free consultation
Of course, let's get down to basics. A marketing strategy, in short, is a well-thought-out plan of action to achieve specific objectives in the area of marketing.
However, it is not just a plan, it is more like a roadmap to success. It is a tool that helps the company focus on the most relevant aspects and make decisions based on solid data and research. Without a solid strategy, marketing activities can become chaotic and ineffective. That's why it's worth spending the time and resources to create a coherent marketing strategy.
Now that we are clear on the substance of the marketing strategy, we can move on.
table of contents:
What is a marketing strategy for your company? It is a kind of directional guide that defines your goals and the path to achieve them. It is a tool that indicates precisely what you want to achieve, how to achieve it and what actions to take to reach your goals. Without such a strategy, your marketing efforts can become chaotic and lack a meaningful plan.
An indispensable marketing strategy allows you to differentiate your company from the competition by using unique features and applications in your marketing efforts. It is the foundation for building a strong brand and attracting new customers.
A resourceful marketing strategy also allows you to use your resources efficiently, focusing on the areas that are most beneficial. Instead of wasting resources on ineffective activities, you can invest in those that are truly effective.
And it doesn't stop there, a marketing strategy not only helps you achieve your short-term goals, but lays the foundation for success in the long term. It builds lasting relationships with customers, increases brand recognition and creates a loyal customer base, resulting in lasting benefits for your business.
In the field of marketing strategy, there is a wealth of approaches to achieving business success. The value of each comes from its fit with the specific needs of the business, dynamic market conditions and customer expectations. Here are some common types of marketing strategies that play a vital role in the business world.
See also The best AI tools. Improve work efficiency.
This marketing concept is based on the creation and distribution of valuable, consistent and meaningful content that attracts and engages a selected audience. Its main objective is to acquire new customers and retain existing ones by building lasting relationships based on values and trust in the brand.
This concept focuses on using social media to develop customer relationships, promote offers and increase brand awareness. This can include paid advertising, collaboration with influencers, and activity in groups related to a particular topic.
It's a set of practices aimed at improving a website's position in organic search results. SEO is the modification of content, site structure and the creation of valuable links to increase online visibility.
It involves using electronic mail to communicate offers, promotions and events to a group of recipients interested in the content in question (newsletter subscriber members). The main focus is on building loyalty, trust and brand awareness.
It focuses on attracting customers by providing valuable content and tailored experiences based on their needs and interests.
This strategy is based on partnerships with affiliates, i.e. third-party individuals or entities who advertise your products or services. In return for their efforts in promotion, they receive a certain commission for each successful sale they generate. It's a kind of business partnership that allows you to expand your marketing reach, reaching new customers through the involvement of these affiliates.
An event-based marketing strategy focuses on organizing or participating in a variety of events to promote a brand, products or services. This can include various types of gatherings, from conferences to webinars, industry trade shows or even charity events. By participating in these initiatives, a company can build brand awareness, establish relationships with customers and gain new business opportunities.
Find out:
As you begin the process, focus on a thorough review of your company's strengths and weaknesses - these are issues over which you have more influence. Also assess the external environment, recognizing opportunities and threats.
Internal analysis is about understanding what makes you stand out in the market. Do you have a specialty that brings an advantage? Are you faster than your competitors? On the other hand, consider your weaknesses. Do you lack experience? Are you limited by a lack of resources?
When identifying opportunities, pay attention to areas where you can take advantage of market gaps. However, don't forget about threats - such as competition in the market. It is important that you can prepare for these challenges and have a strategy for dealing with potential problems.
Prepare a financial plan early on. Even if you don't plan to invest in expensive marketing tools such as Google Ads or Facebook ads, it's worth considering how best to use the available funds. Remember that you usually can't afford not to advertise at all. There are companies that attract customers through a solid reputation and effective promotional activities, but this requires building a strong market position in advance.
Therefore, it is important to accurately estimate how much money you want to spend on advertising on a regular basis to avoid a loss.
Preparing a concise but specific portrait of your target customers is a key step. You can describe them, taking into account their age, gender, income level, location or even their lifestyle.
For strategies targeting business customers, there is a need to take a different approach. When focusing on attracting such clientele, it is important to identify not only specific decision-makers, but also to create profiles of the companies themselves. It is worth taking into account their size, revenues, organizational structure and individual needs. It is important to avoid trying to reach everyone, because then you may end up reaching no one.
Check out What is protopersona
Consider carefully analyzing the market environment, especially the activities of other companies operating in the same field as yours. Even with an exceptionally unique product, competition will emerge over time, so it is important to prepare for it in advance.
There is value in understanding and evaluating what your competitors are doing, but not for the purpose of directly copying them. Rather, it's about identifying areas where you can differentiate yourself or do better to consistently outperform other companies.
Starting your analysis with your competitors' customer reviews is a good starting point. Use tools such as Brand24 to monitor their social media presence and find out what customers are saying about them. This will help you understand what products and services are popular, and what marketing strategies yield the best results.
It's also a good idea to sign up for competitors' mailing lists. This simple action will keep you up to date with their promotions, news and information they provide to their customers.
Remember that a key element of any marketing strategy is a consistent narrative that sticks to a certain line. It's worth considering some important points:
Analyzing these questions will allow you to craft a coherent story that customers can identify with. In this way, you will not only stand out from the crowd, but also convey richer values to your customers, which is key to building loyalty and commitment.
Consider carefully which methods will work best to achieve your marketing goals. The choice is not always clear-cut - some companies succeed with traditional advertising (such as newspapers, billboards, radio, television), while others focus on online marketing.
Remember that a marketing strategy must take into account the time it takes for some channels to generate results. Experimentation may also be needed, which can absorb both budget and time. Ultimately, choose those methods that best fit your business and goals, and not necessarily those that are commonly used.
When implementing your marketing strategy, effectively use time as a valuable resource. Introducing channels and campaigns at the right time is critical to their effectiveness. Once you've set goals and chosen implementation methods, set realistic deadlines for each step. Be aware of possible delays and provide for adequate flexibility in the schedule. But don't forget the need to maintain momentum so that the process doesn't slow down.
Choosing the right marketing strategy for your company is a matter of understanding the specifics of your business and the goals you want to achieve. The first step is an in-depth analysis of your product/service and the market in which you operate. That's considering your strengths and weaknesses, researching your competitors and understanding current industry trends.
Pay attention to the available resources. Do you have enough time, money and skills to execute your chosen strategy? This is important, as different strategies require different inputs. It's worth testing several options to find the one that best fits your business and goals.
Constant adaptation is also important. Monitor performance, test new approaches and flexibly adjust your strategy to make it as effective as possible. It's a process of continuous improvement that allows a company to adapt to changing market conditions and customer needs.
Marketing strategy is a key element of business operations, shaping how a company operates, identifying goals and aligning activities with market needs. It's an important foundation that allows a company to stand out from the competition, optimize marketing expenditures and measure the effectiveness of its activities, which translates into long-term success.
A marketing strategy, to be effective, must be like a tailored suit - it must fit the company in every respect. That is, it should harmonize with internal resources and the surrounding business environment. It must be realistic, have a chance for success, be flexible and anticipate possible risks. Here are some characteristics that distinguish a good strategy:
As for methods of strategy building, there are three main approaches:
Each of these approaches has its advantages and disadvantages, but the key is that the chosen strategy should be tailored to the company's specific conditions and needs.
Developing a marketing strategy is becoming indispensable in the face of intensifying competition in almost every field of the economy. It is practically always worth investing in a marketing strategy, if only to varying degrees.
Shifting from a brand-building mindset becomes a necessity if you plan to stay in business for several years. The value of a solidly planned and established brand often exceeds even the value of the company itself.
There are various times to start working on a strategy. Here are some of them:
Of course, it depends on the scale of the business. Typically, entrepreneurs see revenue increases of as much as 300% within just four months of starting operations. Even the smallest increases we've seen so far have been around 20% higher revenues year-on-year after implementing the strategy.
The decisive factor in the scale of growth is the commitment and determination of the owners or decision-makers responsible for key decisions. The principle is quite simple: what gets sown, gets reaped.
This revenue growth we are seeing from our clients involves two interacting levels. They are often complementary. First, better marketing effectiveness translates into more transactions. Second, the higher value of a client's brand means they can charge higher prices for their products or services.
As for the increase in the value of services, we have participated in projects that have increased the price by 100%. One client not only increased the number of clients served from 44,000 in 2017 to 52,000 in 2019, but also increased the average price of participation by about 100%.
See also How to run social media
All right, but how much does it cost?
Each project is priced individually, since the diversity of companies and differences in their business models preclude the possibility of a fixed price list. The cost of developing a marketing strategy depends mainly on the scope of work and the number of areas that need to be covered.
For example, a company with multiple target groups must conduct marketing research tailored to each of these groups. Each additional study increases the amount of work, which of course affects the final pricing of the project.
The number of target groups has a significant impact on pricing, as each group requires separate recommendations for a brand communication strategy.
Example costs:
The quote is the result of the amount of work needed to conduct marketing research, analyze the client's brand and competitors, and prepare the communication strategy and the brand strategy itself.
Check also:
Executing a solid marketing strategy is usually a process that takes 4 to 12 weeks. During this time, experts collect relevant data, conduct in-depth analyses of the market and consumer behavior. They also pay great attention to defining innovative concepts that can later be implemented in specific marketing channels.
In addition to creating a marketing strategy, it is also important to implement it. It's not just a matter of planning - you need to hire experts to carry out the various tasks, use the right tools and the available budget. It's worth having patience, as results require consistent pursuit of goals and do not appear immediately.
Of course, the value of creating a marketing strategy more than once is to adapt it to changing realities. If the originally developed plan was comprehensive and took into account all the needs of the company, it can be updated once the main objectives have been realized. Nevertheless, there are situations when the strategy does not meet expectations - then it is advisable to revise the existing plan or create a new, more thoughtful and accurate one.
Digital Agency Hauerpower
Copyrights 2010-2022
