The goal of any marketing strategy is ultimately conversion–the process by which potential customers become paying customers–a one-time purchase or an ongoing subscription service. A successful conversion can be measured by metrics such as the cost per lead, the number of leads generated over time, and customer retention rates.
A company’s marketing strategy will vary significantly depending on its size and stage in the product/market fit process. Startups and small businesses will usually rely heavily on word-of-mouth marketing which they can generate by encouraging their existing customers to become brand ambassadors, while established companies with a broader reach will usually implement more traditional and hyperlocal campaigns that are aimed directly at their target audiences.
Marketing is an essential part of running a successful business. It helps you reach out to potential customers and keep existing ones happy.
But if you’re new to marketing, it can be hard to know where to start. That’s where we can help. Peek has been working with businesses like yours to develop and implement comprehensive marketing strategies that deliver results.
What Is a Marketing Strategy?
A Marketing Strategy is a long-term, focused plan to create an environment where the company’s products and services are most reachable and desirable to buyers. A firm’s value proposition is the key to its marketing efforts and is formulated around the differentiation of the product/service/offering from those of competitors. A differentiation strategy that a strong brand backs is also more likely to succeed in maintaining demand over time.
The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over rival companies.
A marketing plan, sometimes referred to as an integrated marketing communication (IMC) plan, is a group of activities and tactics used to promote or sell a product or service to a particular market.
In the offline world, marketing plans are generally sequential in nature with different tactics being employed at each stage of the buying process. This approach differs from a web-based marketing effort where efforts may overlap significantly to get the message out.
The marketing strategy is not just an ethereal document that isn’t essential to a company’s success. It’s a blueprint for making critical decisions about where to allocate resources, how to present your company to the outside world, and what you expect from your efforts in terms of return on investment (ROI).
Why Should You Do It?
A company’s marketing strategy is designed to develop and communicate a lasting competitive advantage over rivals by understanding its customers’ needs and desires. Whether it’s a website, video, or social media campaign, a marketing asset can be evaluated based on how effectively it conveys the company’s primary value proposition.
According to a 2019 research, companies with a documented marketing plan were 313% more likely to find that their marketing efforts had been successful.
There are many reasons why your organisation needs to develop a comprehensive marketing strategy. Here are just some of them:
To increase market share
To improve profitability
To build brand awareness
Understanding Marketing Strategies
When most people think of “marketing,” they imagine TV commercials, billboards, magazine ads, direct mail pieces, radio spots, etc. While these forms of media still play important roles in today’s marketplace, there has been a shift toward digital marketing methods such as search engine optimisation, social networking sites, mobile apps, video content, email blasts, online reviews, blogs, podcasts, etc. These newer types of marketing tools allow businesses to reach out to prospects through multiple channels at once.
A clear marketing strategy should revolve around the company’s value proposition, which communicates to consumers what it stands for, how it operates, and why it deserves their business.
This template should serve as a foundation for marketing teams’ efforts across all of the firm’s products and services.
Is a marketing strategy the same as a marketing plan?
The terms marketing plan and marketing strategy are frequently used interchangeably, but a plan is based on the strategic framework, and a marketing strategy is likely to contain many marketing plans.
In some cases, the strategy and the plan may be incorporated into one document, particularly for smaller companies that may only run one or two major campaigns in a year. For example, the plan outlines marketing activities on a monthly, quarterly, or annual basis, while the marketing strategy outlines the overall value proposition.
The marketing plan is a document that describes the numerous forms of marketing activities a firm undertakes and establishes timetables for putting them into action.
Individual marketing plans should have a shorter lifespan than marketing strategies since a strategy includes the value propositions and other fundamental components of a business’s brand, which generally remain constant over time.
So a marketing strategy covers the big picture, and marketing plans cover the nitty-gritty operations of specific initiatives.
What do the 4 Ps mean in a marketing strategy?
The 4 P’s are product, price, promotion, and place. These are the key factors that are involved in the marketing of a good or service. The 4 P’s may be utilised in any situation, from developing a new business idea to assessing an existing one to boosting sales with a specific demographic. It can also be used to evaluate a current marketing plan for a new audience.
Peek’s Top 10 Most Effective Marketing Strategies for B2B and B2C
Here are some of our Top 10 strategies that we might use for your company’s marketing planning:
- Content Marketing
- Inbound Marketing
- Social Media Marketing
- Search Engine Optimisation
- Search Engine Marketing/PPC
- Account Based Marketing and Retargeting
- Earned Media and PR
- Referral Programs
- Industry Events
- Conversational Marketing
- Social Networks and Viral Marketing
- Paid Media Advertising
- Internet Marketing
- Email Marketing
- Direct Selling
- Point-of-Purchase Marketing (POP)
- Cobranding, Affinity, and Cause Marketing
- Conversational Marketing
- Earned Media/PR