A marketing strategy is a long-term vision that outlines how a business will communicate its value proposition to its customers. It defines the business goals, target market, buyer personas, competitors, and value for customers. A marketing strategy provides a direction for all marketing efforts and helps achieve a sustainable competitive advantage over rival companies.
A marketing strategy is not the same as a marketing plan, which describes the specific actions and tactics required to implement a marketing campaign. A marketing plan is based on the marketing strategy and should align with the overall business objectives.
Creating a marketing strategy can be a challenging task, but it can also be rewarding and beneficial for your business. For example one of the most memorable and effective campaigns in recent years was the Share a Coke campaign by Coca-Cola. This campaign replaced the brand name on the bottle of Coke with 150 popular names and added the Share a Coke tagline. The campaign encouraged customers to buy a bottle for themselves and one for their friends or loved ones, creating a personal and emotional connection with the product. The campaign also leveraged social media, inviting customers to share their photos and stories with the hashtag #ShareaCoke. The campaign resulted in increased sales, brand awareness, and customer engagement for Coca-Cola.
Steps for a complete marketing strategy
Here are eight steps to follow in order to create a complete marketing strategy in 2023:
STEP 1: Conduct a situational analysis.
A situational analysis is a comprehensive assessment of the internal and external factors that affect your business. It includes a SWOT analysis (strengths, weaknesses, opportunities, and threats), a PESTLE analysis (political, economic, social, technological, legal, and environmental factors), and a competitor analysis. A situational analysis helps you identify your current position, your potential, and your challenges in the market.
STEP 2: Define your value proposition.
A value proposition is a statement that summarizes why customers should choose your product or service over others. It describes the benefits, features, and unique selling points of your offering. A value proposition should be clear, concise, and compelling. It should answer the question: What value do you provide to your customers?
STEP 3: Identify your target market and buyer personas.
A target market is a group of customers who are most likely to buy your product or service. A buyer persona is a semi-fictional representation of your ideal customer based on market research and data. You should segment your target market into different buyer personas based on their demographics, psychographics, behavior, needs, and goals. This will help you tailor your marketing messages and channels to each persona.
STEP 4: Set your marketing objectives and KPIs.
Marketing objectives are the specific and measurable goals that you want to achieve with your marketing strategy. They should be SMART (specific, measurable, achievable, relevant, and time-bound). Key performance indicators (KPIs) are the metrics that you use to track and evaluate your progress towards your objectives. Examples of marketing objectives and KPIs are: increase brand awareness by 20% in six months (measured by social media followers, website traffic, and media mentions), generate 100 leads per month (measured by lead conversion rate and cost per lead), and increase sales by 15% in one year (measured by revenue, profit margin, and customer lifetime value).
STEP 5: Choose your marketing mix.
The marketing mix is the combination of the four Ps of marketing: product, price, place, and promotion. It describes how you will deliver your value proposition to your target market. You should consider the following questions when choosing your marketing mix: What are the features and benefits of your product or service? How will you differentiate it from your competitors? How will you price your product or service to reflect its value and appeal to your customers? How will you distribute your product or service to reach your customers? How will you promote your product or service to attract and retain your customers?
STEP 6: Develop your marketing plan.
A marketing plan is a document that details the specific marketing activities that you will execute to achieve your marketing objectives. It should include the following elements: a summary of your marketing strategy, a budget and timeline, a description of your marketing channels and tactics, a content calendar, and a contingency plan. A marketing plan should be flexible and adaptable to changing market conditions and customer feedback.
STEP 7: Implement and monitor your marketing plan.
Once you have your marketing plan, you should put it into action and monitor its performance. You should use various tools and methods to measure and analyze your marketing results, such as Google Analytics, social media analytics, email marketing software, surveys, and customer feedback. You should also compare your actual results with your expected results and identify any gaps or deviations.
STEP 8: Evaluate and improve your marketing strategy.
The final step is to evaluate the effectiveness of your marketing strategy and make improvements as needed. You should review your marketing objectives, KPIs, and ROI (return on investment) and determine whether you have met, exceeded, or fallen short of your expectations. You should also identify the strengths and weaknesses of your marketing strategy and the factors that contributed to your success or failure. Based on your evaluation, you should make adjustments to your marketing strategy and plan to optimize your performance and achieve your goals.
A marketing strategy is a vital component of any business. It helps you communicate your value proposition to your customers and stand out from your competitors.
Marketing channels
marketing channels are tools and platforms that brands use to communicate with their audience and deliver their value proposition. There are different types of marketing channels, such as:
- Digital:
These are your online touchpoints, such as social media, email, and your website. Digital channels allow you to reach a large and diverse audience, track and measure your performance, and personalize your messages. Examples of digital channels are Facebook, Instagram, YouTube, Twitter, LinkedIn, Pinterest, TikTok, Snapchat, blogs, podcasts, webinars, newsletters, and online ads.
- Traditional:
These are the classics that never go out of style, such as TV, radio, print, and outdoor advertising. Traditional channels can help you build brand awareness, credibility, and trust among your audience. They can also reach a mass audience that may not be online. Examples of traditional channels are newspapers, magazines, flyers, billboards, posters, banners, direct mail, and telemarketing.
- Direct:
With direct channels, there is no intermediary. You sell your product or service directly to your customers, without involving any third parties. Direct channels can help you control your pricing, distribution, and customer relationships. They can also reduce your costs and increase your profits. Examples of direct channels are your own physical store, website, or app, personal selling, trade shows, and events.
- Indirect:
Indirect channels use third parties to help you sell your product or service to your customers. You rely on intermediaries, such as retailers, wholesalers, distributors, or agents, to reach your target market. Indirect channels can help you expand your market reach, access new customers, and leverage the reputation and expertise of your partners. Examples of indirect channels are Amazon, eBay, Walmart, Costco, and affiliate websites.
Choosing the right marketing channels for your business depends on your goals, budget, target audience, and competitive advantage. You may use a combination of different channels to create a holistic and effective marketing strategy.
