Ever came across an amazing and creative marketing strategy and wondered— “Oops! How I never thought of this marketing approach?”
Well, no worries— we’ve all been in that position as well!
However, it’s not too late to learn and implement a killer marketing strategy for your business. When implemented your marketing strategy accurately, you can attract all the attention from customers all around the world. It surely is difficult but not impossible, right?
Therefore, to fulfill your dream— you need to start with the right foundation— and for that, we have curated this detailed marketing strategy guide. Let’s have a look at what we’ll cover ahead:
- Understanding Marketing Strategy
- Significance of Implementing Marketing Strategy
- Marketing Strategy Versus Marketing Plan
- Different types of Marketing Strategy
- 4P’s of Marketing Strategy
- Perfect Tactics for Marketing Strategy
- Marketing Strategy Benefits
- Best Examples of Marketing Strategy Templates 2021
- Frequently Asked Questions (FAQs)
Without any further ado, let’s dive in.
Understanding Marketing Strategy
Marketing strategy is a long-term business roadmap with the fundamental goal of attaining a sustainable competitive benefit by comprehending the requirements and wants of prospective customers.
In other words, a marketing strategy is a comprehensive technique that incorporates everything from a company's positioning, communicating, strategic partners, marketing, media relations, and translating operational lines so that a target market can be reached through the appropriate channels.
Furthermore, a marketing strategy includes the company's key brand messaging, value proposition, information on target customer categories, customer demographics, and other strong elements.
Significance of Implementing Marketing Strategy
According to a 2019 study, businesses having a defined marketing strategy were 313 percent more likely to declare marketing campaign success.
Marketing strategy is an important procedure that aids in the achievement of your company's goals and objectives. The following is a list that explains why it's significant to have a marketing strategy for your company that offers substantial advantages. Let’s check:
- Enhances sales and revenue.
- Generate sustainable growth for your organization.
- Identify your target audience and prospects.
- Customers' needs will be met, and their expectations will be exceeded.
- Helps to identify your customers’ expectations and pain points.
- Guides to learn market trends and competition.
- You will imprint your brand in the customer’s mind.
- Helps to build your value proposition.
- Recognize what your client desires.
- You'll improve your relationship with your target market.
- Helps to identify your right partner and potential collaborations.
Marketing Strategy Versus Marketing Plan
It's fundamental to recognize the difference between a marketing strategy and a marketing plan before generating approaches. Generally, both these concepts lead to confusion, which is related but focuses on distinct things.
The marketing strategy is articulated in the marketing plan, which is a framework that includes the multiple marketing activities that a company undertakes and contains timescales for completing specific marketing projects.
In theory, individual marketing plans, on the other hand, should last longer than marketing strategies. They tend to stay consistent over time since they comprise value propositions and other critical characteristics of a company's brand.
To put it another way, marketing strategies are concerned with the overall message, whereas marketing plans are addressed with the practicalities of specific campaigns.
Objective: The goal is to gain a larger market share.
Marketing Strategy: Enter a new market niche.
Market Plan: Develop a marketing strategy that specifies, focuses, and targets a certain market segment.
Successful Marketing Strategy = Marketing Strategy -> Marketing Plan -> Implementation
Different Types of Marketing Strategy
We have listed down all the types of marketing strategies for your reference. Let’s learn:
1. Loyalty Marketing Strategy
Customers' loyalty will be preserved and they will not leave for the competition as a result of the company's constant uniqueness and great customer service. Promotions, discounts, and gifts, among other things, might be included in it.
2. Portfolio Marketing Strategy
Analyze which things are selling and which aren't in order to identify which are still on the market and continue the manufacturing process, as products that don't create income must be scrapped.
3. Segmentation Marketing Strategy
This approach is used to determine which market segments have been identified. There are three forms of segmentation:
- Differentiated: When it comes to creating a unique offer and positioning for each of the designated market segments. This method is more expensive, but it allows you to cater to the specific needs of each industry.
- Undifferentiated: Despite the fact that diverse categories with different needs have been discovered, the company chooses to provide them all with the same product in order to attract the largest number of customers.
- Concentrated: At a time, one market sector is selected. This eliminates the need to focus on other demographics and enables more customized advertising. This is the most efficient method for establishing a business.
4. Functional Marketing Strategy
This strategy is made up of marketing mix strategies, sometimes known as the 4Ps of marketing. The four criteria are product, price, distribution, and promotion.
They are crucial in attaining the company's business goals. Let’s learn:
- Product: image, brand, warranty, other after-sales services.
- Price: payment terms, price changes, discount sales, and so on.
- Distribution: Inventory control, point-of-sale locations, transportation, packing, storage, and order administration
- Promotion: media and support, internal and external communication.
5. Content Marketing Strategy
Content marketing strategy revolves around the creation of content, such as ebooks, articles, blogs, and more. This method can be used to create a blog where you can:
- Publicize trends, company updates, or services. You can also add current events.
- Customers should be educated and informed about your services or products.
6. Brand Marketing Strategy
This strategy includes determining how the brand wants to be considered in the key categories established. It also includes the characteristics we want to have as a company or brand in the eyes of customers.
The product's cover, the company's image, the attributes, and the product's uses are all instances of how to figure out where the product stands in comparison to its competitors.
The following are the most important positioning marketing strategies:
- Benefit: This strategy focuses on placing the product in relation to the benefit it provides.
- Price/Quality: Providing the finest quality at a reasonable cost.
- Category: Position yourself as a market leader in your product category.
- Application/Usage: Position based on the product's intended use or application.
- Attributes: Place the product in a category based on its features.
- Competitor: A typical tactic is to compare your items to those of your competitors.
We're talking about three core strategic marketing keys when we talk about positioning strategy as a concept. It includes corporate positioning, brand positioning, and consumer positioning.
7. Direct Marketing Strategy
The client receives a personalized message. Moreover, consumers like the fact that the company communicates with him or her as it builds strong connections.
8. Marketing Strategy with Competition
This strategy places a premium on competitive value. You must define your market position in relation to your competitors.
- If you're ahead of the competition, hold on to your position.
- If you're below your competitors, you should scale your position.
- You can also stay in your current position if pushing for a higher position is counterproductive.
9. Digital Marketing Strategy
Digital marketing is used by the vast majority of firms. Furthermore, reaching your aims and objectives is tough without internet marketing. With just one click, this method can be successfully applied.
The guidelines below can be used:
- Use social media to connect your content with customers.
- Inbound marketing attracts and converts customers naturally by offering helpful and interesting information.
- Mailing can be used to build a communication system that is segmented.
- To get your brand to the top of the internet's search results, use search engines.
You can anticipate what goals you want to attain and what results you want to provide to your organization in the short term. Follow these provided tactics to make it work.
4 P's in Marketing Strategy
The 4P’s hold a major part when it comes to marketing strategy. The marketing element is made up of four factors in which the 4P's of marketing are discovered to define the critical tactics for generating profits and increasing sales:
- Product strategies
- Pricing Strategies
- Distribution methods
- Promotional tactics
Moreover, 4 P's can be highly useful when starting a new business, evaluating an existing product, or aiming to optimize sales with a target audience. Interestingly, it can also be used to put an existing marketing strategy to the test with a fresh audience.
Perfect Tactics for Marketing Strategy
Implementing the perfect tactics for marketing strategy will help your organization to achieve all your objectives. Let’s learn about them:
It is one of the most interesting ways to grab your customer’s attention. When a website publishes informative, creative, and engaging content a regular period, the search engine recognizes that your website is of standard quality. It further helps to rank higher in Search Engine Results (SERPs).
Providing relevant and high-quality content to your customers would also help you to build their trust. Also, it will guide you on how you can target your potential customers.
In addition, provide a platform for your customers to engage with your content where they can share their thoughts as well.
2. Email Marketing
No marketing strategy is complete without email marketing. Furthermore, it is the most ideal and preferred marketing method for achieving a high return on investment (ROI) at the lowest cost. By bridging the distance between prospective clients and your firm with email marketing, the conversion rate improves as well.
3. Social Media Advertising
This is one of the top digital marketing trends adopted by the majority of organizations. Further, you will use various digital platforms that will help you to build your online community and reach them easily. These platforms include Twitter, Instagram, Facebook, Pinterest, and much more.
Interestingly, advertising on social media helps to enhance visibility, instantly generate traffic and reach your potential customers. It is implemented via attention-grabbing visuals, targeting ads, generating enthralling updates, etc.
4. Organic Social Media
If you are hesitant to spend money on ads, then you should consider using organic social media. No doubt, it is a smart marketing strategy trend followed by certain brands and organizations.
Research is the most important aspect you have to consider here. All you need to do is to learn new updates and trends that will attract and compel your customers to engage with it.
5. Press Releases
Your company may effectively educate customers about new product launches, feature changes, and so on by using press releases. Don't pass up the chance to raise brand recognition through newspapers, podcasts, radio, or blogs.
6. Editorial Media Pitching
A reliable marketing approach is to create media pitches to send a word about your company to potential customers. Furthermore, according to Forbes, it is one of the most anticipated marketing trends for 2021.
However, developing a strong public relations strategy without a strong pitch will not ensure your company's success. Editorial Media Pitching is a terrific strategy for any brand to use in 2021.
Marketing Strategy Benefits
The ultimate goal of a marketing strategy is to build and express a durable competitive advantage over competitors by having a thorough understanding of its customers (wants and needs).
A marketing asset's effectiveness in communicating a company's key value proposition can also be assessed. It could be done by mass customization, print ad design, or a social media campaign, among other techniques.
Furthermore, market research can assist in determining the efficacy of a campaign and identifying untapped populations in order to meet bottom-line objectives and improve revenue.
Best Examples of Marketing Strategies Templates 2021
We have listed the best examples of marketing strategies templates after detailed research. Let’s check:
You sure must have heard about Spotify, isn’t it? But, how did this Swedish firm dominate the marketing strategy world? Want to know what made them different from others?
Well, the answer to this question is— User Experience!
There are several streaming music services available, but Spotify stands out since it focuses on assisting users in discovering new music. Moreover, Spotify distinguishes itself from other music streaming services by offering a completely distinct user experience.
Moreover, they're also pioneers in the use of artificial intelligence to construct playlists based on the preferences of their customers, such as Discover Weekly and Release Radar.
Sephora, a cosmetics brand, offers a well-thought-out and very effective rewards program. When it comes to the ‘Loyalty Program’ — Sephora is the best!
The 'Beauty Insider' program includes three groups for customers. This further depends on their annual spending. It includes
- Beauty Insider (no minimum charges)
- VIB (minimum spend of $350)
- VIB Rouge (minimum spend of $1000)
As the highest-level incentives are in such high demand, they are very effective at persuading people to buy. In addition, when compared to Beauty Insider and non-members, VIB and VIB Rouge members enjoy high-quality, additional discounts, further encouraging their customers.
If we ask you to choose between Nike or other brands— you surely might prefer Nike, isn’t it? But why? It’s because they have created an ultimate level of marketing strategy that includes— 'Promoting your Values.'
This brand's marketing has always centered on showcasing brand values such as overcoming adversity and innovation.
Nike depends extensively on storytelling to impart this culture to their audience, with advertising. Also, they tell inspiring stories and elicit good feelings in viewers. Brand values are apparent in everything you do, not just your marketing.
4. Red Bull
This is the most interesting brand corporation. It encourages its clients to test their limits by employing excellent marketing strategies.
Interestingly, Red Bull’s marketing strategy is defined by one word: 'Risk.'
We hope you found this list inspiring and full of ideas for your next marketing campaign.
Frequently Asked Questions (FAQs)
Following we have covered the top frequently asked questions associated with marketing strategy. Let’s check:
Ques 1: Define 5 C’s in Marketing?
The 5 C's is a marketing strategy that helps companies better position themselves and make better business decisions.
The five C's are:
Furthermore, it's a form of analysis that allows marketers to see the big picture as a business ecosystem.
Ques 2: Define 5 P's associated with Marketing Strategies?
The 5 P's related to Marketing strategies are:
These aspects of marketing methods are used to position a company strategically.
Ques 3: Marketing Strategies Versus Marketing Tactic?
Marketing strategies are more than just a collection of tactics. For example, a company might have a strategy for its social media channels, as well as specific techniques for each platform.
Following is the right order that you must follow:
Marketing strategy —> Digital Marketing Strategy —> Specific Tactics
Ques 4: What is SWOT analysis?
SWOT refers to— Strengths, Weaknesses, Opportunities, and Threats (SWOT).
Further, Internal corporate strengths and weaknesses are things you have some influence over and can modify. A few examples include patents, real estate, and intellectual property.
On the other hand, opportunities and threats come under the external section. Here you can seize chances and shield yourself from hazards, but you can't change them. For example customer shopping habits, raw material prices, and more.
In addition, a SWOT analysis is a simple two-by-two grid that organizes your main strengths, weaknesses, opportunities, and threats.
Ques 5: What marketing techniques I can utilize?
A SWOT analysis could be beneficial. You should try to identify five important elements
- A divided list of target prospects
- What does your target market require? (look for benefits, not features)
- Prices, possibly with differential prices for certain segments
- How do you communicate with your customers? (website, social media, advertising, email, text marketing, print media, direct mail, and telesales)
- The deal (innovative edge, rarity value, more benefits than the competition)
How Deskera Can Assist You?
Whether you are a sales manager or running your own business, there are tons of duties and responsibilities that you have to fulfill. Using the Deskera CRM system, you can manage your contacts, leads and sales deals. You can use the CRM system to manage all customer data and manage your leads, sales negotiations and deals.
Doing so will help you to save the time taken in transferring customer data between the different systems. Having a good CRM system will help you manage your financial and sales reports and be prepared to kick-off your meetings.
Deskera can also assist you with real-time updates about your business like cash flow status, customer satisfaction, inventory management, sales, purchases, purchase orders, customer tickets, customer satisfaction, managing leads, revenues, profit, and loss statements, and balance sheets.
Moreover, it would also help in integrating sales methodology across different platforms onto one system so that you have a consolidated list for email campaigns, leads management, and sales pipeline to mention a few.
It will also help you to sync between your orders, payments, taxes, refunds, product variants, sending out invoices and reminders, facilitating invoice management, and even undertaking follow-ups and advertisement campaigns.
Such a consolidated platform will help you to improve your sales through building effective sales compensation plans and also facilitate faster and well-informed decision-making. It will help you in strengthening your opportunities and being braced for the threats.
That's it, folks!
We have finally reached the end section of this comprehensive guide. Read all the crucial summarized points for your future reference.
- Marketing strategy is a long-term business roadmap with the fundamental goal of attaining a sustainable competitive benefit by comprehending the requirements and wants of prospective customers
- The marketing strategy is articulated in the marketing plan, which is a framework that includes the multiple marketing activities that a company undertakes
- This strategy is made up of marketing mix strategies, sometimes known as the 4P's of marketing. The four criteria are product, price, distribution, and promotion
- 4 P's can be highly useful when starting a new business, evaluating an existing product, or aiming to optimize sales with a target audience
- Market research can assist in determining the efficacy of a campaign and identifying untapped populations in order to meet bottom-line objectives and improve revenue
- Marketing strategies are more than just a collection of tactics. For example, a company might have a strategy for its social media channels, as well as specific techniques for each platform
- SWOT refers to— Strengths, Weaknesses, Opportunities, and Threats (SWOT)