Contents
- What is a marketing strategy
- Goals of a marketing strategy
- Types of marketing strategies
- How to develop a marketing strategy
- Mistakes to avoid
What is a marketing strategy
A marketing strategy is a comprehensive plan aimed at business development and includes aspects related to increasing revenue and sales volume. Within this strategy, the following key elements should be clearly defined:
- Company positioning in the market;
- Unique selling proposition (USP) of the product;
- Tools for raising awareness about the company and its products;
- Tone of communication;
- Customer acquisition channels;
- Methods for converting leads into customers.
Goals of a marketing strategy
A marketing strategy serves to achieve various goals, which can be divided into several categories:
- Market goals: increasing market share, growing the number of customers, improving profitability;
- Production goals: implementing new technologies, launching new products, increasing production volumes;
- Organizational goals: optimizing personnel management, creating a clear hierarchy and distribution of responsibilities;
- Financial goals: reducing costs, increasing sales volumes, improving profitability indicators.
The strategy allows the company to define priority areas for development and plan its actions, which in turn contributes to:
- Optimal resource allocation;
- Preventing potential marketing errors;
- Increasing overall business efficiency.
Although the strategic plan can be designed for a long term (up to 20-25 years), many small and medium enterprises most often plan for a year, which is related to the rapidly changing market situation. This confirms that a marketing strategy is not a fixed step-by-step instruction but requires flexibility and adaptation depending on the circumstances.
Types of marketing strategies
There are many options for marketing strategies, among which the main ones are highlighted:
Global strategies
These strategies are aimed at developing the company on the international stage and include:
- Internationalization — exploring new markets at the international level;
- Globalization — production considering unified market standards;
- Cooperation — collaboration with other companies on mutually beneficial terms;
- Segmentation — producing goods for various customer segments;
- Diversification — simultaneous development of various business directions.
The choice of strategy depends on the company's readiness for expansion. For example, a PEST analysis (political, economic, social, and technological factors) helps identify risks and opportunities in different regions. A vivid example of applying a global strategy is the McDonald's brand, which adapts its menu based on local preferences.
Basic strategies
Basic strategies determine whether the company will grow, shrink, or develop at the current level. Key directions include:
- Specialization — achieving leadership in a narrow niche;
- Differentiation — creating unique product properties;
- Cost leadership — controlling expenses and return on investment.
An example of a company with narrow specialization is Porsche, which became well-known for its approach to motorsport.
Competitive strategies
There are four approaches to competitive strategies:
- Leader — market dominance and seeking a new target audience;
- Follower — mimicking the leader's solutions and looking for its weaknesses;
- Challenger — challenging the leader using new ideas and unconventional approaches;
- Nicher — capturing segments ignored by competitors.
Each of these strategies is based on competitive advantages that help companies capture new markets and attract customers.
How to develop a marketing strategy
The process of developing a marketing strategy can be broken down into three key stages:
- Analytical stage: analyzing the internal and external environment, competitive situation, and market.
- Practical stage: setting goals, determining pricing policy, and planning actions.
- Control stage: monitoring results and adjusting the strategy based on the situation.
At the analytical stage, it is crucial to examine the company's internal processes and assess the state of the market and competitors. In the practical stage, it is necessary to establish specific and measurable goals, develop a promotional strategy, and determine pricing policy. Finally, the control stage allows for tracking results and making changes to the strategy as needed.
Mistakes to avoid
Despite many factors influencing the success of a marketing strategy, three main mistakes can nullify all efforts:
- Using templates — each company is unique, and it is essential to adapt the strategy to specific conditions;
- Focusing on one channel — it is necessary to utilize various channels to achieve success;
- Lack of control — regular monitoring of results helps identify weaknesses and improve the strategy.
An effective marketing strategy can guide a business in the right direction, ensuring maximum resource utilization and positive outcomes.