Important for Marketing Strategy

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A marketing strategy is a long-term plan for achieving a company's goals by understanding the needs of customers and creating a distinct and sustainable competitive advantage. It encompasses everything from determining who your customers are to deciding what channels you use to reach those customers. With a marketing strategy, you can define how your company positions itself in the marketplace, the types of products you produce, the strategic partners you make, and the type of advertising and promotion you undertake. 

Having a marketing plan is essential to the success of any business. Read on to learn how to create a successful marketing strategy for your company.


What is marketing?

Marketing is about connecting your company with potential customers and connecting those customers with your products. It involves understanding customer needs, translating those needs into products and services, packing and pricing those products and services, and then convincing customers that they need to buy those products and services. To put it simply, marketing is the entire cycle from identifying potential customers to satisfying those customers' needs with the products you produce.


What marketing isn't

Marketing isn't just advertising, public relations or putting together a website or email campaign. It's also about everything leading up to those activities to support both your customers and your sales team. It, ideally, drives your entire business and determines what products you produce and how you distribute them. 


What is included in a marketing strategy?

In essence, a marketing strategy determines the general direction – but not the specific details – for a variety of marketing-related activities. Ideally, your marketing strategy should help you define the following for your company:

Target audience

Value proposition

Product mix

Brand messaging

Promotional initiatives

Content marketing


How to create a successful marketing strategy

There are several steps you need to take to create a robust marketing strategy for your business.


Set definable business goals

Your company's vision and objectives are the driving factors behind your marketing strategy. These overall objectives help determine your marketing goals, which your marketing strategy is in service of. Your marketing goals build on your company's goals. You might set a goal to achieve a specific market share, dominate a particular channel or reach a certain percentage of a certain type of consumer. Your goals should be reachable and measurable.


Identify and research the target market

The goals you set help you define the target market to pursue. This requires you to get familiar with the customers in this market, which requires some degree of market research and analysis. You need to determine the following about the target market and its customers:

Market size and growth potential

Market trends

Competitors

Geographic and demographic characteristics

Customer behavior


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