According to the American Marketing Association (AMA) Board of Directors, Marketing strategy is a process for creating, communicating, delivering. Also exchanging offerings that have value for customers, clients, partners, and society at large.
In my point of view, Marketing Strategy is the link between a society’s material requirements and its economic patterns of response.
Marketing Strategy satisfies these needs and wants through exchange processes and building long term relationships.
It is the process of communicating the value of a product or service through positioning to customers.
We can look at Marketing as an organizational function and a set of processes for managing customer relationships in ways that also benefit the organization.
It is the art of choosing target markets through market analysis and market segmentation.
What are the different types of Marketing?
There various ways of marketing. I have listed the most efficient methods for you down below:-
Permission Marketing- Permission Marketing is an approach to selling goods and services in which a prospect explicitly agrees in advance to receive marketing information.
- Internet Marketing– Internet marketing is any marketing strategy that takes place online.
- Offline Marketing– Offline marketing, the opposite of online marketing, includes all forms of marketing that can’t be done via the Internet.
- Inbound Marketing– It focuses on having your company reaching by your customer.
- Newsletter Marketing– Newsletter marketing and email marketing refer to ways of promoting your company through emails.
- Article Marketing– Businesses will often write articles related to the industry they are in and distribute them online and offline.
- Trade Show Marketing– Companies that want to reach a large number of potential customers can participate in public or private trade shows.
- Search Marketing– Search engine marketing (SEM) is the way in which companies promote their business through paid placement on search engines like Google.
- Direct Marketing– Direct marketing’s main goal is to send a message directly to consumers, without having to use any third-party outlets.
- Tele Marketing– A form of direct marketing, telemarketing’s focus is on reaching consumers by phone.
- Affiliate Marketing– Affiliate marketing most likely involves four different groups that contribute to the marketing effort.
Difference B/W Sales & Marketing
- Marketing is one too many.
- It tells the stories (company, product, etc.) to many people.
- Marketing looks after the brand’s reputation
- It needs to keep the stories circulating and resonating with the target markets using the company’s plumb line (the business of the business) as its central reference.
- Marketing analyses big data. Marketing brings you the average result, not the specifics.
- It studies what experience customers expect when they buy or try a product, service or solution. That means reading their digital footprint and understanding their on-line chatter as much as it does focus group discussions. Marketing looks for new metrics about consumer clusters and grouping. On-line groups are markets of the near future as more and more people cocoon themselves and shop less
- Marketing should not promote special prices and discounts, instead replace these with special offers, focusing on delivering greater value – more bang for the buck is the new mantra and greater value with fair exchange is the principle of pricing today – not cost-plus as it has been in the past.
- Sales are about one to one
- A sale is where our business becomes real for the client. It is where the stories and brand come to life.
- Sales develop relationships. It’s relationship-driven
- Sales look after individuals.
- Sales deals with the ambiguities and the details of each person. It cannot be averaged.
- Sales analyses the behavior of the prospects and customers whom they deal with on an individual basis. Sales professionals talk to their customers about the joys of risk-free offerings that help them realize their goals and objectives. They tap into their buyers’ Facebook, LinkedIn and other digital pages to gain a deeper understanding of what experiences each individual customers want.
- Sales move away from discussing price and discount, instead of replacing these with discussions about the total cost of ownership which includes price but extends to include deliveries, warranties, support, training and the other contributing things that are delivered as part of the purchase. Sale engages with customers to understand what risks they face when making a purchase and then learns how to position their companies as risk-free alternatives.
The one thing Sales and Marketing must share in common is the company’s ‘plumb line’ and its stories. From many people to the individual, the central plumb line: the business of the business needs to be consistent and help each customer connect in a meaningful and specific manner that is relevant to their situation and their view of the world.
What is the 5 Marketing Strategy?
There are Five Marketing Strategy:-
- Production Strategy
- Product Strategy
- Selling Strategy
- Marketing Strategy
- Societal Marketing Strategy
The production concept is based on the approach that a company can increase supply as it decreases its costs. Moreover, the production concept highlights that a business can lower costs via mass production.
This concept works on an assumption that customers prefer products of greater quality and price and availability don’t influence their purchase decision. And so the company develops a product of greater quality which usually turns out to be expensive.
Production and Product concept focuses on Production but Selling Concepts focuses mainly on sales. Selling Concept focuses on selling each and every product, regardless of any Quality or Demand this concept focuses only on increasing the percentage of sales.
If a company focuses on Marketing Concept it places the consumer at the center of the organization. It works according to the consumer. The company works for the need and wants of the consumer. This becomes a strategy to lure customers.
Societal Marketing Strategy
This is a new concept where a company focuses on the need and wants of the targeted customer in a society comparatively better than the competitors. It emphasizes the well-being of the customers of society as a whole.
What is the Main Goal of Marketing?
The main goal of marketing is to participate from the initial stage of product conceptualization to distribution of the product and service.
No product and services should be brought to the market without the marketing department’s involvement. There should be clear market research before even a business step onto the business otherwise the entire money and time could go waste.
So the main goal of marketing is to make sure the right product/service is developed, promoted, and distributed by considering the right marketing mix in called right; product, price place, and people.
The four P’s of the Marketing Strategy should be crystal clear before stepping into the field. Otherwise, you would lose a very big battle.
Therefore, here comes the Question
What are the 4 P’s of Marketing Mix?
The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix is most commonly executed through the 4 P’s of marketing:
- Product -All products follow a logical product life cycle and it is vital for marketers to understand and plan for the various stages and their unique challenges. The benefits offered by the product and all its features need to be understood. In addition, the potential buyers of the product need to be identified and understood.
- Price – If a product is priced higher or lower than its perceived value, then it will not sell. This is why it is imperative to understand how a customer sees what you are selling. If there is positive customer value, then a product may be successfully priced higher than its objective monetary value. Price may also be affected by distribution plans, value chain costs and markups and how competitors price a rival product.
- Promotion – When we talk about marketing the first thing that comes into our mind is Promotion. The marketing communication strategies and techniques all fall under the promotion heading. These may include advertising, sales promotions, special offers and public relations. It is important to differentiate between marketing and promotion. Promotion is just the communication aspect of the entire marketing function.
- Place– Place or Placement has to look after that how they will provide the customer Distribution is a key element of placement. The placement strategy will help assess what channel is the most suited to a product. How a product is accessed by the end-user also needs to compliment the rest of the product strategy.
Complementary 3P’s of Marketing Mix
These have been extensively added to and expanded through additional P’s and even a 5 Marketing concept. But these P’s serve as a great place to start planning for the product or even to evaluate an existing product offering:-
Packaging – Packaging refers to the way your product or service appears from the outside. Packaging also refers to your people and how they dress and groom. It refers to your offices, your waiting rooms, your brochures, your correspondence and every single visual element about your company. Everything affects your customer’s confidence in dealing with you.
Positioning – The next P is positioning. You should develop the habit of thinking continually about how you will position in the hearts and minds of your customers. How do people think and talk about you when you’re not present? How do people think and talk about your company? What positioning do you have in your market, in terms of the specific words people use when they describe you and your offerings to others?
People– The final P of the marketing mix are people. Develop the habit of thinking in terms of the people inside and outside of your business who are responsible for every element of your sales, marketing strategies, and activities.
Importance of Marketing Strategies in Business
Business markets have derived demand – a demand in them exists because of demand in the consumer market. An example would be a Print Media company wishing to purchase equipment for cloth Printing.
The underlying consumer demand that has triggered this is that people are demanding for more (by using and more Customized T-shirt, Cushion Cover, etc.) Business markets do exist in isolation.
A single consumer market demand can give rise to hundreds of business market demands. The demand for cars creates demands for castings, forgings, plastic components, steel, and tires. In turn, this creates demands for casting sand, forging machines, mining materials, polymers, rubber. Each of these growing demands has triggered more demands.
As the spending power of citizens increases, countries generally see an upward wave in their economy. Cities or countries with growing consumption are generally growing business markets.
How Marketing Strategies is Important for your Business
Marketing Strategies is simplistically defined as ‘putting the right puzzles in the right place, at the right price, at the right time.’
So, here we have listed some of the very important benefits that come from your Marketing:-
Informs: On a base level, marketing is useful for customer education. Sure, you know the ins-and-outs of your product but do your consumers? In order to buy into a product, your audience needs to have a solid understanding of what it does and how it works.
Engage: Customer engagement is the heart of any successful business. Marketing solves the question of how to keep a conversation going once your customer has walked out the door. Consumers want to be engaged outside the store. This is where marketing comes in, and whatever the medium, you can send your customers content to keep them engaged beyond store hours. Your audience wants to form a relationship with your brand, and marketing can be used to do just that.
Sells: Marketing is important because it helps you sell your products or services. The bottom line of any business is to make money and marketing is an essential channel to reach that end goal. Creative explained that without marketing many businesses wouldn’t exist because marketing is ultimately what drives sales.
Grows: Marketing is an important strategy to ensure the growth of your business. While your current customers should always be your main priority, marketing efforts can help you expand this base. Little efforts like social media posts and email campaigns can not only engage existing consumers but spread the word to new potential customers.
5Marketing Strategies to accelerate your Business
Marketing is important because it allows businesses to maintain long-lasting and ever-present relationships with their audience. It is not a one-time fix; it is an ongoing strategy that helps businesses flourishes.
Marketing Strategies should show effective results in 2 to 3 months. This duration is enough for knowing that is your strategies are working great for you or not?
Use Social Media Strategy
One of the biggest mistakes retailers make is to open up accounts on every social media platform they think is relevant and then leave them alone with no activity. Having an account with any of the social media platforms does not mean your business is into social media any more than owning golf clubs makes you ready for the PGA.
In fact, social media users are turned off by the retailer who opens accounts and does not engage with clients and the public and consequently become labeled a pretender. The reality is, it is better to not have a social media icon on your website if you are not going to actively engage with it—and actively means on a daily basis.
Create Video Tutorials Strategy
Today, YouTube is the second-largest search engine in the world behind Google. Whenever someone wants to learn something visually, they head there. You’ve likely done it yourself countless times. So just ask yourself what you could teach in your business that would help consumers solve some pain points? What got you into business in the first place?
Start Blogging Strategy
When you do blog, ensure that you blog effectively. Don’t post thin content. Think about adding value. Worried about revealing all your business secrets? Don’t be. Give away the farm. Give people so much value that you instantly become an authority in their eyes. This is one of the most powerful strategies you can use to market any business
Understand SEO Strategy
Some tips for doing this the right way? Don’t spam keywords. Hands down. This is one of the biggest mistakes most people make. Create your content for humans while also paying homage to search engines. But more importantly, ensure that whatever it is that you’re conveying is insightful, engaging, unique and adds a tremendous amount of value.
Leverage Influencers Strategy
Find the right influencer in your niche so that you’re targeting the right audience. It’s not just about spreading your message. It’s about spreading your message to the right consumer base. If you can do that properly, then you can likely reach a sizable audience for not much money invested when you think about the potential profit it can return.
Use Facebook ads with re-targeting Strategy
You have to focus on conversions and re-targeting through pixels. If you don’t know how to install the Facebook Pixel on your site, then you absolutely must learn how to do this right now. Even if you’re not running Facebook ads, you can build your audience with a pixel.
Use LinkedIn the right way Strategy
If you have lots of connections on LinkedIn and you’re not really posting on there, start immediately. You can reach a large audience, especially when your posts go viral. This is a great place to convey the entrepreneurial journey. Talk about your challenges and tell stories. The more effective your stories, the larger your potential reach when you go viral
Use Affiliate Marketing Strategy
Most people don’t understand the power of affiliate marketing. Affiliates can provide massive fuel for growth. But approaching the right partners isn’t always that easy. You have to have good conversion if you want the bigger affiliate to take you seriously.
Use Email Marketing Strategy
Use your email sequence to build a relationship with the subscriber. Be authentic and transparent. And convey your journey. Use the email responses and clicks to segment your list.
Build a Great Lead Magnet Strategy
What problem are consumers facing in your niche? What made you get into business in the first place? Ask yourself these questions before building out your lead magnet. The better you identify the problem or pain points at the outset, the better you’ll be at actually addressing that with a solution in your lead magnet.
Online Marketing Strategy Vs Offline Marketing Strategy
Whether you are a business owner or just curious how things work, it is useful to know the differences between online marketing vs. offline marketing. There are numerous similarities and differences between the two. And clearly, each strategy offers its own advantages and disadvantages.
This leads us to one central question: Is online marketing the new default strategy? Is offline marketing simply outdated and should be replaced by online marketing, or does it still have a reason to exist?
Let’s take a closer look at online marketing vs. offline marketing and find an answer to the question.
What is Online Marketing Strategy?
Online marketing, also called online advertising, is a form of advertising which uses the internet to deliver marketing messages to consumers or companies. There are several main strategies for online marketing, starting off with Search Engine Optimization (SEO).
SEO is an organic way of climbing to the top of search pages. For example, a website with content on specific keywords that potential customers are searching for would show up higher in the search results.
Another strategy is Social Media Marketing. This is where sites like Facebook, Twitter, and Instagram are used to advertise your brand or product. It can either be done with paid ads or simple posts that get engagements from fans/friends.
There are other methods such as Lead Generation, Influencer Marketing, Affiliate Marketing, and Email Marketing. Lead generation is when a seed of interest in your product is planted in a customer’s mind, ultimately in the hope, they eventually fully buy-in. Influencer marketing includes an influencer, someone in your niche with credibility, who promotes a product to their targeted audience for a fee.
The chances of receiving recognition or sales are higher because there is trust with the influencer and their fans. Affiliate marketing involves a third party that creates a sale on your behalf, in exchange for a commission/percentage of the sale. Finally, email marketing is when visitors of your website subscribe to an email list and are periodically sent promotions of your products/services.
What is an Offline Marketing Strategy?
Offline marketing refers to any type of marketing that does not involve the previously discussed online marketing. In other words, when we speak about marketing via media channels that are not connected to the World Wide Web, we mean offline marketing. Offline marketing strategies use offline media channels to build awareness of a company’s products.
Offline marketing strategies include television, radio, newspapers, flyers, posters, and more. None of these require the internet. This is the traditional way of marketing and it can still be highly effective to this day.
4 Ways to Blend your Offline and Online Marketing for your Business
Here are 4 ways to merge your online and offline marketing to get the best out of your marketing efforts:
Associate offline promotions with an online call to action.
There are many ways to promote offline marketing products through online methods. For instance, if you have a noteworthy TV ad coming out for a specific season or event, use social media leading up to the launch to boost its reach. You can create a countdown or show a preview on your website and social media channels to generate some excitement.
Online calls to action can be as simple as promoting a sale by encouraging customers to visit your store. In a similar way, offline marketing can be used as a way to promote online events and promotions.
Use online data to support offline efforts.
One of the major boons of online marketing is that is can generate data about your customers.
Analyzing customer behavior on your website and social media profiles can provide insight into customers visiting your store. Through online marketing, you can get information about things like the best way to organize your store or what products to highlight.
Offer free giveaways and competitions.
Use your offline marketing efforts to encourage your customers to share their email addresses. For instance, you can run a competition or a free giveaway that requires customers to share contact information. However, don’t forget to include a checkbox for customers to opt-out of receiving marketing emails.
Get your online customers to contribute to your offline marketing?
User-generated content is not only for sharing on online platforms. Interact with your customers online and creatively encourage them to help with your next marketing campaign. You can use words and pictures created by your customers in magazines, TV commercials or newspapers.
As Roger Martin states in the Harvard Business Review-
“Good Marketing and a good strategy are both about making choices that build and maintain a particular set of capabilities that enable the company to outperform its competitors.”
If you want your business to accelerate these strategies has to be very clear in your mind. Once you own this art, your business will touch the peak of increments.
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You can also have a look on Wikipedia:https://en.wikipedia.org/wiki/Social_media_marketing