Marketing strategies are ways one promotes and distributes products (Fan et al., 2020). Marketing strategy involves long-term objectives (Glaister & Falshaw, 1999). Sales strategy is short-term (Andersen, 2000).
Good marketing efforts include goals (Glaister & Falshaw, 1999) and means of achieving them. It encompasses forms of media, or a single tactic executed well.
Marketing Strategy or Market Intelligence?
Marketing strategy differs from market intelligence. A company’s marketing strategy is about marketing efforts. It includes reaching and connecting with a target market (Fan et al., 2020). Market intelligence is your impression of buyers and competitors. It includes marketing efforts and industry trends (Hurley & Hult, 1998).
Sales strategy is about developing links, trust, and deals (Maroofi et al., 2016). Marketing strategy is about meeting people and getting their attention. It includes developing interest and desire.
While no hard line exists, marketing strategy isn’t sales strategy and skills.
Marketing Tactics or Marketing Strategies?
A quick google search shows most people confuse marketing tactics for strategies. Principles are the foundations of good marketing efforts. Strategies are guides to marketing goals and principles.
Then the marketing tactic is how these strategies get executed. The principle of letting people see how a product works is an example. The strategy might give a free trial or demo. (Leonidou et al., 2002).
Setting up ads on a social media platform could be a tactic.
A team of experts linking is essential to marketing strategy.
Marketing Strategy Core Factors
To understand marketing strategy, first identify the six factors. By doing so you will be able to implement good strategies. They will propel your company to success.
The first factor that businesses should focus on is market intelligence. It refers to your market knowledge and awareness. They are critical to sustainable competitive advantage (Ellis, 2006).
It contains data such as customer demographics and market trends. If you can use what you learned, you will get better results (Cano et al., 2004).
The second critical factor is product attributes. It refers to your judgment of your products and methods. It keeps the products current and marketable (Evanschitzky et al., 2012).
It is essential for successful marketing efforts. Why? It allows you to discover what kind of products customers want. It instructs you how to calibrate your marketing strategies. You must ensure that customers repurchase your products (Curtis et al., 2011).
The third factor of marketing strategy is intense advertising. It refers to techniques to market your products or services. It necessitates assessment, planning, and application (Capon et al., 1990).
This component ensures that products or services reach the right demographics. One way is via digital marketing or social media marketing.
Brand Integrity and Trustworthiness
The fourth marketing strategy factor is brand integrity and trust. It refers to how customers see your business (Eisend & Stokburger-Sauer, 2013).
Your audience is less inclined to buy if your brand’s integrity worsens. They will lose value and leave your business with no significant profit.
Corporate duty is the fifth factor of market strategy. It refers to your influence on society and environment (Wang et al., 2020; Velte, 2021)
It is just as important as the other marketing efforts stated. It improves your company’s image among consumers. Some of them are likely to be activists. It guarantees that your company’s marketing plan focuses on people.
The scientific method is the sixth factor in marketing strategy. It is the process of developing facts via market research. It involves analysis, and testing (Cohn & Hull, 2009).
Why is marketing strategy important?
There is a robust association between business success and strong marketing. Strong marketing can gain your business an advantage (Huxham & Macdonald, 1992).
A good strategy keeps your business in the customers’ minds (Curtis et al., 2011). As it grows, people continue to consume what you are marketing.
Marketing strategies help in branding (Eisend & Stokburger-Sauer, 2013). An example is when two brands partner with each other. The relationship between the two brands will determine their success. The image customers have of them plays the same role. Good marketing strategies can help boost customer perceptions.
When creating your strategy, it helps to pay attention to the 3C’s. What are they? Customer, Competitors, and Corporation.
Customers are the ones you market your business to (Gholami et al., 2014). Knowing what they need and want is important.
Many tools emerged to gain an insight of what customers expect. Many are developing with the aid of new technologies. (Ahearne et al., 2007).
But keep in mind that customer expectations are changing. Information access can lead your customers to disregard your strategy. It is important to work around this in your planning.
Rival businesses are external threats to your business. The competition between you and them will impact your business (Rastogi, 2000). Identifying who they are and what their traits are will help improve your strategy.
This refers to your business’ own strengths and weaknesses. It’s important to check your capacity before strategizing (Andersen, 2000).
Customer and competitor analyses show your business capacity. Knowledge of suppliers allows you to increase your advantages.
Approaches to Marketing Strategy
There are three approaches to marketing strategy. They are Market Powerschool, Resource-based View, and Circular Model.
You take a perspective and analyze the industry you’re a part of. You use three strategies by Michael Porter, a Harvard Business School professor. They are cost leadership, differentiation, and focus. You consider all the possible products or services in the market.
This includes your competition. In particular, businesses that can enter the same market. Businesses that can produce alternatives for your goods are monitored. The same thing is true for customer and supplier influences.
A resource-based view looks into your resources, assets, and capacity. Marketing strategies under this approach focus on increasing resources. The purpose is to gain a competitive advantage. Examples of such resources include brand equity, trust, and knowledge.
With this approach, your marketing strategy will help manage the present. It will set up your future business success.
The Circular Model
This approach considers the three possible states your market can find itself in. They are movement, imitation, and position.
Game of Position
This state looks into what the customer needs and who the competitors are. Marketing strategies focus on “out-positioning” the competition. You can achieve this by managing your goods and services. Review brand, price, and connection. Consider promotion and distribution policies.
Game of Movement
This state is where a business redefines how its current market works. It evaluates the need to create a new one. The business gains more attention here. It leads people to the new and unique concept it has created.
Netflix is an example. It provides films and TV series through the Internet for a monthly fee. It has replaced Blockbuster as the go-to business for such a service.
Game of Imitation
Other businesses will imitate your product or service innovation. So you must be quick in implementing changes or improving them. Fusing this into your strategy will gain the attention of your audience.
Some Marketing Strategies You Can Use
When a business links with a cause, it is cause marketing (Fan et al., 2020). This strategy has been leveraged by many businesses in the past 30 years.
Your target audience plays a big role here. Consumer-related traits affect the success of this strategy. Moral identity, evidence, involvement are examples. Other factors are self-construal and skepticism.
Joint execution and product-related traits are other factors. The former refers to choice of cause and ways it fits with your business. The latter involves product quality, reputation, and cost.
One should be mindful of people’s awareness of your business or cause. Another thing to consider is the mindset your target market has. These aspects affect customer perception and connection.
It encourages customers to experience your business (Pandita & Ray, 2018).
It doesn’t consider your customers as consumers who will buy your products. It views them as people who want to try new things. By giving them a unique experience, you raise their expectations. This can create a connection between your business and customers.