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What Is a Marketing Strategy?
A marketing strategy is a very crucial component to every business looking to expand its reach in order to reach more prospective customers.
A marketing strategy will combine all the forces of the company into one strategy and will be phased out throughout its process.
The strategy will include business value proposition, key data on the target customer and its demographics, brand messaging and other, very important high-level components to the business.
How to understand a marketing strategy?
In order to get someone’s business, a company needs to understand its value proposition.
A value proposition is what the company stands for and how it operates.
More importantly, it will show how the company will earn the prospective customer’s business.
The value proposition will let the marketers know exactly where you stand in terms of all your products and services.
Take IKEA for example a do-it-yourself, inexpensive furniture store with easy-to-read instructions for the common laymen to complete.
This simple, yet effective proposition has helped propel IKEA to where it’s at today.
A company’s value proposition should be a simple mandate across the board that simply describes what the company is about in a few words or less.
When your company has this, it will give your marketing team a base on where to start their marketing initiatives.
Marketing Plans vs Marketing Strategies
Simply put, a marketing strategy is an overall strategy and the marketing plan contains all the details of the very specific activities and timelines a company should conduct in order to achieve their marketing goals.
Marketing strategies will have a longer lifespan than the marketing plan, as plans often shift and have different intentions than the overall marketing strategy.
A strategy will include your value proposition and provide a big picture, overarching theme to all of your marketing plans.
Each marketing plan can differ from time to time or from demographic to demographic, depending on time and your marketing goals.
A marketing plan will be used for specific campaigns or used to reach very specific goals while a marketing strategy will always remain the same, at a higher level.
In order to fully understand the precise meaning of what a marketing strategy is, there are a few ideas to help formulate exactly what marketing should be utilized for.
- Marketing is more about the story you tell than about the items you sell.
- Marketing is understanding the customer and building your product around the customer
- The main purpose of marketing is to sell more services and products to more people and at a higher price.
- Marketing is a continuous process and must be catered to every day and constantly be innovative every day.
Creating a Marketing Strategy
The ultimate goal for any marketer is to create an advantage for a business over the competition so customers will choose a product or service over its competitors.
By understanding the needs and wants of your customers, you will achieve that goal, whether it’s through a print ad or in a social media campaign.
So long as each of your marketing assets complies with your company’s core value proposition and aligns with what your customers would need or want, you will be able to separate yourself from the pack.
By using marketing research and data, you can extrapolate the exact barometers needed in order to effectively create a winning campaign or ad that will achieve great results.
The Marketing Strategy FAQ
Why Does My Business Need A Marketing Plan?
A marketing plan will help any business direct its advertising money in the right direction by having a clear directive in mind.
A clear marketing plan will provide your company and your marketing team with clear goals on how to properly achieve success.
What Are The 4 Ps Of Your Marketing Strategy?
The key 4 P’s are product, price, promotion and place.
All 4 represent a very different but crucial factor into the effective marketing of any product or service.
Whether you are optimizing an existing service or product or creating a new one, those 4 elements will help make up your marketing plan’s efforts.
Each carries its own varied degrees of nuances and strategies and should be accommodated separately.
What Should A Marketing Strategy Look Like?
A proper marketing strategy will lay out and detail every single marketing and advertising campaign to showcase how the company will be able to measure its effectiveness.
Following the famous four Ps of marketing, the campaigns that your marketing team rolls out will achieve great success if followed correctly.
The components of these marketing plans should include the following:
- Detailed marketing research on the different demographics and pricing to complement each marketing initiative.
- Very tailored messaging to the different groups of people your company is trying to target. Ensuring that each group is looking at their variation of your marketing efforts in an attempt to lure them into buying your service of product
- Defining each platform that your marketing initiatives will utilize in order to achieve the success your company is looking for. Whether it’s a mix of social media, radio or print ads, defining the medium it’s being sent through is crucial to any marketing strategy.
- Using market research and data to determine the results of your marketing efforts and deciphering the reporting afterwards.
What Is The Basic Difference Between A Marketing Strategy And A Marketing Plan?
In short, your marketing strategy will always be the overarching framework that your company will employ strategically.
Each marketing plan will be nuanced and modified to fit the different demographics and settings.
Understanding your strategy first will go a long way to creating the different plans and methods your company can achieve those goals.
Achieve A Great Marketing Strategy And You Will Achieve Great Things For Your Business
Your company will need a great marketing strategy in order to have your goals accomplished properly.
Give your business the best chance to achieve those goals through a carefully thought-out and thoroughly researched strategy and your business will go far!