Marketing is a dynamic and ever-changing field. The top digital marketing strategies change with the consumer and technology trends of the day. This is why every company needs a good marketing strategy that’s well planned and has well defined milestones and objectives. Once you have the right map, the chances you’ll reach the goals you’ve set to your business, are much higher.
“Marketing strategy is a long-term, forward-looking approach and an overall game plan of any organization or any business with the fundamental goal of achieving a sustainable competitive advantage by understanding the needs and wants of customers. A marketing strategy refers to a business’s overall game plan for reaching prospective consumers and turning them into customers of their products or services. A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements.”
A marketing strategy is designed by:
1. Choosing the target market: By target market we mean to whom the organization wants to sell its products. Not all the market segments are fruitful to an organization. There are certain market segments which guarantee quick profits, there are certain segments which may be having great potential but there may be high barriers to entry. A careful choice has to be made by the organization. An indepth marketing research has to be done of the traits of the buyers and the particular needs of the buyers in the target market.
2. Gathering the marketing mix: By marketing mix we mean how the organization proposes to sell its products. The organization has to gather the four P’s of marketing in appropriate combination. Gathering the marketing mix is a crucial part of marketing task. Various decisions have to be made such as :
a. What is the most appropriate mix of the four P’s in a given situation
b. What distribution channels are available and which one should be used
c. What developmental strategy should be used in the target market
d. How should the price structure be designed
Customers buy a product or service because it fulfills a want or need. Marketing is how potential customers learn about a product and determine if it might be a good fit. Your ability to articulate the key benefits your product provides is, therefore, critical to business success.
To communicate with potential customers in a meaningful way requires a deep understanding of your product and the problems it solves. Communicating the benefits gives meaning to features and helps buyers make an informed choice of the value they will receive by purchasing the product.
Including this information in your marketing strategy helps the team consistently describe why potential customers are going to love your product. This is key to launching integrated campaigns that reinforce the same value proposition across all social channels, advertisements, and company-published content.
A marketing strategy establishes how you will achieve your company’s vision, mission, and business goals. It brings together core building blocks that show a comprehensive understanding of the market and where your product or service fits.
Your strategy should be clearly articulated and easily accessible to the team. This keeps everyone aligned on the long-term plan and how success will be measured. You will need to review your strategy regularly as market conditions change and you learn more about what your customers want and need. This ensures that your marketing efforts stay in sync with the business and most importantly, effectively engage your customers.
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