What is Marketing Strategy? – Marketing Strategy is an organizational strategy that combines all marketing objectives into a comprehensive plan. A good marketing strategy must be based on market research and focus on the right product mix to achieve maximum profit potential and sustain the business.
Simply put, a Marketing Strategy is a strategy designed to promote goods or services and of course to generate profits for the company. The marketing strategy can be said to be the basis of all marketing plans.
It is very important for a company or business to develop its marketing strategy. Without this marketing strategy, efforts to attract customers or consumers will be undirected and inefficient, making it difficult to achieve the goals of the organization, which is to gain profits and grow its business.
The focus of the marketing strategy must be to ensure that products and services will meet customer needs and develop long-term and profitable relationships with these customers.
To achieve that, marketers need to create flexible strategies that can respond to changes in customer perception and demand. This can also help marketers identify new markets that can be targeted.
Please to also read market types based on its structure.
Understanding of Marketing Strategy (Marketing Strategy)
To be clearer about Marketing Strategies, here below are some definitions and definitions of Marketing Strategies according to the experts.
- What is Marketing Strategy? According to Suharno and Yudi Sutarso (2010: 8), Marketing Strategy is a long-term framework that guides all technical activities in marketing which are based on the spirit to meet customer needs.
- What is Marketing Strategy? According to Tjiptono (2002,6), Marketing strategy is a fundamental tool planned to achieve the company’s goal by developing sustainable competitive advantage through the markets entered and marketing programs used to serve the target market.
- What is Marketing Strategy? According to Philip Kotler (2004,81), Marketing Strategy is a marketing mindset that will be used to achieve marketing objectives. Marketing strategies contain specific strategies for the target market, positioning, marketing mix and the amount of marketing expenses.
- What is Marketing Strategy? According to Kurtz (2008: 42), Marketing Strategy is a whole company program to determine target markets and satisfy consumers by building a combination of elements of the marketing mix: product, distribution, promotion and price.
- What is Marketing Strategy? According to Hartono (2012: 889), Marketing Strategy is a series of goals and objectives, policies and rules that give direction to marketing efforts from time to time from each level and location.
Steps in Formulating the Marketing Strategy
A marketing strategy is a long-term approach to selling our products or services. The aim of the marketing strategy is to create a sustainable and successful business that is connected with customers and continues to experience growth. In developing a marketing strategy, we need a deep understanding of business, competitors, customers and of course about our market. The following are some important steps in formulating our marketing strategies so that the strategies we apply reach the goals and targets we want.
1). Determine the desired customer
What target market do we want to achieve? What similar demographics do they have? What problems do they face and what values affect their purchasing decisions? Understanding who we are talking to and what they need is the key to creating an effective marketing message.
2). Get to know the products to be marketed
Take the time to understand the benefits of the products we will market such as its features. How will the product benefit and make a difference in someone’s life? Why is that important for our customers? The most effective marketing is consumer emotions and the relationship is created when we can explain effectively and very clearly about the benefits provided by the product.
3). Conduct research on competition
If we want our customers to remain loyal to our brand or product, we must be the most prominent in the market that we focus on. Take the time to learn about our competitors and decide what should be the difference between our products and other competitors. Consider the price, quality, location, service, accessibility, values and lifestyle of our products. And notice what is most important for our target customers?
4). Determine the USP (Unique Selling Proposition) on the product offered
Use the information that has been collected about customers, products and competition to create a unique sales proposition. This USP is a convincing sentence that illustrates the core of our business, focusing on who we serve, what benefits we can provide and why our business or product is the best to provide those benefits. USP is also known as a value proposition and will guide all messaging, branding and other marketing efforts.
5). Outline available resources
The budget will ensure that our marketing team follows the market roadmap to achieve important goals, having a clear idea of the available budget will also ensure that our marketing does not incur debt. But money is not the only resource we have. The skills of our marketing team have (such as writing or speaking in public) and personal connections (such as contacts in the media) can all be used to build marketing strategies.
6). Determine the marketing method
After understanding our customers, markets and resources, choose the most effective marketing mix to promote our business or products and share the USP. How can we show the value of a product or service to customers and persuade them to make a purchase?
Will direct mail, online advertising, SEO, TV advertising or trade shows be an effective way to reach customers?
What strategies are your competitors using? Is there something suitable for us or do we need a different marketing tool?
After determining a marketing strategy, we can use that information to create effective marketing plans that will attract the right customers, differentiate our products from competitors, position our business as the ideal solution and enable us to grow in our markets.