Marketing strategy planning is an organized process that will help an organization to focus its limited financial resources on the most lucrative opportunities to boost sales and reach a sustainable competitive advantage.
Marketing strategy planning is necessary for all organizations, large or small, medium or small-scale. The concept of marketing strategy planning was developed by Milton Stern in 1948. His book, “The Marketing Technique”, which defines the basic principles of marketing, is the foundation for this discipline.
There are various components involved in marketing strategy and each one addresses different aspects of the organization’s activities. These components are the same regardless of the size of the marketing strategy – even Facebook marketing that can be boosted to get Facebook likes, has all the components of a marketing strategy. The first component is an understanding of the product, which may be either physical or some service or both.
The second component is an understanding of the customer, which may be either the existing customers or potential customers. The third component is developing a marketing strategy based on these two concepts.
Digital Marketing Strategies
The field of digital marketing strategies covers virtually every channel available on the Internet. The major components of a digital marketing strategy are search engine optimization (SEO), social media marketing (SMM), pay-per-click (PPC) advertising, and viral marketing. Search engine optimization (SEO) is the process of optimizing the website for high search engine listings through paid advertisements such as search engine optimization (SEO), and search engine friendly content such as keyword research. Social media marketing is the marketing of products and services through social sites like Facebook and Twitter.
Pay-per-click advertising is a form of online advertising wherein a company pays a fee based on the number of clicks on their ads. Viral marketing occurs when something is posted about the product or service on an Internet site attracting hundreds of viewers who pass by the advertisement and then share it with others who they know.
Strategy Planning
In order to test and measure the effectiveness of the marketing strategies, a marketing plan is required. A marketing plan should include demographics, goals, target market, and financial forecasts. A budget should also be included which tells the size of the budget for the marketing activities and what percentage of that budget is used on each activity.
Other information such as the number of new visitors to the website, conversion rates, and the total number of people who have visited the website. This information will help a company to know where to best spend its money most productively.
Development Strategy
Marketing strategy and development strategy are two separate entities. A marketing development strategy is the action plan or the strategy designed to drive new products and services into the marketplace. Development strategy, on the other hand, is the action plan or the blueprint designed to develop new products and services into the marketplace. It lays out the plans for the implementation of new products and services into the marketplace. Marketing development strategy provides direction for how to acquire new customers and how to retain and develop existing customers. When both marketing strategies are combined, there is a greater chance of success.
Branding is one of the more important components of the marketing strategy. It is the perceived value proposition of the product. Companies sometimes hire a marketing manager or marketing strategist to develop brand messaging. The brand messaging of a product represents the uniqueness of the company from competitors.
Strategies The following are some of the marketing strategies used by companies: Contests, discounts, freebies, free samples, customer satisfaction surveys, direct mail, advertising/marketing programs, customer contact/response, incentive programs, product diversification, and search engine optimization. Most of these activities result in limited sales. The company must have the right time, right place, and right people to sell products.
Marketing and business growth requires long-term planning and execution. A company should first determine its target market, quality products and service, competitor’s strategy, and business growth needs. These factors will guide the company in choosing marketing strategies. Some web-based tools can be used to effectively create a marketing strategy.
