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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 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 more intelligent allocation and help ensure success once they’re underway!
“ If you fail to plan, you are planning to fail.” – Benjamin Franklin
Related Article: 10 Marketing Goals 2021 – It Looks Good On You
What is Strategic Marketing?
Strategic marketing is carrying out marketing activities with a specific goal in mind. This could be anything from increasing market share to growing revenue or developing a new product. Whatever the goal may be, it needs to be aligned with the overall business strategy to create a cohesive and effective marketing plan.
Businesses carry out strategic marketing with a clear, documented marketing strategy, which guides all activities. It is long-term in its nature and is the bedrock upon which all marketing decisions are made.
A good marketing strategy will be long-term and provide the foundation for all future marketing decisions. However, it should also be tailored to meet the unique needs of your business and take into account factors such as your target audience, competitive landscape, and available resources.
If you’re looking to implement a successful strategic marketing plan for your business, then make sure you include achievable and measurable objectives. This will help ensure that you can track and assess your progress.
What are 3 Generic Strategies, according to Porter?
So, what are Porter’s Generic Strategies?
Michael Porter came up with three different strategies that a company can use to achieve competitive advantage: cost leadership, differentiation, and focus. Let’s take a look at each of these in turn.
1. Cost Leadership
The first strategy is cost leadership. This is all about offering the lowest prices to attract customers. To succeed using the cost leadership strategy, a company has to make things as cheaply as possible and offer those products or services at great value for money.
Cost-leadership strategies tend not to focus on differentiation (more about that later). Instead, they use low prices as their main selling point. So, if you’re looking for a bargain, this is your strategy.
The second strategy is differentiation. This is all about offering something unique and different from your competitors. It could be a better product, a more personal service, or even another marketing message.
Differentiation can be tough to achieve – it’s not easy to be different from everyone else in a competitive market. But if you can do it, you’ll find that customers are happy to pay more for your product or service.
The third and final strategy is the focus or market segmentation. This is all about concentrating on a specific market segment and targeting it with a tailored offer. By doing this, you’ll be able to focus your efforts and resources on doing one thing well.
Focus strategies are perfect for niche markets, as they allow a business to target its message accurately and deliver it effectively. This can also help with differentiation – if you’re looking at a small market section, there’s plenty of scope for tailoring your offer to make it stand out.
So, those are Porter’s Three Generic Strategies. Hopefully, this gives you a good idea of how your business can achieve a competitive advantage. Of course, there’s no one-size-fits-all answer – you need to think about what’s best for your company and its customers. But now you have a solid foundation to work from.
What Exactly is Included in A Strategic Marketing Plan?
A strategic marketing plan will typically include an analysis of your current market situation, including an evaluation of your competition, followed by a SWOT analysis to help you understand where your business sits in the market.
You will then look at your desired future market position and build a plan to get there. This will include setting objectives and key results, which are measurable goals that need to be achieved for the strategy to succeed.
Once all of this is in place, you can start putting together your tactical plans to detail how each activity will help you achieve your strategic objectives. This might include developing a new product or service, increasing brand awareness, or launching a marketing campaign.
Marketing strategy explains how businesses and organizations understand their markets and their methods for influencing profitable client action. That seems concise enough, right? But, to put it simply and also for maintaining things straightforward, this is all about:
- Recognize 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.
- Finally, understand exactly how you’ll determine marketing tasks and 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 begins 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) focused and attainable. It considers what your business is 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, you must focus on each detail with precision and accuracy to work together in perfect harmony for maximum effect to achieve a goal.
Implementing any marketing strategy will require applying several sorts of tactics. For a complete checklist of marketing tactics, look into the 13 best marketing tactics.
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 companies 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 message they want to get out with their marketing. Finally, it’s also essential to know when and where consumers want 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 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 identifying 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 develop a solid strategy are:
Step One: Define Your Goals
The first step in creating a marketing strategy is defining your goals. What do you want to achieve with your marketing efforts? For example, are you looking to increase brand awareness, boost sales, or attract new customers? Once you have defined your goals, you can begin developing strategies that will help you meet them.
Step Two. Conduct Market Analysis
What are the problems customers are facing? What other options do they have for solving these issues? What value proposition differentiates you from the competition? Make sure it’s clear.
Take a look at their online reviews. What did people complain about in regards to competitors’ products/services? Then, think of ways to improve this issue when designing strategic marketing plans. If needed, conduct surveys or polls with target audience members to collect feedback more accurately instead of relying on word-of-mouth opinions that may not represent an accurate portrait.
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. We need to understand consumer psychology and various factors influencing buying behavior. This will allow us to dictate a specific message at minimum cost while ensuring that our product meets market demand.
Step Three: Define Target Audience
Once you have a clear understanding of your business goals, it’s time to start thinking about your target audience. Who are you trying to reach with your products or services? What customer segments make the most sense for you? And what is the profile of your ideal buyer persona?
Defining all of this upfront will help inform all future marketing decisions and ensure that all messaging is aligned with what you’re trying to achieve. Remember, it’s essential to be specific when targeting customers – going too broad can lead to unfocused campaigns and missed opportunities.
Start by getting crystal clear on who your company is, what it stands for, and what makes it unique. Begin developing profiles of your target customer segments and ideal buyer personas. For example, what is your target customer’s personality, age range, and demographic? What are their motivations for buying from you? What do they need to be successful with your product or service?
As an example: let’s say that Company ABC sells organic produce at local farmers’ markets throughout New York City. A few key things to consider when defining its target audience would include:
- An understanding location (New York).
- Type of shopper (health-conscious millennials who like spending time outdoors).
- Buyer motivation (to feel good about what they eat).
- Demographics (higher income level).
- Education level (a range from high school diploma to Ph.D.)
Understanding these details will help inform how future marketing campaigns are executed – e.g., where ads should run online, which social media platforms make sense, etc.
Step Four: Write SMART goals
One of the most critical aspects of successful marketing is setting specific, measurable, attainable, relevant, and time-bound goals. This framework, often called SMART goals, helps ensure that everyone in your organization is on the same page regarding what needs to be achieved. It also creates a system of accountability and performance measurement that can help you track progress and make necessary adjustments.
When creating SMART goals for your marketing efforts, keep the following tips in mind:
Make sure your goals are specific. What do you want to achieve? How will you know when you’ve succeeded? Be clear and concise in your goal-setting.
Make sure your goals are measurable. What is your time frame for tracking progress? What actions will you take to do so? How often will you update this information?
Make sure your goals are relevant. What need or problem are they addressing, and how does that help achieve the business’s overall vision? What impact might these goals have on other areas of marketing strategy if achieved successfully? Will these changes be sustainable over time or during a specific campaign period (e.g., Cyber Monday)?
Make sure your goals are attainable. Are there any limitations or barriers preventing the achievement of this goal in its current state – whether internal/external factors within the company’s control, resources currently available to execute it, etc.? Is achieving this goal realistic and achievable?
Make sure your goals are time-bound. What is the deadline for this goal? What milestones or checkpoints will you set along the way to track progress? How often should these be updated/measured?
By following these guidelines, you can create SMART goals that will help drive better performance and accountability within your marketing team – resulting in more successful campaigns and a more robust bottom line.
Step Five: Analyze your Tactics
When it comes to marketing, you always want to be exploring new and creative ideas. However, this process can sometimes seem complex and daunting. But don’t worry. By asking yourself some key questions, you can simplify things and develop great ideas to help your business succeed.
Are there any unexploited opportunities? For example, 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?
Analyzing your competition is essential to understand the playing field and develop a strategy that will set you apart. What are they doing well? What can you do better? What gaps can you exploit in their marketing plan? How can you differentiate yourself from the pack and rise above the noise level to capture attention?
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? What social media outlets can you exploit to boost your brand’s visibility and engage with people who are likely to become customers? What type of content is popular amongst the target audience at present? What platforms will reach as many interested individuals as possible (e.g., Instagram vs. Pinterest)? Which platform has high engagement levels for your industry/brand niche (i.e., Facebook may be saturated for small business owners; Twitter enjoys higher usage rates among academics)? What locations do these potential consumers live in, and where would they gather if they wanted more information about a product like yours?
Taking a step back and looking at things from different perspectives is often the key to unlocking new opportunities. What if we tweaked our message slightly to resonate more with our target audience? What about using a unique angle or hook to attract attention (e.g., humorous videos, thought-provoking blog posts)? What are people talking about your product/brand? What trends can you tap into for upcoming campaigns? How can you make an emotional connection with potential customers? What will resonate with them and compel them to take action?
By carefully considering all of the above factors, strategists can develop creative ideas and plans that are more likely to succeed. Of course, nothing is guaranteed, but clever and well-executed marketing can impact a business’s bottom line. So take the time to thoughtfully analyze your situation and develop ideas that will help you stand out from the competition. And then put those plans into action!
Step Six: Measure and Optimize Results
More than likely, your marketing strategy won’t be 100% successful right off the bat. What’s important is that you measure your results and optimize them based on what you see happening in the market. What has been working? What hasn’t worked as well as expected? What can you do to improve performance and achieve even better results next time around? By constantly measuring and optimizing campaign success through specific metrics (i.e., click-through rates), it will be easy for you to track which strategies are most effective at helping reach new customers.
Related: The 7 Functions of Marketing
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:
> Precise Meaning of Target Prospects
Define your audience. A critical marketing plan identifies the people and organizations you sell 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 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 people’s markets, businesses, and personas within those companies or organizations you will be selling to?
> Clarity of Message to Create Brand Awareness
Clear and concise messaging is critical for brands to stay relevant today. Whether your identity or products, it’s crucial that you know who you are as a company from an internal perspective and how people perceive your brand externally. A clear 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. This is because there are two different audiences at play: those outside looking into them versus those working hard every day to improve themselves and meet 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 constantly changes, a multifaceted marketing strategy has become essential for staying ahead of the competition.
Companies need to adapt their strategies accordingly to succeed in today’s business environment. A good example is a company with a single-sided focus on social media that abruptly changes its strategy when competitors outpace 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. Likewise, it could 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 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 particular market is another example of a defined goal that can help you concentrate on your marketing efforts and justify that investment.
But goals should surpass just the dimension of leads. Many other information factors can 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 higher exposure for particular services or products.
There is one fundamental consideration with all of these. Ask yourself the question: do you have clear marketing goals 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
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 multiple methods of reaching customers:
Social Media Marketing Strategy
Social media is one of the most popular forms of marketing these days. It has become a powerful marketing tool businesses use to improve their reach, increase brand awareness, and drive traffic to their website.
There are some types of social media marketing strategies that are worth mentioning:
- Social Media Content Marketing Strategy
- Social Media Advertising Strategy
- SEO for Social Media Marketing Strategy.
Inbound Marketing Strategy
Inbound marketing is a customer-centric marketing strategy that focuses on attracting and acquiring new customers through the power of content.
Inbound marketing is often associated with content or blogging to attract and acquire new prospects and customers. However, it can also take the form of email campaigns and social media advertising to create awareness and generate interest in the company’s products without relying on third-party outlets to sell for them.
The objective of inbound marketing is to drive prospects into “the funnel” of the sales process using content as the primary tool, resulting in increased revenue for your business.
Initial research has shown that businesses employing an inbound marketing strategy generate more leads than those who don’t use it while spending less money on advertising.
Content Marketing Strategy
Content marketing is a form of marketing that focuses on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly-defined audience – and, ultimately, to drive profitable customer action.
It is an effective way of reaching out to potential customers by providing them with information about the product or service they are interested in. It is also much cheaper when compared to other traditional forms of advertising. According to Demand Metric, companies with blogs receive 67 percent more leads per month than those without.
With the changing customer behavior, marketers are reinventing their strategies to adapt themselves to the new trends. The process involves content creation, including blogs, videos, etc., to create an emotional connection with the audience. In addition, content marketing relies heavily on customer interactions through social media platforms like Facebook or Twitter.
Email Marketing Strategy
Email marketing is one of the most efficient forms of marketing. It’s easy to set up, inexpensive and has a very high ROI.
Marketers can use email marketing to build relationships with customers or prospects. This strategy includes four different types of emails:
- Welcome Email
- Content Email
- Re-Engagement Email
- Sales Email
Marketing Communications Strategy
There are many different types of marketing strategies. However, the marketing communications strategy is most important because it focuses on communicating with its customers.
A company can use various channels to communicate with its customers, such as television, radio, social media, and print media. Therefore, a company should determine what channels it can afford to use and reach its target audience.
The following are some of the most popular channels that companies choose for their marketing communications strategy:
- Print media
- Social Media
Digital Marketing Strategy
Marketing is the process of making products or services known to potential customers. It can be done online, offline, or a combination of both.
There are many different marketing strategies used today. One example is the digital marketing strategy. Digital marketing includes search engine optimization (SEO), email campaigns, online advertising campaigns, social media campaigns, and other digital channels to reach consumers and promote services.
Search Engine Optimization (SEO) Strategy
SEO is a technique that increases the exposure of a web page in search engine rankings. It focuses on the web page’s content, including keywords and other elements that determine relevance to different search queries.
All SEOs should rank well for both short-tail and long-tail keywords. Short-tail keywords are generally easier to rank for but are not as specific as long-tail keywords.
Search engine optimization strategy (SEO) is about getting your website ranked higher by giving it better exposure in search engine results pages (SERPs). This is done by attending to content relevancy, meta tags, link building, call-to-action-buttons, etc.
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.
- How will you influence them to take action and purchase from you? Again, your branding, channels, and 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?
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, or 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 on 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, inspiring 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 most significant rewards are exceptionally preferable, so it is highly effective for incentivizing 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.
Nike relies greatly on storytelling with ads that inform motivating stories and provoke users’ positive feelings to communicate this lifestyle to its target market. Therefore, brand values are present in your marketing and 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. Felix Baumgartner’s jump from the stratosphere is perhaps among their most famous sponsorships. 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. 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.
Why is marketing research important to the development of a marketing strategy?
Marketing research is essential to developing a marketing strategy because it provides information about consumers’ feelings 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 to develop new products or campaigns that 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. Marketers can reach their audience and achieve the desired outcome for a campaign 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 the best suit their needs for this process (marketing strategy) to work effectively.
What is a 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 easily shareable across social media sites, blogs, podcasts, video channels, etc. They can establish their reputation by creating high perceived value by doing this.