than sell products; they also shape culture, which makes them priceless investments!
5. Set your marketing campaign budget according to your business requirements
Your marketing campaign budget should be set according to your business requirements. For example, if you are a small-time company without much of an advertising plan established yet, then investing in low-cost strategies like Facebook and Twitter ads may work for you.
On the other hand, if you’re looking at increasing revenue exponentially over time with high customer retention rates (which is common among larger companies), it might make sense to invest more heavily into long term projects such as television commercials or billboards that can last months or even years before refreshing them again. The point here is this: know what’s best for your situation!
The amount of money you’re willing to spend on your marketing campaign is directly related to the success it will achieve. To increase demand for a product, make sure that advertisement campaigns are engaging and intriguing enough– so potential customers get hooked!
What Does a Marketing Strategy Look Like?
In a world of increasing competition and the need to boost sales, growth, and the bottom line, marketers need to get their message across. They need a strategy that helps them reach their goals.
We should not consider marketing strategy as a black box or hidden behind all technical jargon or hard-to-understand concepts. Instead, we must look at the larger perspective of what helps companies succeed and tailor these strategies to work with each company’s needs if they want an edge over competitors and have sustainable growth every year.
A marketing strategy should not just be an idea, a concept, or an algorithm, but it has to have:
> The Precise Meaning of Target Prospects
Define your audience. An important marketing plan identifies the people and also organizations that you are selling your products. However, it’s not just defining your target market; to be effective, you should establish these groups of people, examine their desires and needs, and establish genuine approaches to exactly how and why they should work with you.
A growing term utilized in the digital marketing arena is personas – this is an in-depth, personalized description of the individual you require to reach and influence to sell your product and services.
Does your marketing strategy consist of a well-defined list of the markets, businesses, and personas of the people within those companies or organizations you will be selling to?
> A Clarity of Message to Create Brand Awareness
Clear and concise messaging is critical for brands to stay relevant in the modern-day. Whether your identity or products, it’s important that you know who you are as a company from both an internal perspective but also from how people perceive your brand externally. Clear clarity of message can help solidify this perception by presenting logos with clear values representing what they stand for so everyone knows where they’re coming from.
Many companies struggle when balancing their public image through branding while maintaining authenticity internally because there are two different audiences at play: those outside looking into them versus those within working hard every day on improving themselves and meeting customer expectations.
It sounds like a lot of work to create an effective brand, but you’ll be amazed at the results when you’re successful.
Your message needs clarity, and it also matters immensely how well your company is positioned concerning its competitors. Does your brand communicate who you are as a business? Are there any aspects that need more attention or improvement so people don’t get confused about what sets one product apart?
> Multifaceted Marketing Strategies
As the industry is constantly changing, a multifaceted marketing strategy has become an important part of staying ahead of the competition.
To succeed in today’s business environment, companies need to adapt their strategies accordingly. A good example is a company with a single-sided focus on social media that abruptly changes its strategy when a competitor outpaces them.
A great marketing strategy increases the number of individuals in your target audience, that know who you are, why you are suitable for their needs, and why you are the preferred provider. A solid marketing strategy will include a range of marketing channels.
Each channel is straightened and works in concert with the various other media to have exposure at every phase of the buying procedure. It could likewise be worth noting that 8 of the top 10 marketing channels are digital. Are you using a range of marketing channels to reach your markets? Of the channels you are making use of, just how many are digital?
> Clearly Defined Goals and also Measurements
Although it is impossible to track your marketing efforts’ exact impact, monitoring is crucial for effective marketing. From a business point of view, tracking can help you justify your financial investments in marketing. While this is useful, there is a more critical factor in effectively tracking the impact of your marketing initiatives and using today’s web analytics and tracking technologies. Tracking intelligent use analytics will certainly help you understand your marketing financial investment to boost your marketing to get a competitive advantage.
A related but different element of good tracking is the definition of your goals. Just stating your desire to improve leads is not a “well-defined” goal. It is a general statement. Boosting the number of “A” high-quality leads (where you have specified the features of A, B & C leads) by 20% is an extra specific goal and will certainly help offer more focus. Stating you need to increase leads for a particular product or a specific market is another example of a defined goal that can help you concentrate on your marketing efforts and justify that investment after the fact.
But goals should surpass just the dimension of leads. Many other information factors can be considered to indicate whether your marketing is moving things in the appropriate direction. For example, web analytics can inform you if more leads engage with your brand and/or higher exposure for particular services or products.
There is one fundamental consideration with all of these. Ask yourself the question: do you have details marketing goals that are linked to specific business objectives? More clearly, you can define goals associated with precise organization objectives. Thus, the less complicated it will be to justify your investment and the more precise roadway map you will have to create your marketing strategies.
Related: 10 Marketing Goals 2021
> Integrated Sales as well as Marketing Efforts
A much more extensive section of the buying-decision-making process occurs before that potential new customer ever engages with a salesperson in today’s world. Thus, marketing and sales efforts must be tightly integrated.
Marketing’s work is to identify target consumers and provide them the pre-sale info to lead them to your business. Using marketing automation, you can now work with sales revealing to them where to spend their time close even more deals faster.
Related Article: Sales Strategies to Help You Grow
7. Good Examples of Different Types of Marketing Strategies
We can get more granular and use marketing strategies for different platforms and channels if we’d like. Below are some examples of various areas where you could apply strategies to various methods of reaching customers:
- Social Media Marketing Strategy: This may incorporate both organic and also paid social strategies throughout platforms.
- Inbound Marketing Strategy: This includes strategies that pull clients in– instead of using disruptive tactics, such as conventional advertising and marketing
- Content Marketing Strategy: Closely related to inbound marketing yet even more particularly concentrated on developing content that pulls audiences in.
- Email Marketing Strategy: Email marketing can quickly end up being complex. Having a plan is crucial.
- Marketing Communications Strategy: A strategy focused mainly on your brand messaging.
- Digital Marketing Strategy: Could include all digital marketing (e.g., PPC, SEO, paid and organic social networks, email– all things digital).
- Search Engine Optimization Strategy (SEO): Organic search is among the most vital traffic drivers for any website.
Regardless of which kind of strategy you plan and perform, they all adhere to the very same basic concepts:
- Who are you trying to reach? These are your target consumers or audiences you require to buy a product, give away, convince to support a suggestion, or take another action that sustains your objectives.
- Where will you try to reach them? These networks and also channel-specific strategies highlight this area.
- Exactly how will you influence them to take action and also purchase from you? Again, your branding, channels, and also strategies come into play here.
- Which means will you measure success? If you can not measure it, then it didn’t happen. So you have to confirm your strategy drives results.
5 Examples of Successful Marketing Strategies
1. Spotify: New User Experience
Today, Spotify is one of the best-known worldwide companies; but how did this Swedish brand name conquer the world?
There are many streaming music services, yet what makes Spotify one-of-a-kind concentrates on uncovering brand-new content. Spotify breaks the mold of typical song streaming platforms and offers listeners an entirely new user experience.
Spotify allows users to pick songs based on their state of mind to enhance the regular filter by category. Whether you intend to exercise, rest, and even require some tracks to sing in the shower! This helps users uncover tracks that would never occur to them and, in turn, strengthen their relationship with the brand. Spotify uses artificial intelligence to curate playlists based upon their user´s actions, like Release Radar and Discover Weekly.
GoPro cameras are a favorite amongst adventures, adrenaline addicts, and athletes because they manage to record content nearly impossible to register utilizing typical cameras. Additionally, because of the nature of its product, GoPro can create great content.
One of their best marketing strategies is making it very easy for their customers to share branded user-generated content. For instance, GoPro’s editing and enhancing programs create video clips with easily well-known start and end frames that include GoPro’s logo and branding. GoPro then shares these videos on social networks, which inspires users to create and publish their videos.
3. Sephora: Loyalty Programs That Works
The cosmetics brand Sephora has a well-designed and also very effective loyalty program. Their “Beauty Insider” program splits customers right into three levels according to their level of yearly spending: Beauty Insider (no minimum prices), VIB (minimum investment of $350), as well as VIB Rouge (minimum spend of $1000).
Naturally, the greatest level rewards are exceptionally preferable, so it is highly effective for incentivizing their consumers.
In addition, VIB and VIB Rouge members obtain high quality, added price cuts to Beauty Insider and non-members, even incentivizing their consumers.
4. Nike: Promote Your Values
Few brands are as recognizable as Nike and its “Simply do it” slogan. This brand has focused its marketing on promoting brand values such as overcoming adversity or innovation from the start.
To communicate this lifestyle to its target market, Nike relies greatly on storytelling with ads that inform motivating stories and provoke users’ positive feelings. Brand values are not just present in your marketing but in everything they do.
5. Red Bull: Challenge Limitations
Red Bull is a brand that inspires its audience to challenge their limitations, using never-done-before marketing campaigns. Perhaps among their most famous sponsorships is Felix Baumgartner’s jump from the stratosphere. But, that’s just the tip of the iceberg regarding their years of sponsorship of risky professional athletes.
Related Article: Best Marketing Tactics for 2021
We hope this blog post has helped you learn how marketing strategies have changed over the years. Marketing today is all about delivering real value, and if your business can do that effectively, people will be eager to work with you in the future.
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FAQ about Marketing Strategy
How can a swot analysis help develop a marketing strategy?
A swot analysis is a strategic planning technique that can help you develop and implement an effective marketing strategy. It helps identify the strengths, weaknesses, opportunities, and threats of your company or product to determine how best to move forward with development projects such as new products or market expansions.
What is digital marketing strategy?
Digital marketing strategy involves creating and implementing a digital media plan that aligns with an organization’s goals to achieve its business objectives. Digital marketers have been tasked with optimizing websites and using new web channels such as social networks like Twitter or Facebook for customer service, creating content on YouTube videos, blogs, and RSS feeds. The evolution of technology has led these professionals into many roles where they are expected to be proficient at more than one skill, including writing copy for SEO optimization purposes; understanding how Google Adwords work (and choosing which ones best fit your budget); developing landing pages designed specifically for mobile devices; analyzing data trends by tracking engagement metrics across multiple platforms, etc.…
Why is marketing research important to the development of a marketing strategy?
Marketing research is important to developing a marketing strategy because it provides information about how consumers currently feel and what they want from your product. In addition, this research can help you understand why there are some differences in perceptions among different groups such as gender or age that could be used for developing new products or campaigns which might appeal more specifically to these specific demographics.
Which is usually the first step in the marketing strategy
When it comes to marketing, there is no shortage of tactics. One way marketers can reach their audience and achieve the desired outcome for a campaign is by first understanding who they want to target with the advertisement or business venture.
Marketers must make sure what type of people and where these potential customers reside to best suit their needs for this process (marketing strategy) to work effectively.
What is content marketing strategy?
Content marketing strategy is a process that starts from a clear business objective and builds content pieces that resonate with the customer.
This strategy should focus on content creation, distribution, and promotion. Businesses should create valuable content that is easily shareable across various platforms like social media sites, blogs, podcasts, video channels, etc. By doing this, they can establish their reputation in the market by creating high perceived value.