Marketing strategy is an overall, long-term, and all-around game plan and consequently, a business or any company's overall strategic goal to achieve a sustainable competitive edge by knowing the desires and needs of consumers. The term "marketing strategy" is more often used as an alternative term to "business strategy." In some regards, it is used as a catchall definition that includes all of the different marketing strategies that are employed by any type of business entity. Marketing strategy is actually the sum of all the marketing actions undertaken by a company in its effort to promote and advertise its products and services to the end-user.
Basically, there are various marketing strategies used by businesses and marketing departments in any size, from the small local business to the international conglomerate. Some of the strategies employ traditional marketing practices such as using billboards, television commercials, radio ads, and other print ads while others employ newer marketing strategies such as the use of the Internet and other interactive media. There are a variety of marketing strategies, each with its own purpose, effect, and place in the marketing mix of any company. This is why it is important for any marketing department to develop a defined, unified marketing strategy. Developing a great marketing strategy is a crucial part of any company's overall growth plan, but it can be the most important action taken by any company.
What is a marketing strategy? A marketing strategy is the overall objective and goals of any advertising and marketing efforts. It is comprised of the creative and technical efforts that a company will take to reach out to its audience and attract that audience's attention and patronage. In short, all the efforts that a company makes to promote their product or service will have one thing in common; they all have the goal of increasing sales and profits.
How do you know what is a marketing strategy? Your marketing plan should include the vision of your company, the overall marketing strategy that you intend to use, the time lines for implementation, and a detailed description of your planned results. These results should be quantifiable, measurable, and realistic. For example, your vision and strategy might be to increase sales by 50% within the next two years. This is a very specific target, which requires a detailed analysis of your current practices to determine if this goal can be met. Your marketing plan should detail the time line by which you expect to meet these goals, the scope of your planned activities, and your budget for this effort.
What is a marketing strategy? A solid marketing plan includes a comprehensive list of all the goals you have identified for your company, a list of all the potential customers you will reach, and a detailed description of the actions you are going to take to achieve these goals. These goals must be clearly defined, quantitative, and realistic. For instance, if your company plans to conduct social media marketing, then a social media definition would include the types of social media that will be used, the number of people who may be reached through these media, and the cost per action (if any) associated with reaching these users.
What is a digital marketing strategy? Digital marketing strategies include digital advertising, content marketing strategy, and email marketing strategy. Digital marketing describes the use of digital media such as email, digital website content, and mobile applications to advertise your products and services. Content marketing describes the use of search engine optimization, media buying and publishing, and pay-per-click strategies to advertise your product or service. Email marketing strategy describes the process of sending out targeted promotional messages to potential customers. Content marketing strategy uses proven methods to generate and distribute relevant information about your product or service to help build customer loyalty and to increase sales.
What is a marketing mix? The marketing mix refers to the mix of strategies that are most effective for your business. These include: generalist strategies that target a larger audience; personal branding strategies that build a more personalized reputation for you and your business; and specific marketing strategies to reach an individual customer.
How do I position my company or product so that it is more competitive and attractive to potential customers? Positioning involves knowing what your competition is doing and how to better serve their consumer. Once you have this knowledge, you can begin using some of the same tactics that they are using. You can develop your own strategies and methods that compliment theirs but you must be unique and differentiate yourself in your own ways. There are many online resources for positioning your business. These include: positioning research, competitor analysis and positioning analysis, market sizing and positioning, market segmentation and positioning, customer insight and positioning, customer loyalty and positioning, and customer transactional analysis.