Marketing Strategy Definition – An effective marketing strategy will ensure the growth and availability of the business over time. From meeting the needs of your target audience and helping to build brand loyalty, to determining the right price for your products and services, the right strategy will increase your chances of success 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 achieving business goals.
Marketing Strategy Definition
Don’t confuse a marketing strategy with a marketing plan, though. The main goal of a marketing plan is to attract new customers and convert them into loyal buyers. While your marketing plan should be based firmly on your company’s value proposition, it will help you market your product or service more convincingly to consumers.
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Although marketing strategy and marketing plan both play an important role in the success of your business, there are some important differences between them to keep in mind.
The main difference between the two concepts is that marketing strategy is a long-term idea, while marketing planning deals with short-term issues.
The marketing strategy includes the company’s overall mission, what they stand for and what they hope to achieve in the future. Meanwhile, marketing plans cover the logistics of various marketing campaigns, such as specific types of data and market research.
Your company’s overall strategy will help inform your marketing plan, which means it’s important to make your strategy as comprehensive as possible.
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Once you understand the basics of marketing strategy, you need to start mapping out your business marketing goals.
Think Google. The brand has always been clear in conveying the company’s primary mission to “organize the world’s information and make it universally accessible and useful.” They do this through a powerful search engine, and this global idea encourages every innovation and improvement in the company’s products and services.
This aspect can be related to your company’s mission. For example, Volvo cars are known as a car brand that cares about the environment and safety. Therefore, their entire business (think near-consumer car sharing) is underpinned by the principle of building a circular economy.
If you set your company’s mission and mission correctly, you can better define your target market and understand why people choose your product over others. You might want to buy Apple products because you want to be seen as “thinking differently”, or you might choose Kos clothing because you care about the environment.
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Today’s customers have no shortage of options when deciding to make a purchase, so businesses must strive to differentiate themselves from the crowd. Defining their niche market is key.
Once you’ve defined all of the above aspects of your business, you’ll know what makes your company unique. Your goal now is to communicate that difference to your customers and make them think about your business first.
Once you can define what you mean by marketing strategy, it’s time to start crafting a powerful strategy for your business.
The beginning of the strategy building process can be difficult for many business owners. To help take some of the guesswork out of the process, we’ve broken down a standard marketing strategy into three distinct components.
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Below each of these, we provide some examples of marketing strategies that will help you build an efficient strategy one step at a time. To collect data for this example, we used .Trends.
When creating your company’s marketing strategy, be sure to think about how your business can create a competitive advantage for success.
Run a simple 4Ps analysis of competitive products to gain a deeper understanding of your competitors. The 4Ps framework is usually used for internal marketing strategy purposes, but you can also use it to outline your competitors’ key attributes: product, price, place and promotion.
Using the Traffic Analytics Top Page report, you can unearth a lot of valuable information about your competitors’ best products and services. View the Top Pages report for Adidas.com.
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Once you conduct such an analysis, you will gain a lot of valuable information about your market. This will help you set marketing goals, determine which marketing efforts to use, structure your pricing and more.
Then do a quick SWOT analysis to see how you stack up against the competition. A SWOT analysis is a simple process to gain insight into your business’s strengths, weaknesses, opportunities and threats.
If you want to evaluate the market position of your product against the competition, a SWOT framework should be done, because you analyze both internal (strengths and weaknesses) and external (opportunities and threats).
Competitive landscape analysis is the process of examining your market to identify your competitors and where they stand relative to other players, including yourself.
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The competitive landscape changes over time and the metrics you research may vary. For this reason, competitive landscape analysis is considered an ongoing process.
You can learn about many tools for competitive landscape analysis in our article on competitive landscape analysis. For a quick overview of the market, however, you can start with the market summary in the Market Explorer overview report. Here is Adidas’ market overview.
From the market summary, we can gather some important information about the state of the market landscape. example:
Outside of the growth quadrant, we find competitors and place them in one of four categories based on their traffic growth. This will help you see which players are leading the market and which are changing the game. Then you can dive deeper into your competitors’ strategies and prepare your own to get ahead.
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A successful marketing plan will allow you to expand your business in many ways and start increasing your income. To directly support this growth, you need to decide how you want your company to grow in the long term. This is where growth strategies come in.
A growth strategy, also known as a product marketing strategy, is designed to increase your market share and convince more customers to invest in your product or service.
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 can place each marketing strategy and start your evaluation:
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Market development and diversification are riskier and often involve entering new markets, so it’s important to do a lot of research before making any investments. As a starting point, the market geo distribution widget and market explorer can help.
Selecting the “Highest Converting” tab will show the markets that have seen the highest rate of traffic growth. For example, Kuwait, Turkey and Mexico may be good locations for in-depth research when considering expansion in the Adidas market.
This audience-centric model helps you prioritize recommendations and deliver marketing messages that are relevant to your target audience.
Think of a shoe brand. Each company has a unique selling point, but they all have different offerings for different audiences. Adidas usually appeals to a younger audience through their partnerships with artists like Bad Bunny or Kanye West.
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Meanwhile, New Balance, focusing on comfort over style, typically appeals to an older audience. So, based on the STP marketing model, this is how products can basically be positioned and perceived as completely different.
The Demographics report in Market Explorer is a great place to gather data to complement your STP marketing model. View the Adidas.com Market Demographics Report.
The report not only divides the market audience by age and gender, but also shows which social networks they prefer. This additional information around social media can help you when it’s time to be more specific in your marketing plan.
To further accelerate your business growth, consider using the BCG Matrix as well. By helping you decide when to invest in a product and when to stop, BCG Matrix allows you to optimize your product and retain existing customers and attract new customers.
Topic 1: Marketing Strategy Analysis And Perceptions
In the process of building the BCG matrix, you organize your products or business portfolio into four categories:
If your portfolio is properly identified, you can make informed decisions about where to place your investment and marketing efforts to maximize your success.
This post on Building a Marketing Strategy outlines all the ins and outs of the BCG Matrix, as well as where to find all the necessary information.
Planning for your company’s growth is not enough. The most successful businesses also identify growth methods, which rely on perception methods.
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When determining your company’s growth strategy, you have two main options: acquisitions and organic growth.
It involves the purchase of one business from another. Think back to when Facebook got MSQRD. This app, which has advanced visual technology for videos, should charge the rest of Facebook’s Snapchat. This is what the acquisition of development methods looks like in practice.
Instead, it does not include any purchases. Instead, this growth method refers to the increase in sales that occurs through the company