What does the word marketing strategies mean?
Marketing strategy is an overview of how a company explains and presents the value of the product or service it offers
- In general, marketing strategies are determined based on the following points :
- Objectives of business
- Target market
- Buyer personas
- Competitors
It is a long-term vision for comprehensive marketing efforts, and often depends on many years to come, or is an annual, semi-annual, or quarterly strategy.
There is always a tangible effect of marketing strategies on success. If you take the time to create a comprehensive marketing strategy, it will certainly bear fruit in the future.
What is the importance of marketing strategies?
Planning is the first step to success. There is no successful business without planning
Since marketing strategies are systematic plans to achieve a successful marketing process, here are many benefits that will accrue to your company after developing a marketing strategy.
Let us learn about them together through the following points:
- Marketing strategy gives any company a unique advantage over its competitors.
- The strategy contributes to the development of products and services with a great ability to achieve an increase in sales and profits.
- Marketing strategies help identify activities that are affected by the resulting growth and thus work to create an organized plan to meet all customer needs.
- It also contributes to determining the appropriate value for the company’s products and services according to the information collected through market research.
- The strategy provides effective organization between departments and the work team.
- It helps companies make the best and most appropriate use of their resources and present a sales list to the target market.
- The marketing strategy also has a role in planning the advertising budget, and it also works to develop a way to determine the gains resulting from the advertising campaign.
How to create a successful marketing strategy?
A marketing strategy can set you up for success, so as you create your marketing strategy keep in mind the following steps to help guide your process:
- Determine your business goals : The first step in developing an effective marketing strategy is to define your general business goals and marketing objectives
In other words, “What is the end result you are trying to achieve?!” , Based on the answer to this question, you will determine the steps of your marketing strategy
Here are some examples of business and marketing objectives:
- Developing the customer base
- Increase Sales
- Increase brand awareness
- Increase interaction with customers to achieve bonding between them and your brand
- market research : Strategic marketing requires a comprehensive understanding of the market, its economic context, and determining your place in it, so market research is a must
While you are conducting market research, you will need to keep some factors in your mind:
- Competitors, especially their value offers and their market share
- Market size, including the realistic number of customers interested in your products
- Market gaps and opportunities available to you to exploit
- Potential economic and political realities that could affect the market in the long term
As you gain a better understanding of the market, you will understand how you fit into that market and how you can grow in it.
- Determine the target customer’s personality : The purpose of every marketing campaign is to connect with the consumer , To develop a strong marketing plan your marketing strategy must include a comprehensive profile of your target audience.
To determine your customer’s personality, ask yourself the following questions:
- Based on what you know about the market, who is your target audience?
- What is their social and age group?
- What is the value of your product to the audience and their real need for it?
- How much is your target audience willing to pay for your product or service?
- Where does your target audience shop to buy your product?
- What are the most convincing marketing methods for your target audience?
As you research and consider these questions, your customer will appear more clearly, and this will help you comprehensively understand your target market, making it easier for you to create a marketing strategy that will have a real and effective impact on those you are trying to reach.
What will Illusion Company offer you in the marketing strategy service?
- A comprehensive study of your business market
- A study of the strengths and weaknesses of the product or service you provide
- Study your competitors completely from A to Z
- Identifying the brand’s features and focusing on them in the marketing strategy, identifying the defects and addressing them to suit the market and customer needs
- Study the identity of target customers in terms of age group and social group, and determine the language of communication with them and the method of targeting them to attract them to your product and achieve the largest percentage of sales and profits.
