What is a marketing strategy?
A marketing strategy refers to a company’s overall game plan for reaching potential consumers and turning them into customers of their products or services. A marketing strategy contains the company’s value proposition, key brand messages, data on target customer demographics, and other high-level elements. An in-depth marketing strategy covers the âfour Psâ of marketing: product, price, location and promotion.
Key points to remember
- A marketing strategy is a company’s game plan for reaching potential consumers and turning them into customers for their products or services.
- Marketing strategies must be built around a company’s value proposition.
- The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over competing businesses.
Understand Marketing Strategies
A clear marketing strategy should revolve around the company’s value proposition, which communicates to consumers what the business stands for, how it operates, and why it deserves their business.
This provides marketing teams with a template that should inform their initiatives on all of the company’s products and services. For example, Walmart (WMT) is widely known as a discount retailer with âeveryday low prices,â whose business operations and marketing efforts are rooted in this idea.
Marketing strategies vs marketing plans
The marketing strategy is described in the Marketing Plan, which is a document that details the specific types of marketing activities that a company conducts and contains timelines for the deployment of various marketing initiatives.
Marketing strategies should ideally have a longer lifespan than individual marketing plans, as they contain value propositions and other key branding elements of a business, which generally remain constant over the long term. In other words, marketing strategies cover the overall messages, while marketing plans define the logistical details of specific campaigns.
Benefits of a Marketing Strategy
The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over rival businesses by understanding the needs and wants of its consumers. Whether it’s a print ad design, mass personalization, or a social media campaign, a marketing asset can be evaluated based on how effectively it communicates the core value proposition. from a company.
Market research can help determine the effectiveness of a given campaign and can help identify untapped audiences to meet bottom lines and increase sales.
Why does my business need a marketing strategy?
A marketing plan helps a business direct its advertising investments where it will have the most impact. A 2019 study found that companies with a documented marketing strategy were 313% more likely to report success in their marketing campaigns.
What does a marketing strategy look like?
A marketing strategy will detail the advertising, awareness and public relations campaigns to be carried out by a company, including how the company will measure the effect of these initiatives. They will generally follow the “four Ps”. The functions and components of a marketing plan include market research to support pricing decisions and new market entry, personalized messages that target certain demographics and geographies, selection of platforms for promotion of products and services (digital, radio, Internet, specialist magazines and the mix). of these platforms for each campaign, and metrics that measure the results of marketing efforts and their reporting times
What do the 4 Ps mean in a marketing strategy?
The 4 Ps “are product, price, promotion and location. These are the key factors involved in marketing a good or service. The 4 Ps can be used when planning a new business venture, evaluating an existing offer or trying to optimize sales to a target audience.It can also be used to test a current marketing strategy on a new audience.
Is a marketing strategy the same as a marketing plan?
The terms marketing plan and marketing strategy are often used interchangeably because a marketing plan is developed based on an overall strategic framework. In some cases, the strategy and plan can be integrated into one document, especially for small businesses that may only run one or two large campaigns per year. The plan describes the marketing activities on a monthly, quarterly or annual basis, while the marketing strategy describes the overall value proposition.