12 min read
For any business, the idea of always attracting new customers for its product is a dream come true. However, building a strong reputation for your work and services is not a walk in the park. It entails coming up with the perfect marketing strategy that suits your business.
Marketing strategy is the collection of techniques and tactics that enable the business to channel its resources into the best opportunities for higher sales and attain a competitive edge over its competitors. A marketing strategy is a long-term plan of activities that contribute to making strong brand awareness. In other words, a marketing strategy is an ultimate blueprint for reaching prospective clients and turning them into actual customers.
Importance of a Marketing Strategy
There are several reasons why you should develop an effective marketing strategy. The benefits and importance of developing a strategy include the following:
Help in Product Development
An excellent example of marketing strategy for a product or service should narrow down its product development to meet its target customers’ wants and budget, providing a unique value proposition. A marketing strategy includes information on the taste and preference of target customers on products or services that offer solutions to their daily endeavors.
Assist in Determining Marketing Budgets
A well-designed marketing strategy ensures that the marketing budget is justifiable and can determine revenue generated by the advertisement plan. Through a market strategy, an organization can come up with future expenditure plans for their marketing activities.
Provide Competitive Edge over Competitors
The best example of marketing strategy for a product or service provides compelling benefits and features of its services and products, showing why its solutions are better than those of its competitors. With excellent brand equity, more market share, optimum production, and increased sales and profits, its growth is distinguishable. For example:
(Image Credit: Web Talent Marketing)
Improves the Organizational Synergy
Teams can work hand-in-hand towards the specified plan. The team promotes and facilitates consistent communication, planning of tasks, and significant workflow across different departments. The marketing department can suggest the launch of a product, and then the production teams come up with the product, and the sales department upsell the product.
Brand Awareness
Existing and potential clients can recognize the product and the organization without needing much effort. Brand awareness helps enhance the products and services’ marketability, improve brand equity and stay ahead of its competitors.
Determine the Right Price for Products and Services
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A market strategy helps determine the fair price of products and services from the market research information. Developing a marketing strategy with the right pricing helps the company increase sales, profit margins, retain existing customers and tap into new markets.
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How to Develop a Marketing Strategy
Marketing strategies revolve around four concepts:
- Product: This is a commodity or service offered to meet the needs of a buyer. What makes a product unique and attractive is its brand, how it is packaged and how that particular product is offered.
- Price: This refers to the amount of money one has to give in exchange for a service or a product. In business, the offers provided, the discount and credit policy available. As a business, you should determine how cheap you are to sell your product, what amount your buyers are willing to spend, and what your competitor is charging for the same work.
- Place: It refers to the geographical location of a business. When thinking about a firm, pick an area that will favor your business. In the digital space, the traffic on sites determines a convenient place to set up the business. That said, you choose a location based on the assumption of where most of your clientele is likely to be.
- Promotion: This is the process of increasing awareness of the product to increase revenue through purchase. In business, what matters is how well you can convince people to purchase the product. All these depend on the channels and tactics you are using to reach out to people and how timely your advertisement is. Finally, your knowledge about your competitors’ strategy and how well you can beat them matters.
The list below provides ways in which one can come up with a good marketing strategy.
Research on Your Competitors
No single business exists in isolation. Whichever products or services you offer, there are other players out there who provide the same, and if not, there might be a likelihood that they will join the market soon. Bear this in mind.
It is fundamental to develop a market strategy with this in mind to serve as a guide. If you are a new entrant into the business, you must seek out the marketing strategy examples for small business and what example of a marketing plan will work for you.
You will need to know the products they offer, their target audience, and the marketing strategy template they follow. Consider the customer’s reaction to their products and services and their social media presence. It is essential to perform a SWOT analysis to find out their strengths, weaknesses, opportunities and the threats that they pose to the existence of your business. If you are having a hard time finding out who your competitors are you can find a competitor tool like Moz and that will help you. For example:
(Image Credit: Moz)
Set your Business Goals
A business goal is a set of concepts worked upon to produce desired outcomes within a given timeframe. Setting business goals help you measure your success and progress. As a business, who you are, determines your brand. It is important to have features that distinguish your business from other sellers who offer similar services or commodities.
Your current position in the market will also help you to determine where you want to be in the future. Your business goals should be SMART: Specific, measurable, attainable, realistic, and timely. Once you have achieved your goals, go back to the drawing board, and formulate a new marketing strategy template.
Know your Target Customers
A business exists to meet the needs of its clients. Target customers refer to a group of customers who are more likely to buy a product from a proprietor. Customers form part of marketing strategy examples that are key to the success of the business. When identifying target customers, study their shopping behaviors, how often they buy a product, why they buy the product, and how much they spend. This information is critical in determining the example of a marketing plan that is effective.
Intensify your research and establish a group that requires your product or services based on gender, age, location, income, education level, and lifestyle. It is also essential to know your customers’ location. Once you have done this research, you will know which platforms to use to reach them, giving you an advantage when advertising.
Selecting Means of Promoting Skill
These are platforms and tactics that business owners choose to communicate with their clients. When choosing a medium of communication, determine whether using that channel will reach your audience. Considering the marketing budget is paramount as it informs you whether you can sufficiently cater to the selected communication mode.
Assess the channels used by the business and gauge their performance. Come up with a list of channels that will allow you to be innovative while meeting your goal at the same time. Be certain to check the market trends and new technology that will boost your business communication skills. Some of the digital means include:
- Websites
- YouTube
- Email marketing
- Radio/Television
- Search Engine Marketing
A medium of communication helps you retain your clientele and reach out and add more customers.
Forming Alliance with Prospective Partners
Sometimes it isn’t easy to thrive on your own. Businesses will require help from other organizations and businesses to remain active. Forming alliances with prospective partners means that you agree to come together for a common purpose. The motivation behind such a decision may include offering better service to the existing customers and reaching out to new clients.
As you create a market plan, outline the benefits, and weigh them against the demerits; if the risk is worth taking, reach out to the desired companies. Some advantages of forming partnerships include the ease to create, as it only requires a written agreement to attest that each party consents. It also indicates the roles and functions of each partner. Further, it increases the experience, skills, and knowledge of each partner.
The exchange of ideas, contacts, and the partners’ unique skill set put the business in a better position. Finally, more partners mean greater borrowing capacity and availability of resources that spur growth in the business. Monster Energy Drinks and Halo Infinity partnered up for a short time to reach out and hopefully gain some new customers. This is mutually beneficial and works very well; before you partner with another company make sure it is going to work in your favor as well as the other company.
(Image Credit: Xbox Wire)
Create a Marketing Strategy Budget
A budget is a financial plan that details an individual’s income and expenditure for a given duration of time. Budgeting will help you track your money, keep out of debt and be in charge of your finances.
A marketing budget is what transforms the business goals into tangible results. Getting the product into the market means that you will have to publicize it. A marketing budget gives the business a holistic view from market research, planning, and product development to promotions.
The budget is determined by your business line, with e-commerce having to spend more on paid advertisements, direct mail, or email marketing. On the other hand, in a niche market, content marketing takes the lion’s share of your budget. Thus, while developing a marketing strategy, the business must know that it’s marketing channel’s choice will determine the marketing budget.
Research About your Market
To develop a robust and useful marketing strategy, then you must learn about your market. The market research gives you an idea of new business opportunities, and it gives you information on the market risks. Researching a need or a niche goes beyond reading about trends in print media. It involves deliberately using online tools to improve your knowledge about your environment.
Knowing how to use tools such as the research kit will keep you on top of the game. You can search and read about your industry’s marketing strategy examples and adjust your business to meet the current needs and demands. Knowing where and how your competitors are advertising will help you capitalize on their weaknesses and improve your skill.
Invest in Good Customer service
The ability to listen, offer help, and attend to customers with exceptional care is among marketing strategy examples for small business that has helped firms grow tremendously. Excellent customer service creates a name for the company. A firm with a good reputation is credible and customers are more likely to buy services and goods from a trusted source.
Businesses grow through referrals. Good customer service will earn firm referrals, thus increasing traffic. The increase in customers increases purchases and healthy revenue, as well. When a business gains loyal customers, it begins to cut costs on marketing and generate new ideas that keep the company growing. Customer service is an asset that a company should exploit to the maximum. Here are a couple good reviews on an Etsy product that are sure to draw more customers to purchase:
Examples of Successful Marketing Strategies
Industries and markets change over time, but some brands have managed to remain at the top. These brands continue to set trends that small and upcoming businesses must try to emulate. The following is a marketing strategies examples list of successful marketing strategies.
The Coca Cola Company
Coca-cola is a multinational company that manufactures beverages, both carbonated and non-carbonated. Coca-cola is known by 94% of the world’s population. The secret behind the success of this global brand is its marketing strategy. As Coca-cola began to distribute the drinks, they studied their target locations, considering the cultural background, per capita income and geographical area. Coca-cola was able to use that knowledge and penetrate the market.
Coca-cola went ahead to implement strategic actions that included dividing markets based on the number of people and their ability to buy the products. This way, they were able to keep track of thriving markets, developing and emerging markets. Coca-cola capitalized on returns and sought to minimize their annual budget. Instead of having a set budget, they would come up with a new financial strategy template each year.
Despite Coca-Cola being a dominant supplier of carbonated drinks, it invests heavily in advertisements. For every new drink they manufacture, effort on advertisement is made until the market and consumers endorse it. They use corporate social responsibility as a tool not only to help people but as a means of advertising and building trust in their brand. Here is an example of their holiday advertising:
(Image Credit: Marketing Land)
Spotify
Spotify is an entertainment platform that specializes in music. It has features that enable users to add their library, share the podcast and view lyrics.
It is a standard software that can be easily installed in devices and hardware brands, a characteristic that has helped it dominate the music streaming industry. This particular business has identified its customer target, who are mainly the millennials and generation Z.
They also form part of the majority of the world’s population. Spotify uses memes to lure these generations to their platform. This generation is a huge consumer of services offered online. What this means for Spotify is that they have the numbers, and they have identified a suitable platform to push for their services, thereby increasing their sales.
Spotify uses digital marketing strategies such as Artificial Intelligence to track and learn the behaviors of users. By using unique algorithms, Spotify can customize a playlist of the users based on customer behaviors. This technology also helps Spotify to track and build brand loyalty. For instance, the image below shows a few personalized playlists Spotify made that has this user’s top songs, the songs they listen to on repeat and songs they haven’t listened to in a while:
Redbull
Redbull is an energy drink whose client base is sportsmen and most athletes. They have extensively made use of digital platforms to advertise their product. They usually create great content that people would be interested in and focus more on the satisfaction derived by reading their content more than the product they produce.
Redbull collaborates with influential people. The aim is to get athletes’ followers to buy their products. Influencers use their influence to market their products in their social media networks or showcase their talent in the sporting and music events Redbull organizes. For example, here is a surfer that redbull is collaborating with to reach out to surfer and sport fans:
(Image Credit: Wearisma)
They love using extreme sport to create publicity stunts and provide consistent visual branding that keeps viewers engaged and imagine how one would be able to do such astonishing stuff. The emphasis on their slogan “Gives you wings” to communicate their tagline and values. Redbull focuses its target market through sports, music, art and concerts and tries to produce content that revolves around these areas.
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Conclusion
With the current trends and innovation, businesses must focus on marketing strategies relevant for years to come. Companies should be able to incorporate digital marketing strategies in their bigger picture plan. Depending on the objectives and mission of the company, below are digital marketing strategies examples list that they could employ:
- Blogging entails writing and print content online on subjects relevant to your business
- Social media marketing involves using social media channels to engage with the audience and potential target clients to buy your products or services.
- Email marketing that entails sending of newsletters and promotional offers of your organization to target customers
- Pay-per-click advertisement model in which advertisers pay a fee each time a user clicks to view their advertisement.
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FAQ’s
Let’s recap some of the ways you can become a master marketer in no time. 1) It is vital you define your value proposition; understanding what you have to offer. 2) Maximize your online presence. 3) Start conversations with your customers and other business owners. 4) Consider paid content and ppc campaigns.
This isn’t always a straightforward, one-size-fits-all approach. Always respond to concerns whether good or bad. Always keep it personal, not just a business transaction. Use social media. Above all, show your appreciation and desire to be of service.
A marketing tool is a promotional strategy for product development such as focus groups, surveys and social media.
This is the strategy whereby businesses allow for growth or expansion of their services or goods. Growth can be defined by any number of things: adding new locations, investing in customer acquisition and retention, expanding product lines or any number of other growth tools.
A good strategy provides a clear and concise roadmap of goals, rules, priorities and actions your business will take to achieve a specific goal.
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