While making final preparations for a Business Builders session on Marketing Plans, I went looking for a simple explanation of “marketing strategy.” It’s a concept that gets thrown around — but without a clear definition.
A marketing strategy is the WAY you will create customers. Basically there are four things you need to keep in mind about marketing strategy.
1. Marketing strategy is shaped by business goals and strategy.
Strong marketing strategies are built on a foundation of business goals and direction. Without a clear business strategy, marketing is like a crazy dog without a leash.
2. Marketing strategy includes the WHO, the WHAT, and the WHY
Know your customer, and choose your target markets wisely. Develop and promote products and services that fit your buyers. Know and communicate why they should buy from you.
3. Marketing strategy supports the firm’s efforts to strengthen or improve its POSITION in the industry/marketplace
Marketing helps buyers understand who you are vis-a-vis other options in the marketplace. You can’t be all things to all buyers. Stake your claim with your marketing.
4. Marketing Strategy describes most efficient and effective way or path to attract and create customers.
Marketing strategy is the “main thing”. It’s somewhat flexible, but should have a long-view. And it won’t change very much unless there is a major shift in the environment or company circumstances.
Examples of a Marketing Strategy:
The number one way we will create customers is: referrals from residential customers and business professionals. (Referral strategy)
The number on way we will create customers is: creating opportunities for people to SEE or SAMPLE our work. (Sampling Strategy)
The number one way we will create customers is: convert website visitors to leads and customers (Online Strategy)
The number one way we will create customers is: increase visibility in the marketplace (PR/Advertising strategy)
The marketing plan is the details of HOW you will execute the strategy. It’s the roadmap, adjustments are normal and expected.
Helpful tip #1: resist ideas that don’t support the strategy, or you will waste time and money.
Helpful tip #2: too many strategies will spread your resources too thin and reduce the effectiveness of your marketing.
Filed under: strategy
