Marketing Strategy - Da FAQ?

Hello!

In the just-over-a-year time frame that I have been at Little Lightbulb I have borne witness to all too many presentations that claim to help identify your “marketing strategy” and the truth is… well, all too often it leaves everyone deflated with the expression I give my food when eating from an overpriced vegan restaurant.

It’s with this I give to you my debut LinkedIn article - ‘Top Three Marketing Strategy Frequently Asked Questions’

What actually is a marketing strategy?

A marketing strategy is the overarching marketing direction for an organisation. It is established based primarily on the organisations position in the market or where it aspires to be. A marketing strategy is not a campaign or other tactical endeavor, promotions as such need to be considered alongside the marketing mix (see 7p’s of Marketing https://www.cim.co.uk/files/7ps.pdf)

Where do I start with marketing strategy?

Research.

Really understand the market in which the organisation is operating in. What are the key market drivers? Who are we speaking to? Not just in terms of demographics but psychographics; what do these people believe and what is important to them? What unwritten rules and rituals do they have? See Marcus Collins lecture on leveraging networks of influence:

Resources like Mintel or Keynote can also act as a perfect source to gather quantitative data within the market, but using informers (real people) who come into contact with the brand is a priceless way of getting valid qualitative data (Thank you Rob Campbell/Heather LeFevre, check out Brain Surfing: The Top Marketing Strategy Minds in the World).

Using models like SWOT, PESTEL, Porters Five Forces or VRIN (Value, Rarity, Inimitable Strategic Capabilities and Non-Substitutable Capabilities) will help to establish the organisations internal and external environment, as well as identify exactly what dynamic capabilities the company possesses (required for sustained competitive advantage).

How do I identify an organisations marketing strategy?

Ansoff's Matrix

As a starting point for primarily product driven firms, why not try using a simple tool like Igor Ansoff’s matrix to provide a broad overview with regards to where the organisation places in the market.

This is Igor Ansoff, he was one of the greatest thought leaders within the field, known as the ‘father of strategic management’ and, as well as having great taste in glasses, produced a very important matrix:

Porters Generic Strategies

Porters Generic Strategies outlines a means for understanding the fundamental basis for competitive advantage and works alongside the models outlined previously, these consist of:

Cost leadership focuses on becoming the lowest cost organisation in operational/pricing terms.

Differentiation involves creating a product or service that is perceived as unique. The unique features or benefits should provide superior value for the customer if this strategy is to be successful. Because customers see the product/ service as unrivaled and unequaled, the price elasticity of demand tends to be reduced and customers tend to be more brand loyal.

Focus is a strategy in which an organisation targets a narrow segment, tailoring its goods or services exclusively to consumer demands within the segment.

A focus Strategy can be split into cost focus or differentiation focus.

Bowman's Strategic Clock

Finally, we have Cliff Bowman’s Strategic Clock which essentially builds on Porters Generic Strategies to fine tune the approach, outlining the ominous “destined for certain failure” area – which we would all rather avoid:

Round up

Essentially there is often cross over in terms of strategic approach and these tend to form hybrid strategies depending on the individual organisation and its operating market however I hope this provided some clarity into the world of marketing strategy.

If there is one thing I would like to achieve from these updates, it’s give the audience of anyone with an interest in marketing the input they need to have a clear understanding of the subject in hand.

Please feel free to share your thoughts / feedback / questions with me, and comment below on future pieces you would like to see!

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