Marketing Strategy is the fundamental goal of increasing sales and achieving a sustainable competitive advantage. A marketing strategy will help you identify your best customers, understand their needs and implement the most effective marketing methods.
Every time you speak to someone about your business you are involved in marketing. Any conversation about your firm is an opportunity to promote your business and increase sales.
A marketing strategy will help you focus. It will identify the different ways you can talk to your customers, and concentrate on the ones that will create most sales. It tells you what to say, how to say it and who to say it to in order to make more sales. Because timing is critical, it will tell you when to say it, too.
Marketing strategy: objectives
Your marketing objectives will focus on how you increase sales by getting and keeping customers.
To explain how to do this, experts talk about how best to package your products and services, how much to charge for them and how to take them to market.
A marketing strategy will help you tailor your messages and put the right mix of marketing approaches in place so that you bring your sales and marketing activities together effectively in an effective marketing plan.
Marketing strategy: knowing your customers
A successful marketing strategy depends on understanding your customers, what they need and how you can persuade them to buy from you.
There's no substitute for knowledge. Experience and regular two-way communication will tell you a lot about your customers. But targeted market research will build a more detailed picture of customer segments with similar needs. It will help you understand how to target these people so you're not wasting time on people who aren't interested in your offer.
But you'll also need to understand how your market works - where do your customers find out about your offer, for example? Your strategy should even tell you how you measure up against the competition and what new trends to expect in your market.
Marketing strategy: making a plan
A marketing plan explains how to put your strategy into action. It will set marketing budgets and deadlines, but it will also tell you how you're going to talk to your target customers - whether that's through advertising, networking, going to trade shows, direct marketing, and so on.
Crucially, it will tell you when to talk to your customers. Timing your activities to fit their buying cycles will save money and maximise sales.
Finally, your marketing plan should look to the future: it should outline how you follow up sales and what you're doing to develop your offer.
As with any plan, progress should be regularly measured and reviewed to see what's working and what isn't, so you can set new targets as your market changes.
Lisa Hunter is an experienced Marketing, Events and Project Manager. She has over 10 years’ experience working in the IT and marketing industry, delivering strategic marketing support and managing creative projects for a wide-range of clients. In this blog she shares her knowledge and experiences…we hope you enjoy it.