What Is a Marketing Strategy?
What Is a Marketing Strategy?A marketing strategy refers to a company’s overall plan to reach potential consumers and convert them into customers of its product or service. A marketing strategy includes the company’s value proposition, key brand message, target customer demographics data, and other high-level elements.
A complete marketing strategy includes the “Four Ps” of marketing: product, price, location, and advertising.
A marketing strategy is a company’s game plan to reach potential consumers and convert them into customers of its product or service.
Marketing strategies should revolve around the value proposition of the company.
The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over competing companies.
A clear marketing strategy should revolve around the value proposition of the company, explaining to consumers what the company is, how it works and why it is a good fit for their business. It provides a template for marketing teams that must educate their initiatives across all of the company’s products and services. For example, Walmart (WMT: NYSE) is widely known as an “everyday low price” discounter whose business and marketing activities are based on this idea.
Marketing Strategies vs Marketing Plans
Marketing strategy includes information about the marketing plan, a document that details the specific types of marketing activities that a company undertakes, and provides timelines for launching various marketing initiatives.
Marketing strategies should ideally have a longer life span than individual marketing plans because they contain the value proposition and other key elements of a company’s brand that is stable over a long period. In other words, marketing strategies cover the big picture message, whereas marketing plans describe the logical details of specific campaigns.
Academics continue to debate the exact meaning of marketing strategy, and so there are many definitions. The following quotes from industry experts help pinpoint the specifics of a (modern) marketing strategy:
- “The sole purpose of marketing is to sell to more people, more often, and at higher prices.” (Sergio Ziman, marketing executive and former marketer for Coca-Cola and JC Penney)
- “Marketing is no longer about what you do, but about the stories, you tell.” (Seth Godin, Former CEO and Entrepreneur)
- “The purpose of marketing is to know and understand the customer so well that the product or service suits them and sells itself.” (Peter Drucker, considered the founder of modern management)
- “Marketing is never done. It is about perpetual motion. We need to keep innovating every day.” (Beth Comstock, former vice president, and chief marketing officer, GE)
- “Take two ideas and combine them into a new idea. After all, what is a snuggle but a mutation of a blanket and a robe?” (Jim Kukral, spokesperson and author of Achtung!)
Building a marketing strategy
The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over competing companies by understanding the needs and wants of consumers. Whether it’s a print ad design, mass customization, or a social media campaign, a marketing asset can be judged by how effectively it communicates a company’s core value proposition.
Market research can help determine the effectiveness of a particular campaign and identify untapped audiences to achieve the bottom line and increase sales.
Why does my company need a marketing strategy?
A marketing plan helps a company channel its advertising money where it will have the greatest impact. A 2019 study by CoSchedule, a provider of marketing software solutions, found that companies with a documented marketing strategy were 313% more likely to report success in their marketing campaigns. The company surveyed 3,599 marketers from over 100 countries.
What does a marketing strategy look like?
A marketing strategy describes the advertising, reach and PR campaigns a company must run, including how the company will measure the impact of these initiatives. They usually follow the “Four Ps”. The characteristics and components of a marketing plan include the following:
Market research to support price decisions and new market entries
Tailored news targeting specific demographics and geographic regions
Platform selection for product and service advertising – digital, radio, internet, trade magazines, and a mix of these platforms for each campaign
Metrics that measure the results of marketing efforts and their reporting schedules
What does the 4 Ps Mean in Marketing Strategy?
The 4 Ps are “product, price, promotion, and location. These are the key factors that play a role in marketing a good or service. The 4 Ps are used when planning a new business venture, evaluating or optimizing existing offers. This can be done when trying to sell with one target group or test an existing marketing strategy on a new target group.
Is a marketing strategy the same as a marketing plan?
The terms marketing plan and marketing strategy are often used interchangeably, as a marketing plan is developed based on a broad strategic framework. In some cases, strategy and planning can be summarized in one document, especially for small businesses that may run only one or two large campaigns per year. The plan outlines the marketing activities on a monthly, quarterly, or annual basis whereas the marketing strategy outlines the overall value proposition.
What is marketing?
The AMA’s definitions of marketing and market research are reviewed and re-approved/revised every three years by a panel of five active researchers.
Marketing is a series of activities, entities, and processes used to create, communicate, distribute and exchange value propositions for customers, clients, partners, and society. (Accepted 2017)
definition of market research
Marketing research is the work that connects consumers, customers, and the public to the market through information – information used to identify and define marketing opportunities and problems; generate, refine and evaluate marketing campaigns; marketing performance monitoring; and to improve the understanding of marketing as a process. Market research specifies the information needed to address these issues, designs the methodology for collecting information, controls and implements the data collection process, analyzes the results, and communicates the results and their effects. does. (Accepted 2017)
A trademark is a name, word, design, symbol, or any other attribute that distinguishes one seller’s goods or services from those of other sellers.
The ISO Trademark Standards state that a trademark is “an intangible asset” whose purpose is to “create a clear picture and association in the minds of stakeholders and thereby generate economic benefit/value”.
What are Different Marketing Strategies?
Marketing is not just one strategy, but a combination of many different techniques and tactics. Below we have listed some important marketing strategies that you should be aware of. Click on the red links to learn more about each of these strategies.
Marketing Plan: Discover what a marketing plan is, why you need to create one, and how to create a strong plan. Without a marketing plan, a company or brand cannot achieve its goals.
- Digital Marketing: Digital marketing is the marketing discipline that focuses on developing a strategy specifically in the digital environment.
- Direct Marketing: Direct marketing is a type of campaign based on direct, two-way communication that seeks to trigger results for a specific target audience.
- Email Marketing: Email marketing is one of the most profitable and effective techniques in terms of ROI. Of course, this includes sending emails to your audience but make sure you define your segment well in order to be effective.
- Mobile Marketing: Mobile marketing is a broad concept that brings together all marketing campaigns and promotions that are specifically focused on mobile platforms and applications (i.e. smartphones and tablets).
- Viral Marketing: Going viral is the dream of every company. Viral marketing spreads from person to person and can move incredibly quickly.
- Display Marketing: Display marketing is a methodology that uses various marketing methods and techniques and guarantees advertisers that they will only get paid for the results achieved.
- Inbound Marketing: This method focuses on creating valuable content to attract qualified traffic and work towards the final sale.
Examples of marketing strategy
Spotify: Provide a Different User Experience
Today, Spotify is one of the most well-known global companies, but how did this Swedish brand come to conquer the world?
There are many streaming music services, but what makes Spotify unique is its ability to help users discover new content. Spotify breaks the mold of the typical music streaming platform and instead offers listeners an entirely new user experience.
For example, in addition to specific filters by genre, Spotify also allows users to choose music based on their mood. Whether you want to work out, sleep, or even have some songs to sing in the shower! It helps users find songs that would never have happened to them and, in turn, strengthens their relationship with the brand. They are also a pioneer in using artificial intelligence to specifically curate playlists based on the habits of their users, such as Release Radar and Discover Weekly.
Nordstrom: Use Retargeting Wisely
A constant problem faced by online marketers is that consumers are now so easily distracted. Between multiple windows, messaging programs, and “real world” interruptions, there are many reasons why users leave their vehicles.
To solve this problem, Nordstrom uses an assertive retargeting strategy using email and retargeting advertising campaigns on social networks that are activated by cookies and based on incident feedback. The result is a series of reminders that make it very difficult for the user to forget about the purchases they left behind.
GoPro: Trust User-Generated Content
GoPro cameras are a favorite among adventure, adrenaline junkies, and athletes because they manage to record content that was nearly impossible to record using conventional cameras. Due to the nature of its product, GoPro is capable of creating great content.
One of their best marketing strategies is how they make it easy for their customers to share branded user-generated content. For example, GoPro’s editing programs create videos with easily recognizable start and end frames that contain the GoPro logo and branding. GoPro then shares these videos on social media, which in turn inspires more users to create and post their own videos.
What Is a Marketing Strategy? Examples of marketing strategy