What is a marketing strategy? Marketing strategy is the method by which a business communicates with its unique selling proposition (USP) to potential customers and establishes the viability of its offerings relative to current and prospective marketplace conditions. Marketing strategy planning involves defining a clear strategy that will guide business decision-making in all areas of product development from idea generation to marketing implementation. It also involves analyzing market conditions and making informed guesses as to what type of products and services will draw customers. Marketing strategy planning helps businesses determine how best to position their products and services for maximum profitability in a given market segment.
In simple terms, marketing strategy is a blueprint by which a company determines how best to reach out to prospective customers and gain a foothold in their target markets. Marketing strategies are usually long-term undertakings that require sustained effort to yield concrete results. Successful marketing strategies help a company carve out a unique niche in their target markets, drive sales growth and maintain consistent levels of customer satisfaction. Marketing Strategy planning helps an organisation defines its goals, establish long-term planning and develop efficient plans to achieve those goals.
A Digital Marketing Strategy helps businesses achieve certain set goals through the use of effective digital marketing tactics. For instance, a digital marketing strategy may be designed to drive new customer traffic to a website, or to improve the company’s brand recognition in the marketplace. Other goals might be to build higher levels of loyalty or to drive targeted lead generation. The methods and techniques used to achieve these set goals would depend on the business objectives.
One of the most common marketing strategies is through the use of advertising or marketing tactics. Advertising techniques may include print, electronic media, television, radio and the Internet. While each serves to enhance a company’s visibility in the market or to generate sales, the effectiveness of each varies. The frequency, cost and impact of each vary as well, which explains why it is so important to identify the goals and targets of any marketing strategy before investing in the tools or tactics.
Brand Channel Is owning or managing a group of different online and offline advertising media provides a unique opportunity to create a unique marketing strategy. For example, a popular brand channel might be an eBook, video, email course or other hosted content system. E-mail, video and podcast distribution are usually managed by a third party. However, some companies prefer to have complete control over their own brand channels, whilst others may not see the advantage of having total control. In this case, it makes sense for them to either buy their own e-mail distribution or to host their own video and podcast channels.
Paid advertising campaigns can also be a useful tool to enhance a company’s own marketing strategy. Paid advertising campaigns can often deliver results faster than any other method and are more cost-effective. Common channels include pay per click (PPC), pay-per-impression (PPI) and sponsored search engine advertising (SEO). However, there are some sites that are able to run PPC and SEO campaigns at no extra charge, allowing those without budgets to still enjoy great results with little extra work.