Marketing Strategy: What It Is and How to Create One
What is a marketing strategy?
A marketing strategy is an overview of how a business or organization will articulate its value proposition to its customers. Generally, a marketing strategy outlines business goals, target market, buyer personas, competitors, and value for customers. It provides a long-term vision for overall marketing efforts, often looking many years ahead.
A marketing strategy is a comprehensive plan formulated specifically to achieve marketing objectives. It outlines the ways a business will position its products or services in the marketplace, differentiate from competitors, and target its desired customers. A good marketing strategy considers various components including product, price, place, promotion, people, process, and physical evidence.
Here’s a step-by-step guide on how to create a marketing strategy:
Situation Analysis:
- SWOT Analysis: Identify your company’s Strengths, Weaknesses, Opportunities, and Threats.
- Competitive Analysis: Understand your competitors, their strengths, and weaknesses, and how your offering differs.
- Target Audience: Define and segment your target audience based on demographics, psychographics, behavior, etc.
Define Your Marketing Objectives:
- These can range from increasing brand awareness, driving sales, expanding market share, to fostering loyalty. Ensure they’re SMART (Specific, Measurable, Achievable, Relevant, and Time-bound).
Unique Selling Proposition (USP):
- Determine what sets your product or service apart from competitors. This will be a key message you communicate to your target audience.
Determine Your Marketing Mix (7Ps):
- Product: Define the product or service you’re offering.
- Price: Establish pricing strategies and tactics.
- Place: Determine distribution channels to reach customers.
- Promotion: Decide on the promotional tactics (e.g., advertising, PR, social media).
- People: Ensure staff and stakeholders understand and support your marketing strategy.
- Process: Streamline the processes involved in delivering your product/service.
- Physical Evidence: Think about the tangible aspects that customers experience (e.g., a store’s ambiance, product packaging).
Budgeting:
- Allocate a budget for each marketing activity. Ensure the allocation aligns with your strategic priorities and provides the best return on investment.
Action Plan:
- For each marketing tactic, detail the steps, timeline, and responsible parties.
Implementation:
- Execute your strategy as per the action plan. Engage all relevant stakeholders, teams, or departments.
Monitoring and Evaluation:
- Continuously monitor performance against objectives using Key Performance Indicators (KPIs).
- Adjust tactics if needed based on results.
Feedback and Iteration:
- Regularly revisit and revise the strategy based on feedback, changing market conditions, and results.
When crafting a marketing strategy, always consider the dynamic nature of the market. Flexibility and adaptability are essential, as changing environments, technologies, or market demands may necessitate adjustments to your strategy.
