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A marketing strategy is a cohesive plan to create product or brand awareness, in order to increase sales. There are two phases in marketing strategy, the strategizing itself, and then a marketing plan, where the strategy progresses to a concrete plan on how to reach the objective.
The intertwined strategy and planning phases involve many considerations: customer understanding and relationships, organizational considerations, product placement, goals, and financial considerations, as well as what, if any, marketing technology to use, and what channels to use to relay your messages:
Your marketing department can analyze your company’s research and data to better understand the customer base and their values and self-understanding (personalization). In this way, one can better define customers’ needs and problems and determine how to sell to them.
Other considerations with implications for marketing strategy are the company structure, culture, and brand strategy. You may choose to align sales and marketing departments to include all avenues of information and decision-making, as well as examine previous marketing campaigns’ success or failure. You may want to use the company culture or brand as a marketing tool.
It is also important to focus on your competitors and the marketplace. How do you differentiate your product from the others and increase customer engagement and product awareness? The ultimate goal is increased sales and/or awareness, but how would you concretely define your short term and long-term goals? Goals must be clearly defined.
ROI and budgeting are crucial factors as well, as is determining what market share to aim for.
In order to get your message out to the relevant audience and customer base, examine which marketing tools to use–whether to use digital platforms and software, such as CRM, marketing automation, or programmatic advertising.
The appropriate channels for communication must also be determined, such as direct mail, social media or telemarketing, for example.
Marketing strategies may incorporate such marketing approaches as account-based marketing (aiming your strategy at a group of decision makers in a business), a customer referral strategy, case stories, or disruptive marketing, which speaks to customer values and cultural changes.
The formation and development of ideas in today’s marketing world is often customer-centric. Marketing strategies tend to start with an understanding of the customer base and audience, and move towards the formation of a message. Marketing departments attempt to create well thought-out, structured, and coherent marketing strategies ending with a marketing plan which leads to implementation of a campaign and sales strategy.
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