What is the Marketing Strategy?

 

Definition of Marketing strategy:

An action plan designed to promote and sell a product or service.
A marketing strategy refers to a business’s overall game plan for reaching prospective consumers and making customers of the products or services provided by the business. 

A marketing strategy contains the company’s value proposition, core brand messaging, data on the target customer demographic, and other high -level elements.

An organizational strategy that combines all marketing objectives into one comprehensive plan. 

A good marketing strategy should be derived from market research and focus on the right product mix to achieve maximum revenue potential and sustain the business. 

Marketing strategy is the foundation of a marketing plan. The marketing strategy informs the marketing plan, which is a document that details the specific types of marketing activities conducted by a company and contains timetables for the release of various marketing initiatives.

How to use Marketing strategy in one sentence?

We use a number of marketing techniques to grow our business.
Having a very good marketing strategy can be the main difference between having a basic income and having a lot of unsold products. 

In order to sell our product to the masses, we need to come up with an amazing marketing strategy, which will ensure that we get a lot of sales. 

The marketing strategy used by the firm is approved by not only the marketing manager but the vice president of sales.

Also we can define a marketing strategy as the process by which a company uses its resources to achieve a set goal, which is usually to increase sales or try to stand out from the competition. 

In other words, they are actions taken by a business to achieve a goal associated with an improvement in its results .

To do this, the goals they must set must meet a series of characteristics:

• They are specific, that is, that they refer to something specific that you want to achieve.
• Measurable, with tools by which to know if that goal is being met.
• That they are achievable, because you need a goal that can really be accomplished.
• Relevant, in that it must be associated with the company.

Within the marketing strategy, it acts on four pillar company basics:

• The product or service, that is, what we sell or offer to customers.
• The price
• Promotions, even discounts, offers, etc.
• The point of sale or distribution. Various sales channels will also come in here, both physically and online.

Types of marketing strategies

When it comes to marketing, there is no single strategy. Depending on the goal you set for yourself, there are different types of marketing strategies and knowing some of them can help you refine what you should do to achieve your goal.

So, if you want to know what a marketing strategy is as well as the types of marketing strategies they have and are more commonly used, we leave you with all the content so you understand what it means and where each of them works.

Types of marketing strategies available

Now that you know a little more what a marketing strategy is, it’s a good idea for you to know that there are different types of marketing strategies because, if you know them, you’ll know which one is most appropriate based on the goal. that you are considering to achieve.

There are many types, but the most common are the following:

Separation Approach

It became popular a few years ago, and the truth is it has a reason for being. Many can subscribe to one page, but each person will be included in a group according to their age, hobbies, tastes ... 

If you are implementing a marketing strategy that is losing the target customer, it will not work. 

Therefore, the separation strategy is based on dividing the audience you have into smaller groups with interests, ages, etc.  

For example, imagine that you have an online toy store. You have a lot of subscribers, but some have kids and others don’t have them (they have more collectors). 

So a promotion where you offer a discount per child, for the second group it will not work. And you will lose clients in this case.

Competition - Based Strategy

In this case, the competitive aspect governs the type of actions to be taken. To do this, we will try to improve based on competition to offer more, or cheaper, in front of them with the aim of climbing positions. 

The quality of the products and / or services you offer, the price, service, or availability of the products are some aspects that can be influenced by competition. Not to forget advertising and improving the image of the company.

Positioning strategy

This is the last thing we discussed with you before, that is, to make the brand better known by consumers . In this case, in its own approach that must be considered to improve sales and how you are seen by users, customers or not.

Digital marketing strategy

Within digital marketing we can incorporate different types of marketing strategies , but they are all based on the Internet. In this case, we can quote you:

Inbound marketing, which is to attract users and convert them into customers, using useful content.

E-mail, in the sense that it seeks to establish communication with those users. You have to be careful, because if you suddenly start using data without the other person giving their permission, it can be considered an intrusion. 

In addition to using the data for something that has not been given permission.

Social media. Increasingly used and another type of communication with users.
Search engines, specifically web positioning, so that the page or eCommerce is in top positions and more visible.

Content marketing strategy
Content marketing strategy was previously seen as something within what digital marketing is. But it gained so much importance and popularity that it is now seen as something separate.

It is based on the use of resources to manage to improve the positioning as well as the reputation of a brand through texts. For this, blogs, infographics, ebooks ... are very important and they manage to connect with people.

Now, even if you think anyone can write, the truth is that only those who know how to “master” words can write texts that resonate with users.

Loyalty strategy, one of the less used marketing strategies

For a few hours now, we have seen how equal or more important it is to take care of customers, not just to part from it once the order has been delivered. 

It’s called loyalty, and it involves being careful with your feedback, but to offer you promotions, discounts, loyalty cards, etc.

In other words, it is a more personalized customer service based on the interactions that take place in traditional (physical) businesses.

Brand ambassador techniques, the latest types of marketing strategy

This is one of the last to appear and brings a sensation because, in a way, you turn the customer or user into a brand ambassador in the way they promote your products and/or services in exchange for better service, price , gifts or even financial rewards.

It allows you to reach more people, because you are part of that person’s followers.

As you can see, there are many options, this is the most common and used by companies. 

However, you should keep in mind that marketing is a science that changes and evolves over the years, so new techniques are always coming out and others are being forgotten. 

Do you know the many types of essential marketing strategies? Inform us.