What is a Marketing Strategy?
A marketing strategy is the very foundation of a marketing plan. A good marketing strategy should have goals that are set by a sound marketing plan. A marketing plan consists of a series of steps to be taken for the successful implementation of the marketing strategy. Marketing strategies are a compass that indicate the right direction, and clarify what actions need to be taken when obstacles occur in the path of your business.
Decision-making is vital for the success of any business. A well- formulated marketing strategy will enable you to avoid wrong decisions, while taking the correct ones. A good marketing strategy helps you to determine long-term and short-term goals, which affects how you run your business.
Marketing Strategy Goals
Marketing strategy goals should encompass gathering and analyzing information to enable formulating a viable marketing plan. Market research would be helpful in garnering most of the required information:
- Competitors in the market
- The product’s uniqueness
- Description of key clients
- Channels for distribution
- Pricing strategy
- Research and Development
Types of Marketing Strategy
You need to develop a marketing strategy depending on the situation that exists in the market. Different types of marketing strategies need to be adopted to cater to specific requirements. If you want to be the leader in the market, you need to adopt a market dominance strategy, which would enable you to control the market. This type of strategy can be categorized as leader, challenger, follower and niche-marketer strategies.
An innovation strategy is applied when new products are developed. This is based on whether the company has cutting-edge technologies and other means of innovation. The innovation strategy can be classified into three types: pioneers, close followers or late followers.
Warfare-based strategies let you launch aggressive tactics on your competitors, or make defensive moves to protect and support your company’s profits. This strategy would include offensive warfare marketing strategies, defensive warfare marketing strategies, flanking marketing warfare strategies and guerilla warfare marketing strategies.
On the other hand, you can develop a growth strategy that focuses on the development of your company. This can be brought about through horizontal integration, vertical integration, diversification or intensification.
A well-devised strategy will result in an increase in profits and cut down losses. However, marketing strategies are not constant. Regular monitoring of the market, and developing innovative strategies in line with existing market forces at play, help your business to remain successful.