What is a Marketing Strategy?
A Marketing Strategy is the long term planning of business objectives
that the company wants to achieve. For these to be achieved it is
important to choose well the specific actions to consolidate the
reputation of products and services or increase sales in the market.
Utilizing opportunities is vital to find the target market and to be able
to make customers loyal to the organization so that the positioning
of the company gets stronger.
It is important to define how you want to position the
product/service in the market in order to achieve positioning among
customers and fulfil customer and organization relationship loyalty.
Is the method to create sales opportunities, also to communicate
and position the product or service and to translate the operational
lines that allow reaching a target market through the right channels.
There are four elements that make up the marketing mix, in which
the 4ps of marketing are found to shape the crucial strategies to
generate profits in the company and boost sales:
Product strategies
Pricing strategies
Distribution strategies
Promotion strategies
Importance of having a Marketing Strategy
in your business
Choosing a suitable marketing strategies for the company will bring
great advantages such as:
Increased sales
Creating sustainable growth for the company
Understanding what your customers want
You will meet the needs and exceed the expectations of the
customers
You will strengthen the relationship with the target market
You will build the brand in the consumer’s mind
Marketing Strategies vs. Marketing Plan
In order to formulate strategies, it is necessary to have the marketing
objectives in mind, since strategies must be implemented to achieve
these objectives; but also the consumers that make up the target
market, the competition, the resources and capabilities of the
company.
It is important that before identifying and formulating the strategies,
the difference between the marketing strategy and the marketing
plan must be considered, since it can generate confusion about
these two concepts that go hand in hand but are focused differently,
Marketing Strategy
Is the explanation of the objectives to be achieved with a company’s
marketing efforts (what). These strategies are determined by the
company’s objectives. Goals and strategy must go hand in hand.
The strategies must allow needs, desires, problem solving or take
advantage of habits and customs that the target audience has.
Marketing Plan
This is how you’re going to achieve those marketing goals (how). It is
the map that will guide you from one point to another of the desired
situation (objectives).
Example
Objective: To achieve a higher market share.
Marketing Strategy: Enter a new market segment.
Market Plan: Develop a marketing campaign that reaches, identifies
and focuses on the specific segment.
Marketing Strategy -> Marketing Plan-> Implementation = Successful
Marketing Strategy
How to develop an effective marketing
strategy?
For an effective marketing strategy it is necessary to know your
competition and know that what you offer to your clients has the
added value that the competition does not have (FAB ANALYSIS-
features, advantages and benefits).
After this define your target market in a demographic and
psychographic way, this will help to know why they need to buy
products / services from you.
There are several ways to make marketing strategies effective, so it is
necessary to focus on the most important communication channels
(traditional and virtual media) and to be able to carry out the
strategies with a successful follow-up of the implementation of the
strategies.
Establish the objectives and the process:
Analyse the position in the market: identify the target audience,
the competition and what is happening in the company. In
addition, define which are the strong aspects and those that you
should optimize
Establish goals: create achievable brand and sales objectives and
determine the time frame to reach them
Design the tactics: after you examine the landscape, create the
lines of action based on the strategies you know
Implement controls: define how you will measure goal
achievement and how you expect performance to gradually
improve
