A marketing strategy is a single comprehensive plan which contains all of a company’s marketing goals and objectives.
A good strategy helps companies identify their best customers, their needs and how to successfully market products to them. This allows you to run effective marketing activities.
Marketing strategies include an explanation of the goals a company needs to achieve with its marketing efforts. Every business’ business goals, and marketing strategy should go hand-in-hand.
With a marketing strategy in place, it gives your marketing the ability to be repeated or scaled. A defined strategy also reduces guesswork and allows you to plan out the resource you will need to fulfil the strategy.
A company’s current and potential customers will fall into specific segments or groups, like age or location. It’s in your best interest to separate customers into these groups so you can characterize them according to their needs and tailor marketing activity towards those segments.
You can identify these groups plus their needs through market reports and market research.
You could segment your audience by Gender, Age, location or by other metrics like how engaged they are with your company or if they’ve bought something from your company in the past.
You must target the market segments that represent the greatest opportunities for your business. Use past sales as a reference as to which segments buy the most, or perhaps which segments keep coming back to buy more.
The product or service you are offering must solve a need and meet expectations for that market segment.
When you have designed your marketing strategy, you will need to decide how to make sure your target segment becomes aware about your product or service. You must tell them why and how your product can meet their needs in order to persuade them to buy it.
Using your segment research, you should’ve learned the best way to reach potential customers. This may be advertisements, social media, magazines, etc.
Monitoring and evaluation have both long- and short-term benefits. It helps companies see how well their strategy is performing and also helps devise future marketing strategies.
You can also use this to identify any inefficiencies in your strategy and can learn from this for your next one.
As soon as you have determined what your marketing strategy is, you can draw up a marketing plan which will outline in more depth the marketing activities you will pursue. You will also outline your marketing KPI’s which you can use to measure how successful your marketing is.
Once you have a good strategy in place that is repeatable, you can now also use it at scale. You can share it with other departments in your company allowing everyone to adopt the same marketing strategy for all of the products and services your company offers. This will help to keep everyone on the same page and allow for consistency across all of your marketing campaigns as well as being able to share successful campaigns to be used for other products/services.
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