What is marketing strategy?
A marketing strategy is a long-term plan to achieve a
company's goals by understanding customer needs and creating a distinct and
sustainable competitive advantage. It covers everything from determining who
your customers are to deciding which channels to use to reach those customers.
A marketing strategy allows you to define how your company
positions itself in the market, what types of products you produce, what
strategic partners you attract, and what type of advertising and promotions you
engage in.
A marketing plan is essential to the success of any
business. Read on to learn how to create a winning marketing strategy for your
business.
the central theses
Marketing is more than just advertising and promotions -
it's about connecting with the customer.
A marketing strategy sets the direction for all your
products and marketing activities.
A marketing strategy will help keep all your activities on
track.
Developing a marketing strategy involves setting goals,
researching the market, developing product roadmaps, defining your marketing
initiatives and following the 7 Ps.
understand marketing High Nitrogen Fertilizer
Before we delve into the ins and outs of marketing strategy,
you need to have a clear idea of what exactly marketing is and isn't.
What is Marketing?
Marketing is about connecting your business to potential
customers and connecting those customers to your products. It's about
understanding customer needs, translating those needs into products and
services, packaging and pricing those products and services, and then
convincing customers that they need to buy those products and services.
In short, marketing is the entire cycle from identifying
potential customers to meeting those customers' needs with the products you
make.
What is no marketing
Marketing isn't just advertising, public relations, or
creating a website or email campaign. It's also about everything that leads to
these activities to support both your customers and your sales team. Ideally,
it drives your entire business and determines what products you produce and how
you distribute them.
What goes into a marketing strategy?
Essentially, a marketing strategy sets the general
direction, but not the specifics, for a variety of marketing activities.
Ideally, your marketing strategy should help you define the following for your business:
·
target audienc
·
value proposition
·
product mix
·
brand messages
·
promotional initiatives
·
content marketing
In the video below, marketing legend Philip Kotler shares
his thoughts on marketing strategy:
Why is it important to have a marketing strategy?
Creating and following a marketing strategy is essential to
set the direction not just for your marketing-related activities but for your
entire business. Your marketing strategy helps you stay aligned with your
customer base, develop the right products for them, and determine how you
communicate information about those products.
Without a defined strategy, you don't know who your
customers are, you don't develop the right products and you waste money promoting
them.
In short, a defined marketing plan makes you more
successful. According to a CoSchedule survey, companies with a documented
marketing strategy are 313% more likely to be successful than those without.
How to create a successful marketing strategy
There are several steps you need to take to create a solid
marketing strategy for your business.
Set definable business goals
Your company's vision and goals are the drivers of your
marketing strategy. These overall goals help determine your marketing goals
that your marketing strategy serves.
Your marketing goals are based on your business goals. You
can aim to achieve a specific market share, dominate a specific channel, or
reach a specific percentage of a specific type of consumer. Your goals should
be achievable and measurable.
Identify and research the target market.
The goals you set will help you define the target market to
pursue. To do this, you need to familiarize yourself with the customers in that
market, which requires a certain amount of market research and analysis. You
need to determine the following about the target market and its customers:
