Marketing Strategy Adalah – An effective marketing strategy reflects business growth, and often its survival. Meeting the needs of the target audience and pricing your products and services to help build brand loyalty, the right strategy will increase your chances of making it in the business world.
A marketing strategy is a company’s long-term action plan aimed at promoting its products and services, gaining competitive advantage, and meeting their business goals.
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However, don’t confuse a marketing strategy with a marketing plan. The main goal of a marketing plan is to attract new customers and convert them into loyal buyers. Since your marketing plan is firmly rooted in your company’s value proposition, it helps you sell your products or services to customers in a more compelling way.
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While both marketing strategies and marketing plans play an important role in the success of your business, there are several important differences between them to keep in mind.
The main difference between the two concepts is that marketing strategy is a long-term concept, while marketing planning deals with short-term issues.
Marketing strategies encompass a mission as a whole, including what they stand for and what they hope to achieve in the future. Meanwhile, marketing plans usually include many of the logistics of marketing campaigns, such as specific types of data and market research.
Your company’s general strategy will help your marketing plan, which means it’s important to make your strategy as comprehensive as possible.
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Now that you understand the basics of marketing strategy, you need to start mapping out your business’s marketing goals.
Think about Google. The brand has always been known to express the company’s main mission – “to organize global information and make it universal and useful”. They do this through a powerful search engine, and this global expertise supports all innovation and expansion in the company’s products and services.
This section can be linked to your company’s mission. For example, Volvo Cars has always been a car brand that cares about the environment and safety. Thus, their general business activities (think of their recent foray into direct-to-consumer automotive) are based on the principle of building a sharing economy.
If you have set your mission and company’s work correctly, you will be able to better define your target market and understand why people should choose your product over others. They may buy Apple products because they want to be seen as “thinking differently”, or they may choose Cos clothes because they are environmentally friendly.
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Consumers today have no shortage of options when they make a purchase decision, so businesses need to strive to set themselves apart from the rest of the crowd. Defining their market specifics is important.
Once you have defined all of the above aspects of your business, you will know what makes your company unique. Your goal now is to communicate that uniqueness to your customers so that they think of your business first.
Once you are able to define what is meant by a marketing strategy, it is time to start creating a solid strategy for your business.
Starting the construction process can be confusing for many business owners. To help take some guesswork out of the process, we’ve broken down the standard marketing process into three distinct parts.
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Below each, we provide some marketing strategy examples that will help you create an effective strategy one step at a time. To collect data for these examples, we will use .Trends.
As you develop your company’s marketing strategy, be sure to think about how your business can create a competitive advantage to succeed.
To gain a deeper understanding of your competitors, do a simple 4Ps analysis for competing products. The 4Ps are often used for internal marketing strategy purposes, but you can also use them to outline the key characteristics of your competitors: product, price, place, and promotion.
Using Report Analytics Pages Report, you can uncover a wealth of useful information about competitors’ top products and services. Here’s a look at the top page traffic for Adidas.com.
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Once you run this type of analysis, you will have a lot of useful information about your product. It will help you set sales goals, define what marketing efforts to use, determine your pricing structure, and more.
Then, see how you stack up against the competition with a quick SWOT analysis. A SWOT analysis is a straightforward process to understand the strengths, weaknesses, opportunities and threats of your business.
If you want to evaluate the position of your product against the competition, the SWOT process should be carried out, because you will analyze both internal factors (strengths and weaknesses) and external factors (opportunities and threats).
Competitive landscape analysis is the process of examining your market to identify your competitors and find out where they stand in relation to other players, including yourself.
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Competitive landscapes change over time, and they may differ depending on the metrics you’re analyzing. For this reason, competitive landscape analysis often takes an ongoing process.
In our article on competitive landscape analysis, you can learn about several tools for competitive landscape analysis. For a quick overview of the product, however, you can start with Product Overview in the Product Overview Report Explorer. Here’s a look at the product for Adidas.
From the market overview, we can gather some key information about the market scenario. For example:
In the Growth Quadrant, we discover competitors and place them in one of four categories based on their traffic growth. This can help you see which players are leading the market and which can change the game. Then you can dig deeper into your competitors’ strategies and develop your own to take the lead.
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A successful marketing plan enables you to expand your business in various ways and start generating income. To directly support this growth, you need to decide how you want your company to grow over the long term. This is where the development process proceeds.
Growth strategies, also called marketing strategies, aim to increase your market share and convince more customers to invest in your products or services.
A common example is the Ansoff Matrix, a tool used by many companies to plan and develop their marketing strategies for growth.
The matrix itself takes the form of a grid where you order each product and start your rating:
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Because product development and diversification is risky and often involves entering new products, it is important to do a lot of research before making any investment. As a starting point, the Jio Market Share Widget and Market Explorer can help.
Selecting the “Highest Conversions” tab shows the products that saw the highest growth rate. For example, when adidas plans to expand into the market, Kuwait, Turkey, and Mexico may be good locations for in-depth research.
This audience targeting model helps you prioritize offers and deliver marketing messages relevant to your target audience.
Think of branded shoes. Each company has a unique selling point, but they all have different offerings for different audiences. Adidas, with its association with artists such as Bunny Bunny or Kanye West, is generally attractive to a younger audience.
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Meanwhile, New Balance, with its focus on body comfort, appeals mostly to an older audience. So, depending on the STP marketing model, the importance of the product can be positioned and viewed completely differently.
The Demographics report in Market Explorer is a good place to gather data to complete your STP marketing model. Here’s a look at the Adidas.com product demographics report.
The report not only shows a breakdown of the product audience by age and gender, it also shows the social networks they prefer. This additional information around social media can help you later when it’s time to be more specific in your marketing plan.
To increase your business growth, consider using the BCG matrix as well. By helping you decide when to invest in products and when to hold back, the BCG Matrix enables you to optimize your products so you can retain existing customers and attract new ones.
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In the process of building the BCG Matrix, you will organize your product or business portfolio into four categories:
By properly segmenting your portfolio, you can make informed decisions about where to place your investment and marketing efforts to maximize your success.
This post on writing a marketing strategy shows all the ins and outs of the BCG matrix, as well as where to get all the important data.
It is not enough just to plan for the development of your company. The most successful businesses also identify growth paths, which are determined by behavioral patterns.
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When deciding on your company’s growth path, you have two main options: adoption growth and organic growth.
Including the acquisition of a business by another business. Think back to the time Facebook acquired MSQRD. With advanced visual technology for video, this app should beat another Facebook property, Snapchat. This is what it looks like in practice by taking the development path.
On the other hand, it does not include any property. Instead, this growth method refers to the growth in sales achieved by your own company