Marketing is the social process by which individuals and organizations obtain what they need and want through creating and exchanging value with others.
Marketing is the act of developing an engaging relationship with every single human being that shows an interest in you.
What is marketing strategy?
A Marketing strategy is a coherent and agreed upon process formed with the aim of increased revenue and market share. Broadly speaking, marketing strategies refer to the set of actions designed to meet your business goals.
Marketing strategy has the fundamental goal of increasing sales and achieving a sustainable competitive advantage. Marketing strategy includes all basic, short-term, and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies that contribute to the goals of the company and its marketing objectives.
Marketing strategies cover everything from Pay per click, search engine marketing, public relations (PR), Engineering with Marketing & the much more.
Marketing strategies should contain three important elements:
- Who your target customers are
- How to reach your target customers
- How to retain your customers
Your marketing strategy is effectively your company’s roadmap to success.
There are also a number of other items to consider as you form your strategy.
- Your unique selling point (USP): Your USP is vital as it will help to differentiate you from your competitors and highlight to customers where the value of your product lies. How you articulate and define your USP will be one of the most important tasks in your marketing strategy.
- Pricing: Pricing is a critical element of your marketing strategy. Deciding on a suitable price for your product will have an effect on your positioning, promotion, and even the features you offer. Before you decide on a price, you must consider the price of rival product offerings, your target customer’s willingness to pay, your own company’s objectives, and how you plan to position your product e.g. if you plan to promote your product as the best in its class then a low price might harm your product.
- Positioning: Positioning is related to pricing but is an important consideration in its own right. You must consider whether to make a play for a segment of an established market, going head to head with established rivals in the process or whether you want to try and carve out a niche market for a new product.
- Offers: Offers are the type of deals you put together to win new customers. An example might be the free trial offer many b2b software companies offer today. Products with limited features available at a lower price is another popular offer. Perform a cost benefit analysis on which offers suit your company’s product best before roll out.
- Content: As buyers grow more independent and self directed, companies have turned to content to power their marketing strategies. Look to create high quality content that can bring potential customers to your website.
- Promotion: How you promote your product is another key consideration. Does it make sense for your product to go down the route of paid advertising, or should you handle the promotion in-house with a series of blog posts and social media activities?
- PR: Good PR can bring enormous benefits to your company. For early stage companies PR can be especially valuable helping to put their product on the map.
- Referral Strategy: One of the best ways to win new business can be a referral by an existing customer. Look at ways you can stimulate referrals. You should take the time to draw a list of existing clients who may be willing to, or have already referred clients to your company. From here, you should look to develop a referral follow up and conversion strategy. Don’t leave this important area to chance.
- Conversion Strategy: What tactics do you use to convert website visitors into leads. Regularly test the various calls to action (CTAs) on your website to see how they are performing. Continue to tweak the visuals and language until you land on a winning formula.
- Financial Projections: Put together a plan to forecasts the contribution of marketing to overall pipeline. What are the financial aims of your marketing strategy? Document your targets and reassess at the end of each quarter.