Marketing Strategy: Marketing’s Missing Link

Posted on August 12, 2010

3


Marketing tactics (social media initiatives, direct marketing programs, public relations or advertising efforts) are often confused with marketing strategies. Tactics are actions that support your strategic choices; and strategy is the planning and thought that goes into defining, pursuing and achieving your mission. This suggests that marketing strategy defines the marketing goals, programs and tactics that reflect one or more overall strategic approaches for your organization such as;
  • Differentiation strategies to shed focus on the uniqueness and effectiveness of your product or service
  • Cost leadership strategies by offering lower prices than competitors
  • Niche strategies to create service quality standards and domain expertise for a given market segment
Lacking a marketing strategy negatively impacts the effectiveness of your marketing efforts. Strategy provides focus and allows you to direct resources towards activities that build and sustain your competitive advantage upon which you can pursue new opportunities to grow revenue and market share.
List of Marketing Strategies
There is no shortage of marketing strategies; therefore this post will seek to document commonly used B2B and B2C product marketing strategies.
• Trial to give prospects a test drive to evaluate and try your product prior to purchase
• Product placement to create endorsements and approval outside a commercial setting
• Bundling to offer several products for sale as a combined value-added package
• Tipping-point where you capture enough of a given market such that other segments gravitate towards your product
• Kingpin where you first capture the most influential customers in a segment with the hope that others will follow
Planning a Marketing Strategy
A common thread in all these strategies is the goal of getting others interested and engaged with you in ways that create market momentum. The following 5 criteria are important to consider when selecting or implementing these marketing strategies.
1. Impact – how does the strategy help you achieve specific marketing goals?
2. Proven – do you have evidence that points to the likelihood of attaining your marketing goals?
3. Context – to what extent does your strategy take into account prevail business, political, social and market conditions?
4. Feasible – do you have the capability to successfully carry out the proposed strategy?
5. Appropriate – is the strategy consistent with your organization’s mission, processes and culture?
Implement a Marketing Strategy
It’s probably become obvious that a marketing strategy serves as the foundation for your organization’s marketing plan. In fact, the marketing plan contains the specific plan of action that your marketing organization is going to use to successfully implement the strategy. The following 5 steps are important to bear in mind when developing or evaluating marketing strategies.
1. Define the business outcomes influenced by marketing. If we do not have an understanding of the outcomes it becomes impossible to develop appropriate strategies.
2. Develop measureable strategic goals. Once outcomes are understood you can outline the steps required to hit your target.
3. Select a marketing strategy. This provides a context from which to define and achieve your mission.
4. Engage marketing tactics. These are the activities and initiatives required to implement the marketing strategy.
5. Monitor results. As market realities change, your marketing strategies need to be dynamic and adjust as needed
Selecting and deploying a strategy that supports the organization and is based on your knowledge of the market and its customers will go a long way toward making your marketing more effective. And though you want to be deliberate in your approach to and selection of a strategy, you may also need to be flexible and agile
Advertisements
Posted in: Marketing