What is the marketing strategy? It’s a tool that any business owner can use to organize their marketing efforts in such a way as to maximize their returns and minimize the risks involved in doing so. Marketing strategy is often called the skeleton of a successful business plan, because it allows you to define and pinpoint the most critical parts of your plan, while discarding those that aren’t directly related to the development of your business.
Let’s define marketing strategy in a broader sense. Marketing strategy is an organized process which will help an enterprise to focus its limited resources on those opportunities which lay the most potential for future growth and thus achieve a sustainable competitive edge. A marketing strategy is essentially a list or matrix detailing all the stages of a business development process, from the idea to inception to marketing to sale. The skeleton of a marketing strategy usually lays out a sequence of events from the very beginning, from identifying competitors and prospecting customers, through planning and development, execution and measurement.
The skeleton also includes 4 Ps. Positioning, Persistence, Proactivity, and Precision. These are: position, meaning how you position yourself to the market, persistence, the processes you will use to position yourself, and finally, the methods you will use to measure these positions. This list of the four Ps.
Positioning is the first step to positioning yourself. You need to identify your target market, know who you want to connect with, identify your product and service, set your objectives and create a plan to achieve those objectives. Persistence is the next step in positioning yourself. You need to create a plan to achieve the objectives, determine what is holding you back and set a plan to overcome that.
Next, you have to identify your competitive advantage or unique value. The purpose of marketing is to set your unique value or competitive advantage apart from all your competitors. Unique value allows you to stand out from the competition by providing something that no one else is offering. The third key pillar is consistency. Consistency is what keeps you on track with your marketing objectives and helps you achieve your goals.
Once you have identified your 4 Ps, your marketing strategy can be implemented. The strategy can include using multiple channels, such as print, radio, television, and Internet. There are also other channel tactics available for you to consider as well. The important thing is that your marketing mix will help you reach the goals you have identified and keep you on track toward achieving those goals.