Marketing strategy is an approach that will help an organization to focus its limited resources to the most lucrative opportunities to improve sales and reach a sustainable competitive edge.
It is a systematic way of managing resources in such a way as to maximize revenues and at the same time minimize costs. It is a way of planning the marketing activities of an organization, which will make sure that these activities are geared towards meeting the demands of the market. It also makes sure that the marketing activities are carried out in a manner that makes maximum use of existing resources while minimizing future costs.
There are different kinds of marketing strategies, such as those that are applied on a national level, those that are applied on a local level, and those that are undertaken by companies in specific markets.
National level marketing strategies are adopted to create awareness of a product or service and help it become popular among a mass audience. Local level marketing strategies are adopted to create awareness of a product or service in a particular geographical area or to a specific community. It is generally used by small companies that have limited budgets for marketing their products and services.
A good marketing strategy always focuses on two major objectives: (a) to enhance sales through increase in customer base and (b) to achieve a company’s environmental goals. Sales of a product or service will be increased if customer base increases and if those customers do not turn into customers. The success of marketing efforts lies in achieving both of these objectives.
There are several ways of assessing a marketing strategy.
A comprehensive marketing plan should take into account such aspects as the competition, the business climate, and the available marketing options. Customer attitudes towards certain marketing strategies can tell a lot about how successful the marketing campaign will be. It helps the company determine what its competitors are doing to achieve success in their field and also tells what its customers think about the product or service offered by the company.
A successful marketing strategy will be effective not only because it increases sales but also because it generates brand awareness.
Two types of marketing strategies are commonly used for increasing brand awareness: (a) direct marketing using television, radio or print media and (b) digital marketing via the Internet and other media. Direct marketing usually relies on advertising to spread the word about a new product or service. However, the costs of this strategy tend to be high because advertisers usually need to pay for each individual advertisement and, in some cases, they also need to pay for the time spent by the television, radio or newspaper reporters in creating the commercials. Digital marketing, on the other hand, does not require any upfront investment from the advertiser.
An excellent marketing strategy is content marketing strategy.
This strategy, which refers to the provision of free information to users who visit a certain web site, encourages them to connect with the company and purchase its products and services. For instance, a clothing manufacturer decides to run a marketing strategy using social media. First, the manufacturer develops content about the manufacturer’s brand and products.
Then, he makes photos of clothes that his manufacturing company produces available on social media sites such as Facebook and Twitter.
Users who are logged into these sites can easily connect with the manufacturer and ask questions regarding the brands and their products. The manufacturer then uses the power of his online marketing campaign by answering the questions posted by the users and by replying to posts made by other users. This interaction leads to building up a network of potential customers and potential affiliates. The network is then used to post ads of the clothing manufacturer online.
In short, the key to successful marketing lies in creating a content marketing strategy.
This strategy should be coupled with aggressive and timely promotions. It requires fast fact gathering, high quality content and the ability to use online media effectively. By following this approach, a large number of customers will be attracted to the manufacturer and his business thus boosting its sales.