What is marketing strategy?
What is marketing strategy?A marketing strategy is a broad-based strategic planning tool that explains your products and services, their place in the marketplace, and how they can help you gain market share. You can also make a marketing plan (the tactics you will employ) and measure its effectiveness by describing your customer and competitors: https://www.12handz.com/services/marketing-plan.
The marketing strategy gives you a sense of your marketing’s overall direction, while a marketing plan focuses on the actions you will take in the current year to implement your marketing strategy within a few next years.
Creating marketing plan step by step
You will be able to achieve your business goals through your well-designed marketing strategy plan and focus on the actions required to reach your target market.
Start the marketing planning process by identifying your business goals. You may focus on increasing brand awareness, selling more products, or finding new customers. Use the SMART method – the goals should be specific, measurable, achievable, relevant, and time-bound.
Assess all your marketing activities over the past three years – it’s a marketing audit. Have a look at all possible activities, brochures, announcements, advertisements, and any other you have used to see if they were successful.
Implement key performance indicators (KPIs) to measure the elements of an integrated marketing campaign.They also motivate you to create short-term goals to control your progress.
It’s also pretty important to identify who your customers are – their sex, age, location, job title, family size. Ale the details will influence the types of adverts and content to publish.
Additionally, you need to think about the examples of marketing plan channels that you are going to use. The ideas should include all advertisement types you predict to be effective for you, including a digital marketing plan.Decide what content you want to publish and how often it will appear. Your online marketing strategy may include social media presence, blog posts, e-books, or instructional videos. They forms you choose should comply with the characteristics of your audience.
However, after having decided on the marketing channel to use, you will have to verify if you can afford them. Define your marketing budget and try to find cheaper of free alternatives to be able to still promote your business widely.
And last but not least, identify your competition and their marketing strategy plan.Analyse their keywords to find a niche, and be unique rather than copy their online marketing strategy.
The 4Ps – basic marketing strategy elements
It’s high time we analysed the 4Ps – basic marketing strategy elements. In theory, if you cover all 4Ps, you will get higher returns.
- Product – the products you sell or services you offer. In the 4Ps marketing strategy, you have to be aware why your product or service is unique.
- Price – how much your customers have to pay for your products of services. Analyse how much you want to charge, to be competitive but not to cheap at the same time.
- Place – identify the location of your customers and go to them with your products and services.
- Promotion – make a list of all marketing tools you are willing to use.