Marketing Strategy

What Is a Marketing Strategy?

A marketing strategy refers to a business’s?overall game plan for reaching prospective consumers and turning them into customers of their products or services. A marketing strategy contains the company’s?value proposition, key brand messaging, data on?target customer?demographics, and other high-level elements.

• A marketing strategy is a business’s game plan for reaching prospective consumers and turning them into customers of their products or services.
• Marketing strategies should revolve around a company’s value proposition.
• The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over rival companies.

Marketing Strategies vs. Marketing Plans

The marketing strategy is outlined in the?marketing plan—a document that details the specific types of marketing activities that a company conducts and contains timetables for rolling out various marketing initiatives.

Marketing strategies should ideally have longer life spans than individual marketing plans because they contain value propositions and other key elements of a company’s brand, which generally hold constant over the long haul. In other words, marketing strategies cover big-picture messaging, while marketing plans delineate the logistical details of specific campaigns.

For example, a marketing strategy might say that a company aims to increase authority in niche circles where their clients visit. The marketing plan puts that in action by commissioning thought leadership pieces on LinkedIn.

Benefits of a Marketing Strategy

The ultimate goal of a marketing strategy is to achieve and communicate a sustainable?competitive advantage?over rival companies by understanding the needs and wants of its consumers. Whether it’s a print ad design,?mass customization, or a social media campaign, a marketing asset can be judged based on how effectively it communicates a company’s core value proposition.

Market research?can help chart the efficacy of a given campaign and can help identify untapped audiences to achieve bottom-line goals and increase sales.

How to Create a Marketing Strategy

Creating a marketing strategy requires a few steps. HubSpot, a digital marketing resource, offers insight into how to create your strategy.2

1. Identify your goals:?While sales are the ultimate goal for every company, you should have more short-term goals such as establishing authority, increasing customer engagement, or generating leads. These smaller goals offer measurable benchmarks for the progress of your marketing plan. Think of strategy as the high-level ideology and planning as how you accomplish your goals.
2. Know your clients:?Every product or service has an ideal customer, and you should know who they are and where they hang out. If you sell power tools, you’ll choose marketing channels where general contractors may see your messaging. Establish who your client is and how your product will improve their lives.
3. Create your message:?Now that you know your goals and who you’re pitching to, it’s time to create your messaging. This is your opportunity to show your potential clients how your product or service will benefit them and why you’re the only company that can provide it.
4. Define your budget:?How you disperse your messaging may depend on how much you can afford. Will you be purchasing advertising? Hoping for a viral moment on social media organically? Sending out press releases to the media to try to gain coverage? Your budget will dictate what you can afford to do.3
5. Determine your channels:?Even the best message needs the appropriate venue. Some companies may find more value in creating blog posts for their website. Others may find success with paid ads on social media channels. Find the most appropriate venue for your content.
6. Measure your success:?To target your marketing, you need to know whether it is reaching its audience. Determine your metrics and how you’ll judge the success of your marketing efforts.