What is a Marketing Strategy?

October 4, 2022

What is a Marketing Strategy?

What is a marketing strategy?


Time and perspective has a lot to do with it. A strategy is a long term view on the what and where of your approach to marketing. A marketing plan contains the detailed steps to put your strategy into action. 

In summary a marketing strategy must consider:

  • Your products and services

  • Your pricing and value points

  • Your target audience and their needs

  • Your competition and your position relative to them

  • Your business strategy

  • Your brand strategy

  • Your resources, people, money, places

  • Your goals, metrics and KPIs


Your product or service


A first step is a catalogue of the products or services you offer, along with the value proposition they reflect.  The better you can explain these and how they compare with your competition the better.

By value proposition, I mean the thinking behind why they make a difference to your audience, expressed in either quantitative terms (such as metrics like time and cost) or qualitative about perceived benefits.

A first step is a catalogue of the products or services you offer, along with the value proposition they reflect.  The better you can explain these and how they compare with your competition the better.

By value proposition, I mean the thinking behind why they make a difference to your audience, expressed in either quantitative terms (such as metrics like time and cost) or qualitative about perceived benefits.


Pricing


With your product or service list - you ought to have pricing alongside these. Importantly do you have an explanation of how and why the prices are as they are? Pricing comes from underlying delivery and operational costs, your business strategy, and your competition.

The logic and background to your pricing will also contribute to your core messaging.


Pricing

Time and perspective has a lot to do with it. A strategy is a long term view on the what and where of your approach to marketing. A marketing plan contains the detailed steps to put your strategy into action.

For instance, your marketing strategy might contain:

  • A definition of who your target audience are, including a level of detail on their needs and expectations, where they are, and why they need your services or products
  • An analysis of where your products and services stand in relation to your competition. How do yours compare? Why would your audience chooses yours over theirs? This analysis should also inform your core messaging and give you the ammunition to win when going to market
  • The core messaging on your business, services and products. In other words the text that describes the value you bring to the audience, plus statements on the vision and goals of your business. The importance of getting this right and then using these messages in your marking plan can't be overstated. If you can't express your business and services in a succinct and inspiring way then your approach to your audience won't be as effective
  • A statement of goals - these could vary from detailed metrics to broader ideas. You might define metrics about how much attention your business would like to receive in the market place, such as website activity, social media activity, phone calls or other broad measures of engagement. Consider your marketing funnel - you need a high volume of activity at the top of the funnel, such that a smaller number of leads drop out of the bottom of the funnel. At some point you will need to report on progress in delivering the strategy, so these goals need to be crafted to make reporting progress straightforward.


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