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Marketing Strategy and ways to determine it

October 23, 2020

A marketing strategy helps a business to effectively use its resources to convey a sales message to a target audience. A marketing strategy takes time and market research statistics to create. 

Understanding why a marketing strategy is essential will help you to justify the time and financial funds required to create one. Because the feature of a marketing plan affects all of the others, coordinating your activities is critical to remove interference and maximize your profits. 

A marketing strategy focuses on all of the areas of your selling activities and helps each one building the next, making sure all of your departments are aware of what each one is doing. Understanding how to create an integrated marketing strategy will help you to make the best individual decisions regarding a specific marketing scheme.

  • Budget

A marketing strategy has a starting point, a rearrange duration, and a budget. Without the marketing strategy, your company would-be placing advertisements at random times, in any mediums, and not knowing what outcomes to expect. 

A marketing strategy assists to build the budget for the advertising program, and it also builds the criteria that will be used to decide how much revenue the plan generated.

A marketing strategy stops advertising spending from being an open-ended concept, and it works to recognize successful marketing approaches that can be used to create more revenue in future marketing campaigns.

  • Growth

A marketing strategy helps to recognize those areas affected by growth and helps to create a plan to address customer needs. For example, your marketing strategy may recognize new markets where your newest product would be very successful.

As you do not have distribution or sales resources in those markets, you must go out and secure those resources to meet the aims of the marketing strategy. By recognizing changes or shifts in client needs and geographic distribution requirements, the marketing strategy becomes part of the blueprint for your business’s growth.

  • Smooth Product Development

A marketing strategy helps you develop products and services with the best chances of making a profit. This is because marketing strategy begins with marketplace research, taking into thought your excellent target customer, what your competition is doing, and what trends might be on the outlook. 

Using this detailed information, you determine the advantages customers and clients want, what they’re willing to pay, and how you can differentiate your product or service from the competition.

  • Helps Determine best Prices

Marketing strategy is a part of setting the right price for your product or service ground on what you learned in your market research. If you learned that customers want an exclusive product in your category, your pricing strategy might need you to sell at prices that create a high-end perceived value. 

If your target customer is bargain aware and is willing to receive fewer bells and whistles on your product in exchange for paying less, your pricing strategy will need you to sell at or below the competition’s price.

  • Establishes Distribution

Once you know what product features you’ll provide, who your target customer is, and what your price points will be, you can choose where you want to sell to maximize your marketing values.

Younger customers will be more able to shop using a smartphone or on a website, paying with PayPal or a credit card. Older customers might choose to shop at retail outlets. If your market research shows you require to be in retail stores but you don’t have a sales force, you can use a wholesaler or distributor.

  • Helps with Marketing Communications

Your market research will help you build your brand or image you want to establish your organization. Without marketplace analysis  and a strategic marketing plan sending messages that don’t fit in with the brand recognition, you’ve created a build on your product development efforts.A marketing strategy allows you to decide if a certain magazine, radio station, or website fits into your selling plans.

  •  Impact and Communication

When you have a marketing strategy, your departments can well work with each other, because they are all working from the same scheme. For example, your advertising people will talk with your product development people to decide what message you should send about your benefit. 

Your salespeople will talk with the people responsible for managing your image to decide if they can offer discounts, coupons, or rebates without damaging your brand.

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