The term marketing strategy is used at such a frequency that even the people who know very little about it use it in their daily routine.
“Because of its marketing strategy”
“Because of its marketing strategy”
While success and failure depend heavily on the marketing strategy, we can’t just give the credits or put the blame on the marketing strategy for everything, just like we did above. Let’s have a better understanding of what is a marketing strategy and what are its components to make things clearer.
What Is A Marketing Strategy?
Marketing strategy is the overall game plan of the business for reaching the target audience and fulfilling the business goals by making them buy the business offering.
The strategy is usually decided keeping the 3C’s in mind, namely: Company, Customer, Competition. It focuses on communicating the company’s value proposition in the form of customer benefits by making it stand out of the competition.
Components of Marketing Strategy
Even though there are numerous types of marketing strategies, all of them consists of these 5 components.
- Target Market: It is the customer segment to whom all the marketing activities are directed.
- Business Offering: The product/service offered by the business.
- Value Proposition:The benefit that separates the company from the competition.
- Goal: A milestone which decides whether the marketing strategy was successful or not.
- Communication strategy: How the company plans to communicate the marketing message to the target market. It includes communication channels and tactics to get more traction and conversion.
Marketing Strategy Examples
Aldi Marketing Strategy – Aldi’s marketing strategy is to partner with local sellers to sell the goods at a price lower than the market.
Nike Marketing Strategy – Nike’s marketing strategy is to make the customers believe that sportswear is a fashion statement.
Marketing Strategy Planning
How do you write a marketing strategy?
Well, writing a marketing strategy isn’t that hard. You just need to analyse the situation and your offering, define the ideal target market, establish marketing goals, and select the channels and tools according to your budget. You can have more than one marketing strategy, but their goals shouldn’t be in conflict.
1. Situation Analysis
Before developing the marketing strategy, the existing marketing scenario, company’s market share, previous marketing strategies and their response, competitors market share and marketing strategies, and existing and/or prospective customers are analysed.
2. Defining The Buyer Persona
The ultimate goal of every marketing strategy is to make the customer pay for the offering. Hence, analysing the customer and defining the buyer persona is a very important step in marketing strategy planning.
3. Establishing Marketing Goals
Once the ideal customer is identified, its time to define how the marketing efforts improve revenues. Milestones and timelines are set to track the progress of the marketing efforts.
4. Establishing The Budget
The budget explains which and how many marketing tools and channels can be used to achieve the marketing goals.
5. Selecting Marketing Channels & Tools
Once everything is ready, it’s time to define the communication strategy which includes the detailed plan on how the company plans to communicate the marketing message to the customers. Marketing channels can range from packaging, promotion, to after-sale services.
Go On, Tell Us What You Think!
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A startup consultant, a dreamer, a traveller, and a philomath. Aashish has worked with over a 100 startups and successfully helped them ideate, raise money, and succeed. When not working, he can be found hiking, camping, and stargazing.