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Marketing Strategy
A business achieves better results when there is a good fit between the company's competitive strategy and its strategic marketing. Each strategy fits with those at other levels, and the unique strengths and competencies of your business as a whole.
Your marketing strategy is your business's overarching plan for reaching prospects and turning them into customers purchasing your products or services.
Specifically, your marketing strategy consists of operational decisions about how to divide the market into segments, which segments to target, and the products to offer each target market. It also articulates how your communication tactics address your target market’s pain points, channels to distribute your products, promotional tactics, and a pricing strategy.
A critical aspect of a marketing strategy is that it must be consistent with your business strategy; your marketing efforts must support your business goals. A marketing strategy is supportive and subordinate to your business strategy, which conducts competitive analysis and outlines how you're going to achieve long-term business growth.
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There are five key components that a marketing strategy must reflect:
- Scope,
- Goals and objectives,
- Resource deployments,
- Identifying a sustainable competitive advantage, and
- Building synergy.
The scope of your strategy refers to the depth and breadth of its strategic domain, such as product lines and market segments on which you will focus. Marketing goals and objectives should highlight detailed levels of accomplishment across different dimensions of performance.
Resource deployment should speak to how your resources will be generated and allocated in your business. Identifying a sustainable competitive advantage outlines how your company will compete. Synergy is created when all other aspects of your strategy reinforce each other.
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Marketing strategies are comprehensive, thus, they don't always dive deep into marketing tactics and details of execution. Many businesses support their marketing strategy with a digital marketing strategy , content marketing strategy, social media marketing strategy, and channel-specific strategies.
A digital marketing strategy outlines how your business can leverage digital channels, such as search engines, social media, email, and other websites to connect with current and prospective customers. Digital marketing strategies encompass how paid (e.g., PPC) and earned media (e.g., SEO) come together in online advertising, which gains visibility for your business in the search results. A digital marketing strategy allows you to adjust, to prevent wasting money on poor-performing channels.
A content marketing strategy considers how your business uses various forms of content, such as blog posts, email marketing, and videos, to attract and convert your target audience into customers.
Social media marketing strategies address how you use social media platforms to connect with your target customer and influence purchasing decisions. Channel-specific strategies limit their scope to specific social networks to connect with current and potential customers. A channel-specific social media strategy may be created for Facebook, Twitter, or Instagram, for example.
The more narrow the strategy's scope, the more granular your marketing becomes.
Marketing Strategy Frequently Asked Questions
Each business needs a marketing strategy; it ensures you are targeting the right people. A marketing strategy equips you to identify opportunities to sell more products and improve profitability.
A digital marketing strategy is a plan of action for achieving defined marketing goals. It relies on online marketing channels, such as clusters of content based on paid, earned, and owned media.
Brand extensions are a marketing strategy that uses an established brand name to enter a new industry or product class. It's a popular tactic because established brands find it easier to sell new products after they’ve earned their buyer’s trust. Consumers benefit because it exposes them to less risk.
The four basic marketing strategies address product, price, place, and promotion. Through this, you determine what you sell, how much to charge (pricing strategies affect value perception and sales), where your target segment finds information and buys products.
To reach your target market with your marketing strategies, you must be in the right place, at the right time, at the right frequency.
Three methods to get your message to your target segment:
- Creating and leveraging your influence (content marketing)
- Using the content and influence of others (influencer marketing, digital PR, affiliate marketing)
- Paying to put your message in front of your audience (pay-per-click (PPC) advertising)
Content marketing focuses on attracting and retaining a defined audience by creating and distributing valuable, relevant, and consistent content. The ultimate goal of a content marketing strategy is to drive profitable customer action; the strategy outlines tactics to achieve this end and focuses on owned media.
Developing a content marketing strategy involves setting your purpose and goals, establishing KPIs, knowing your audience, and producing the content. Then, you must assess your content’s current position to determine the best channels and forms of content for you. Identify and allocate resources, create, promote and distribute your content.
There are four business strategies, each with its own marketing implications. How to improve your digital marketing depends on the business strategy and market scope you have. In instances where cost leadership is your focus, you focus on cost. If differentiation is your focus, you focus on brand and value proposition. Each of these focuses has different marketing tactics that can improve your digital marketing strategy.
There are 14 pricing strategies that marketers can use: competition-based pricing, cost-plus pricing, dynamic pricing, freemium pricing, high-low pricing, hourly pricing, skimming pricing, penetration pricing, premium pricing, project-based pricing, value-based pricing, bundle pricing, psychological pricing, and geographic pricing.
Marketing channels are the means by which your audience is exposed to your brand; strategies may be developed for specific channels like social media (e.g., Instagram, Pinterest) and search engines (e.g., Google). A marketing channel strategy finds the best way to expose your products and brand to your target segment.
The difference between marketing strategies and marketing tactics comes down to the plan and execution. A marketing strategy is a plan by which you’ll connect with your target segment and achieve your goal. Marketing tactics are the things you do to support your strategy and bring it to life.
The first step in the marketing process involves setting your goals, including your mission statement and corporate objectives. The mission statement outlines your purpose; corporate objectives inform the strategic targets you want to accomplish.
Each business needs a marketing strategy. It ensures you're targeting the right people with relevant messaging. A marketing strategy equips you to identify opportunities to sell more products and improve profitability.
A marketing strategy’s primary focus is to efficiently allocate and coordinate marketing activities to accomplish a firm's objective within a specific market, such as tea. A marketing strategy provides an edge over competitors by defining the tactics and priorities that will allow your tea brand to thrive.
Having a cohesive focus enables you to navigate choices and change with more clarity and confidence. The marketing strategy provides you with the context you need to make tough choices, usually with constrained marketing budgets.
A marketing strategy highlights where you are currently, where you would like to go, and how you will get there. A marketing strategy outlines the current situation and trends, a performance review of past marketing actions, specific objectives, action plans, and other vital details.
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