A marketing strategy refers to the overall strategy of any company or any organization with the single purpose of attaining a sustainable competitive edge by knowing the customer’s desires and needs. It also involves a vision and commitment towards a set of business goals, along with a discipline and a strategic approach in making strategic decisions. With these, marketing strategy aims at providing an understanding of what customers want.
There are four Ps that define an effective marketing strategy: commitment, process, scope, and prospect. A commitment towards reaching a specific goal is inherent in every marketing strategy irrespective of whether it is a product brand or service. The process that makes every decision-relevant and effective and that ensures measurable objectives is part of the process of a successful marketing mix. The scope encompasses every activity of marketing and includes its impact on the customer.
The four Ps of marketing strategy need a constant and flexible basis. The plan needs to be reviewed periodically to ensure that objectives are being met. Process and scope change as time evolves may necessitate adjustments in marketing strategies. These should be incorporated into the overall marketing plan so that modifications can be made as required without affecting the plan’s objective. In addition, new and innovative marketing strategies will be developed based on evaluation of the current marketing mix.
A marketing strategy is incomplete without the right marketing strategies for each individual and each audience. For instance, for a product to be appealing to a particular segment of the audience, it needs to be marketed differently to another segment. In other words, the product needs to be marketed differently so that it reaches the right target audience, thereby ensuring a higher rate of conversions. For example, an infomercial for a particular product may be designed for a different audience than the target audience for a different product.
Successful marketing strategy formulation also involves the identification of a strong value proposition. This can be done by engaging the target audience in the development of the message. However, it may not always be possible to identify the value proposition upfront. Sometimes, it may be a trial and error process. Once this is identified, it can be used as a foundation for developing the right marketing strategy.
Successful marketing strategy formulation also involves the measurement of results. In addition to evaluating the effectiveness of marketing activities, the results of such activities need to be measured and reviewed on a regular basis. Measurement should be both quantitative and qualitative. Quantitative measurements should be based on specific market inputs. Quantitative measurements should also be able to provide important insights into the effectiveness of marketing strategies.
A marketing strategy will not be able to provide the desired level of impact if the implementation does not have the necessary safeguards in place to protect the interests of the stakeholders. A number of such safeguards are built into marketing plans as part of their overall functionality. For example, a well-designed marketing strategy will include measures that address issues of reputation management and brand messaging implementation.
social media engagement is another component that goes into the development of a solid marketing strategy. The key is to engage and connect with influencers in a way that allows the influencer to provide valuable content to the user base. Without an engagement strategy, users may not take the necessary action to drive greater visibility to the brand. Additionally, a marketing plan will not be effective if it does not address issues of visibility. A great lead magnet is only effective if there is sufficient visibility of the brand or product.
