Marketing Strategy: The Key to Successful Businesses

We often hear about marketing strategy or digital marketing strategy from a brand strategist … but what is it exactly?

Not to be confused with a marketing plan, which is more operationally oriented, a well-rehearsed marketing strategy is essential for any company to carry out its actions with coherence and intelligence. Because to remain competitive, it is out of the question to advance blindly!

But what are the different components of a marketing strategy? How does it serve the growth objectives of organizations? And how is it a prerequisite for the proper coordination of all marketing activities? We will discuss everything you need to know, however, it’s recommended at first to add SMS marketing in your marketing plan because it’s quite cost-effective. To run an SMS marketing campaign, you should use a Canadian short code because it will look more secure and reliable!

Marketing strategy: complete definition

What is a marketing strategy?

Closely correlated to the overall strategy of the company, the marketing strategy consists of setting the framework of the marketing action plan established over the medium or long term.

By pushing organizations to question:

  • the aspirations of their target,
  • the market situation,
  • their value proposition,

a marketing strategy can increase turnover by ensuring that supply and demand meet.

Therefore, the reflections around the marketing strategy intervene upstream of the operational deployment phase. They conclude with the design of a marketing plan, the purpose of which is to organize the various stages necessary to achieve the predefined objectives.

☝️ Note that depending on the size of the company, the marketing strategy through trade advertising may apply to a product, a group of products, or even differ from each other.

What are its challenges?

Why is establishing a solid marketing strategy so important?

Today, several observations stand out:

  • the market is becoming more and more saturated and getting out of the game is becoming a real challenge.
  • the consumer has gained power. Thanks to the development of digital technology, he can search for information on a product in a few clicks, read customer reviews, compare prices, etc.

Consequences?

  • Gone are the days when it was enough to distribute your offer on the market without worrying about addressing it to a particular target. Selling is no longer enough: you must sell well and to the right people, even if it means attacking micro-markets.
  • A marketing strategy should not focus solely on acquisition. Customer loyalty, with its undeniable advantages in terms of profitability, must win the heart of business priorities.
  • The involvement of the whole organization in the marketing strategy has become imperative. Communication, production, R&D, and customer support… each division participates in instilling a common vision of the product among consumers.

And the marketing mix in all this?

Finally, note that the marketing strategy is often inseparable from the marketing mix. A well-known methodology, it provides companies with a structured framework by focusing their thinking around four essential components:

  • the product,
  • the price,
  • distribution policy,
  • the promotion.

What are the different marketing strategies?

What marketing strategy to adopt?

As you will have understood, each approach differs from one company to another, since it depends on a specific target and market, as well as the positioning is chosen by the brand.

There are, however, various well-known and identifiable marketing strategies. Here are a few examples to inspire you:

The ideal marketing sweater 👉 in a young market and a dynamic of growth, this strategy consists of attracting the eye of the consumer using advertising communication actions and mass marketing.

Push marketing 👉 rather adapted to an emerging market, push marketing consists of (unlike the previous one) “pushing” the product towards the consumer, by using the sales forces.

The differentiation strategy 👉 in an already competitive sector, the brand stands out from its competitors:

  • either from above, by offering better quality products,
  • or from the bottom, thanks to more attractive prices.

In the specialization strategy 👉 here, the company decides to focus on a very specific segment of the market, a niche segment.

The penetration strategy 👉 to penetrate a market, some brands opt for an aggressive pricing policy, to quickly conquer as many consumers as possible.

Marketing strategy: the essential steps to build it

To better understand what the development of a marketing strategy or a digital marketing strategy entails, let’s detail the different stages that compose them.

Determination of marketing objectives

This is where it all must start. Each company must question itself on the reasons which push it to deploy its marketing strategy because from this reflection will flow the actions to be undertaken.

  • Is it a question of developing turnover by attacking a new market?
  • Does the company wish to establish its notoriety?
  • Does it plan instead to increase the loyalty of its existing clientele?

Using the SMART method is a good practice for framing your objectives, ensuring that they remain:

  • specific,
  • Measurable,
  • Acceptable,
  • realistic,
  • Temporally defined.

Market watch and research

“What am I tackling?”

“What are the opportunities to be seized?”

Before embarking on any marketing project, it is essential to carry out monitoring and market research.

The questions of companies then focus on two areas in particular:

a general analysis of the market and trends:

  • How is my target market doing?
  • Does my brand fit in with current trends? Or in future trends?
  • What are the technological innovations to come? Etc.

competitive intelligence:

  • Who are my main competitors?
  • What is their value proposition and how do I differentiate myself from them?
  • Who are the consumers they are targeting? Etc.

Status of the company

At the same time, it is recommended to draw up an inventory of one’s situation, to assess one’s strengths and weaknesses.

This is the best way to know where you are starting from, what path remains to be traveled, and what potential pitfalls will be encountered:

  • What are the company’s strengths and how can they be used to achieve its objectives? Example: a high-quality product.
  • What are its weaknesses and how can the situation be improved? Example: a lack of internal resources.
  • What are the interesting opportunities to seize? Example: a technological innovation for which the company is well prepared.
  • What are the threats to the market? Example: a major new competitor.

Identification of the marketing target

From the previous reflections will emerge data of paramount importance, on the target to be reached.

Indeed, marketing teams must identify precisely which consumer segment to address their offer to. In this way, it is possible to align the entire marketing and communication strategy to provide a relevant solution to the needs of the target population.

One of the best practices to adopt remains the materialization of buyer’s personas or marketing personas. This is to personify potential buyers:

  • by identifying their socio-demographic profile (age, geographical location, family situation, profession, etc.),
  • by determining what their issues and aspirations are, and therefore how to respond to them and guarantee them the best possible experience.

Definition of marketing positioning

Once the company knows its market, its competitors, and its target, it is time to define its positioning more precisely. And who says positioning says value proposition.

In other words, it is a question of finding the angle of attack which will allow:

  • to ensure that the offer meets the needs of potential customers,
  • while standing out from the competition.

Several differentiating elements are possible; it is up to each organization to position itself according to the most strategic and realistic ones about its strengths and weaknesses.

Examples of differentiating elements:

  • the price,
  • expertise,
  • innovation,
  • brand image,
  • the trend,
  • customer relationship,
  • values ​​(environmental, social, etc.).

Of course, you always must keep your promises about the chosen positioning (while remaining profitable). Otherwise, disappointment is guaranteed for the consumer!

Implementation of the marketing strategy

On the strength of all the previous reflections, the marketing teams are then able to concretize their strategy to develop and put into practice an action plan.

This revolves around different stages and activities:

Choose which marketing levers to activate to best reach the targeted consumers and enhance the offer. Should we bet in priority on social networks or influencers? Is inbound marketing adapted to the strategy deployed? Is traditional advertising the best approach? Etc.

Determine how to articulate the marketing strategy with the customer journey and the different touchpoints and channels (website, physical store, etc.) that connect it to the brand.

Define an effective communication strategy.

Implement good operational management to ensure the smooth running of the action plan, i.e.:

  • plan, stagger the different steps necessary to achieve the overall objective while respecting deadlines,
  • allocate the necessary resources to the various projects, particularly human resources,
  • ensure that the budget is respected, etc.

Identify and monitor KPIs (or key performance indicators) to measure the effectiveness and ROI of the marketing actions implemented:

  • the number of new leads,
  • the conversion rate of leads into customers overall or by channel,
  • the click-through rate on the calls-to-action of the various communication media,
  • the CAC, or customer acquisition cost, etc.

There are many possible indicators: find the complete list of marketing KPIs to know.

Choose the tools that will best support the proper fulfillment of the marketing strategy, to be selected according to the levers activated:

  • an email marketing tool,
  • an SEO, SEA, or SEM solution for search engine-oriented strategies,
  • online advertising management software, etc.

Either way, find the essential software you need to know in the 2020 Marketing Toolkit.

A constantly evolving marketing strategy

You have now understood what the development of marketing strategies consists of.

However, each of them, like marketing itself, is bound to constantly evolve. Changes in the market, in trends, in technology, in consumption habits… marketing teams must remain on the alert, otherwise, they are going straight to hell!

So, keep this in mind: being a good marketing strategist means being able to constantly question your offer and your way of promoting it so that it can continue to touch the hearts of consumers.

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