Marketing Strategy Plan – An effective marketing strategy will ensure business growth and availability over time. From meeting the needs of your target audience and helping to build brand loyalty, to setting the right price for your products and services, the right strategy will increase your chances of succeeding in the business world.
Marketing strategy is a company’s long-term plan of action to promote its products and services, gain competitive advantage, and achieve business goals.
Marketing Strategy Plan
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. While your marketing plan should be firmly based on your company’s value proposition, it will help you market your products or services more persuasively to consumers.
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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 that you should keep in mind.
The main difference between the two concepts is that marketing strategy is a long-term concept whereas marketing planning deals with short-term issues.
Marketing strategies include the mission of the company as a whole, 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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Now that you understand the basics of marketing strategy, you need to start mapping out your business’s marketing goals.
Think Google. The brand has always been clear about conveying the company’s core mission to “organize the world’s information and make it accessible and useful.” They do this through a powerful search engine and this global concept encourages every innovation and growth 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 car sharing close to consumers) is based on the principle of building a circular economy.
By properly defining your company’s mission and mission, you can better identify 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 a Kos dress because you’re environmentally conscious.
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Customers today 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 have defined all of the above aspects of your business, you will know what makes your company unique. Your goal now is to convey that difference to your customers and make them think of your business first.
Once you can define what you mean by marketing strategy, it’s time to start formulating a strong strategy for your business.
The beginning of the strategy making process can be difficult for many business owners. To help take some of the guesswork out of the process, we’ve broken down a typical marketing strategy into three distinct elements.
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In each of these, we provide some marketing strategy examples to help you create an effective strategy one step at a time. To collect data for these examples, we use .Trends.
When creating your company’s marketing strategy, be sure to think about how your business can create a competitive advantage to succeed.
Run a simple 4Ps analysis on 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 describe the key characteristics of your competitors: product, price, position and promotion.
Using the Traffic Analytics Top Pages report, you can discover a lot of valuable information about your competitors’ best products and services. See the Top Pages report for Adidas.com.
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Once you perform 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’ strengths, weaknesses, opportunities, and threats.
If you want to assess your product’s position in the market against the competition, a SWOT framework should do it because you are analyzing 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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Competitive landscapes change over time and the metrics you research may vary. For this reason, competitive landscape analysis is considered an ongoing process.
You can learn about several tools for competitive landscape analysis in our competitive landscape analysis article. For a quick overview of the market, however, you can start with the market summary in the Market Explorer overview report. Here’s a look at Adidas’ market.
From the market summary, we can glean some key information about the state of the market landscape. example:
Beyond 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. You can then dive deeper into your competitors’ strategies and prepare your own to take the lead.
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A successful marketing plan will allow you to expand your business in many ways and start increasing your income. To support this growth immediately, you need to decide how you want your company to grow in the long term. This is where growth strategies come in.
Growth strategies, also known as product marketing strategies, are designed to increase your market share and get 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 is in the form of a grid where you can place each marketing strategy and begin your evaluation:
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Market growth and diversification are riskier and often involve entering new markets, so it’s important to do a lot of research before making any investment. As a starting point, the market share widget and market explorer can help.
Selecting the “Highest Converting” tab will show you the markets that have seen the highest traffic growth rates. For example, Kuwait, Turkey, and Mexico might be good locations for in-depth research when considering Adidas’ market expansion.
This audience-centric model helps you prioritize offers and deliver marketing messages that are relevant to your target audience.
Consider shoe brands. Each company has a unique selling point, but they all have different offerings for different audiences. Adidas generally appeals to a younger audience through its collaborations with artists such as Bad Bunny or Kanye West.
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Meanwhile, New Balance, focusing on comfort rather than style, typically appeals to a larger audience. So based on the STP marketing model, this is how a product can basically be positioned and seen as completely different.
The Demographics report in Market Explorer is a great place to gather data to complete 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 about social media can help you when it’s time to get 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 products and when to stop, the BCG Matrix allows you to optimize your products and retain existing customers and attract new ones.
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In the process of creating a BCG matrix, you organize your product or business portfolio into four categories:
If your portfolio is properly identified, you can make informed decisions about where to put your investments and marketing efforts to maximize your success.
This post on building a marketing strategy describes all the details of the BCG Matrix, as well as where you can find all the necessary information.
Planning for the growth of your company is not enough. The most successful businesses also identify a method of growth, which depends on methods of perception.
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When determining your company’s growth strategy, you have two main options: acquisition growth and organic growth.
It involves the purchase of a business from another business. Think back to when Facebook acquired MSQRD. This app, which had advanced visual technology for videos, was supposed to supercharge Facebook’s other Snapchat. This is what getting a development method looks like in practice.
On the other hand, it does not include shopping. Rather, this method of growth refers to the increase in sales that occurs through the company