How To Implement A Winning Marketing Strategy To Your Advantage!

A Marketing strategy is crucial if you want to really succeed in your marketing. Amongst its advantages are:

1. Helping you to focus your marketing attention.

2. Better complete utilization of resources

3. Helps in increasing sales; and

4. A powerful resource of winning over your competitors.

Every company applies some kind of marketing strategies to maintain existing customers, attract potential customers and also to maintain and enhance their reputation in the market.

When designing a marketing plan, first a marketing strategy is taken into consideration. The marketing plan consists of steps to be taken so as to attain success in the implementation of the marketing strategy chosen. Big projects involve selection of different strategies at different levels. Usually a strategy consists of well-sketched tactics. They are meant to meet the needs and finally reach marketing objectives.

Each of the strategies has pre-calculated results because when a particular strategy is chosen at a particular level, its outcome becomes the goal of that particular level. If there is an absence of a well thought out strategy in a marketing plan it means it is supposedly lacking a good foundation. A reasonable marketing strategy should not only facilitate marketing goals, but also the action sequence of a campaign.

At regular time intervals the firm should analyze the marketing decision. This is done with the help of strategic models. The 3C’s model is usaully considered for this purpose. The 3C’s model determines the factors, which leads to the success of a marketing campaign.

There are three key parties involved in this model. These are:

>>> The corporation

>>> The customer; and

>>> The competitors.

The involvement of all the three key parties leads to positive results and this involvement is known as the 3C’s or strategic triangle.

The role of the corporation is to increase the strength of the company in the success critical areas, when compared to that of the competitor. The customer and his interest form the basis of any strategy. The competitor also plays a vital part. The competitor-based strategies are based on the functioning of business competitors like design and engineering, sales and servicing, and purchasing.

When making a marketing plan some particular strategies known as mix strategies are used. 4P’s model is used to calculate whether the plan is sticking to the strategies or not.

The four Ps stand for product, price, place and promotion. Products are goods produced by the company on a huge scale for the purpose of selling them and earning profit. Price is the money paid for a product by the customer. The price is based on many factors like competition, market share, customer perception and product identity. Place where the product is sold can be either physical store or store on the Internet. It is also known as distribution channel. To make the customer knowledgeable about a product, the marketer does promotion. It involves advertising, public relation and point of sale.

There are different types of marketing strategies based on some criteria. Some of the common marketing strategies are:

1. Market dominance strategies – Market dominance strategies are used to dominate the market. Examples of these are Challenger, Leader and Follower.

2. Porter generic strategies – Porter generic strategies are built on strategic strength or competing abilities and strategic scope or market penetration. Cost leadership, Market segmentation and Product differentiation are types of porter generic strategies.

3. Innovation strategies – Innovation strategies are meant to trigger the rate of product development and model innovation. It helps you as a business to incorporate latest technologies. Close followers, late follower and Pioneers are types of innovation strategies.

4. Growth strategies – Growth strategies facilitate the growth of the organization. Intensification, Diversification, Vertical integration and Horizontal integration are types of growth strategies.

5. Marketing warfare strategies are conjunction of marketing strategies and military strategies.

A marketing strategy or a mix of them is chosen only after thorough market research. A marketer should always be ready to face any kind of situations like if the strategy is changed in the middle, he should be able to perform another market research so as to choose the proper strategy, within a short period of time. This can be done easily if you have the experience.

The Importance of Using Marketing Strategies

Whether you are in a small, medium or large business, you’d do well with a marketing strategy. Companies that want to excel in today’s competitive economy require not just any marketing strategy but the best they can find, whether in-house, customized or out-sourced.

There are many types of strategies to promote your company products or services. There are simple or sophisticated strategies which have been proven, and can be easily applied to most organizations.

Campaigns are different from strategies; a marketing strategy is an approach to market or promote the business products or services to confirm transactions that will keep the company viable. It can also be called a plan which is used to give the company an added advantage or project a more attractive image to its intended buyers of its products or services.

Purpose of Marketing Strategy
A strategy must bring in the sales when implemented; otherwise, it is a failed strategy. Time, effort and money are wasted which are considered losses to the company. Different strategies are employed not only for the different products and services of the company, but also target at different market segment or users. Hence, it is important to identify what the focus of your strategy is.

Marketing strategies Media
Some marketing strategies include print campaigns like advertisements in the newspaper or billboards. These are meant to instill awareness of the company’s products and services to a larger audience. Nowadays, the Internet provides a most conducive platform as part of the company’s strategies. Some companies may choose the television or radio media to execute their strategies if they are focusing on certain types of audience for their goods and services. For example, companies which manufacture household products may choose to market their products through the television medium as a commercial which targets housewives.

Factors involved in Marketing Strategies
Whichever strategy you may choose for your company’s products or services, you will need to consider the item to be promoted, the targeted audience or buyer, the duration of the strategy, the budget and the expected results. At times the company may be able to use a strategy for several of its products and services while at other times, not.

There must be a specific audience identified to that chosen item to be promoted so that, that specific category of buyers will be tuned in on the promotion. A marketing strategy cannot go on and on as the target audience may feel bored with it or develop negative feelings or opinions about the company’s status.

There must be a budget to work on a specific strategy for a specific product or service identified for promotion as there may be other products and services which will demand the same attention and priority for good sales. A specific budget is also necessary to ensure that the strategy does not exceed the expected expenses to promote the identified product as the bottom line is to recoup these expenses and more.

Hence, the most important aspect of a marketing strategy is the expected results. The strategy employed should bring in more revenue to the company which covers the expenses expended on that particular product or service.

Understanding Marketing Strategy and Why You Should Have One

Many of you understand the basic concept of marketing. However, to ensure we are all on the same page, here’s a brief refresher.

Definition of marketing: Marketing is the essential process of effective communicating the value of your product and or service to your target customer base.

The goal is to peak their interest enough, allowing them to take action and buy your product or service. You are really doing an amazing job if your customer then refers another customer.

If you are a business and you don’t believe in the process of marketing, I highly recommend you re-think your overall business strategy. You absolutely need marketing to attract a relevant customer base to sell your product or service and have a real chance at making a profit.

Now that you’ve taken a brief refresher as to what is marketing and the importance, the next step is developing a marketing strategy.

What is a marketing strategy?

A marketing strategy will help your organization to develop the most optimal process, focusing your scarce resources on convertible opportunities.

Your goal with a marketing strategy is to increase the total sales your organization achieves within the target customer base and establishing a competitive advantage that’s sustainable.

When you are developing a marketing strategy, you have to consider the comprehensive marketing goals of your organization. This includes long-term and short-term marketing goals.

You may have to take small bites before you are able to swallow the amount of success you are sure to achieve with an effective strategy. This information will allow you to develop a complete marketing plan. You can’t get anywhere without a solid plan.

Communication as part of a marketing strategy

In order to develop an excellent marketing strategy, you must conduct research within the target market to know exactly how your customer prefers communication.

Remember, marketing is effectively communicating the value of your product or service to the customer. If you don’t have a clear understanding as to how to best communicate with your target customer, your marketing strategy will be ineffective.

What does this mean? Conduct research to determine if your customers need a visual aide, auditory aide, and or things they can touch and feel in order to become connected to your product or service.

For example, I’m auditory. It’s helpful for products and services I’m interested in to have a jingle to their slogan to help me remember to purchase their item.

When I’m in the store, if I walk past an item I need and I can see the product and then recall the jingle, I find myself making a purchase more times than not if I need the product or service at the time.

In your strategy, you may have to develop a combination to meet the needs of your target market. Nonetheless, discover the way your customer needs you to communicate value.

Product mix as part of an effective marketing strategy

It’s critical to ensure your strategy has a keen focus on the product mix that will cause your customer to react. What does this mean?

A product mix will take into consideration the various lines of products offered to the target market. Let’s take it a step further to ensure an understanding is achieved. For example, if you operate an athletic shoe store serving the entire family, what type of products must you offer to ensure you have a profitable product mix?

Athletic shoes are a given. Then to compliment the shoes, you will offer shoe strings. Another relevant offering would be socks and shoe cleaner. It’s important to anticipate the needs of the target consumer. Athletic shoes require certain attire. Therefore, it makes perfect sense to add athletic apparel to your product mix.

Also, consider the type of athletics your target customers are interested in. Perhaps your customers are runners, basketball players, baseball players, and or football players. You must have a mix that is relevant to your target market.

Your product mix must be right. This will ensure you realize maximum profits from your target customer. You must be willing to put in the work as this knowledge will not come without conducting extensive research.

Why is a marketing strategy so important and why do you need one?

Regardless of the size of your organization, you need a marketing strategy. The benefits far outweigh the time and financial investments to be made to create the most effective strategy.

Change in the industry and target consumer needs

Aside from meeting the needs of your target customer with an effective marketing strategy, you will also learn your strengths and weaknesses as the market evolves.

The goal is to develop a sustainable competitive advantage, thus you need to know what you are good at. The marketing strategy should help you stay current with the changing trends of the industry and the necessary strategic adjustments to be made in order to remain connected with your customer.

For example, if you are a business and you have not already implemented social media as part of your overall marketing strategy, you are behind. Technology is ruling the world we live in. Your customers are online and in-touch via social media. You must get connected to stay connected.

Digital marketing is hot! Many businesses are taking advantage of the mobile lifestyle of their target consumer. Digital marketing allows for a business to advertise on mobile devices, tablets, smartphones, digital billboards (these are really cool), and other digital friendly devices.

This is a huge part of internet marketing and is only going to get bigger. This is a must have in your marketing strategy.

Email marketing is another strategy that is continuing to grow. This is a great way to stay connected with your customer on a permission basis. What does this mean? The customers you send your message to each month, specifically requested to stay in touch. These are high probability sales transactions!

Organizational growth

Your marketing strategy should also help to identify areas for business expansion. Every business has the dream of growing. It’s typically identified in their vision statement.

Your marketing strategy will then direct you in the right direction to help reach the potential new customers you will reach as a result of growth. Growth is great and sustainable if you are able to scale your business in a timely and relevant fashion.

As stated before, you may have general knowledge as to the idea and importance of marketing.

You may even have a basic understanding of a marketing strategy. Now, you understand why it’s critical to have one and you have been armed with ideas to get you started.