What Is Marketing Strategy?
A lot of people want to know exactly what is marketing strategy. There are many definitions out there but to put it simply, it is how you get people or potential customers interested in your company, your product or your service. How you position your brand, create messaging and establish your company goals, supports your attempt to interest people. How you engage with or pursue your audience is what defines your marketing plan.
A marketing strategy is the foundation for which you can judge whether or not your plan is successful. You can from that determine if you are meeting the goals set out and defined in the strategy. The marketing strategy is really the cornerstone of every marketing effort and acts as a springboard for all future efforts.
Marketing Strategy Importance
Some business owners sometimes get so hung up in the finite details of creating, developing and testing a product, that they don’t take the time to figure out who the audience is, what the product should say and why people would be interested. Without paying attention to a marketing strategy a product launch might be rushed and not be as successful as one backed by a marketing strategy to guide it into the market. It could potentially cause a small company to have to close it’s doors because there was a great idea and need for a product but no thoughtfulness to how it fits into the space or how people might receive it.
Strong Strategy Basics
In order to create a strong marketing strategy you need to:
1. Understanding what makes your business unique or different.
First part of a successful marketing strategy is to find something that makes your business stand out from other businesses that offer similar services or products. Sometimes you will have to change parts of your business to accommodate that. If potential customers don’t find anything unique about your business they will choose service based on price.
2. Understand your target audience.
Think about characteristics of your ideal customer. Make a mental picture of this person and try to get inside their heads. What would they like? What things are important to them? What motivates them to buy? What influences their decisions?
3. Identifying marketing goals or what you want to achieve with marketing.
Does this mean a conversation rate, products sold or number of contracts signed? It could be any number of things. It is just the definition of what you would consider success for your company.
4. Establish your marketing budget.
Having a budget helps you keep track of what you need to spend on marketing without it getting out of control. This is something that will allow you set up expectations internally as well.
Upfront Planning Leads to Success
Embracing and establishing a solid marketing strategy would benefit any company, product or service. It is where the most successfully marketing campaigns are created from. Plus, it is a great way to keep everyone on the same page and keep a consistent brand identity and message platform throughout. Consistency is key in developing recognition and loyalty. A marketing strategy that clearly spells everything out keeps all the efforts in line with each. This will ultimately make all your efforts more impactful.