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What is Marketing Strategy?

What is Marketing Strategy? A marketing strategy is nothing more than a complete description of a company’s vision and goals in relation to their industry. A marketing plan is an important tool used by businesses large and small to attract new customers, increase sales, and ultimately achieve a sustainable competitive advantage. This broad definition of marketing plan stands firmly on at least three pillars.

As the name implies marketing strategy revolves around the art and science of reaching out to potential customers and converting them into customers. How exactly does one go about doing this? How do you determine what is marketing strategy and how do you apply it to your business? The following paragraphs offer some insight into what is marketing strategy and offer suggestions on how to apply it to your business.

The first pillar of what is marketing strategy relates to identifying what your brand is and what your business represents. It is not enough to simply brand your product or service. Your brand must be clearly defined as well as communicated with your audience on a consistent basis. If you brand your product or service accurately and consistently your customers will become accustomed to what you are offering and will expect it.

The second pillar is to identify and define your company goals and what is marketing strategy related to those goals. When developing and implementing marketing strategies your company should have clear understandings of its customer, competitors, and marketplace. Understanding who you are competing against and what your competitive position is critical to understanding your overall purpose and strategy. Identifying and understanding the marketplace you are serving will help determine your overall direction and what is marketing strategy related to that direction. For example if you are a health food retail store that caters to a predominantly younger consumer then you would most likely want to cater to their interests.

The third pillar relates to what is marketing strategy related to achieving the set goals. In every situation and at every phase of business it is always best to look towards future projections and what your long range goals are. By developing and implementing a strategy for achieving your long range goals you are much more effective in meeting your overall objectives. Achieving long term vision is imperative to achieving sustainable competitive advantage.

The fourth pillar is to develop and implement a marketing strategy that is aligned with your company’s overall objectives. Once again the concept of what is marketing strategy revolves around aligning the marketing tactics and strategies with your overall objectives. Again, developing and implementing a plan is necessary to make your company successful. It is not enough just to have a marketing strategy; it is even more important to make sure that the plan is aligned with your overall objectives. Once your marketing strategy and tactics are aligned with your company objectives, then you will find that achieving those objectives will be much easier and more effective.

The fifth and final pillar is to understand who your target customers are. In order to truly understand your target customers it is important to understand who they are as individuals. By understanding your target customers, it will be much easier to develop and implement a solid marketing strategy. Once you understand your target customers you can then work to meet those objectives.

By now hopefully you can see how each of these components can support and influence one another. Each of these components is necessary for a strong long-term strategy. In many instances, one or more of these components will be required in order to develop and implement a sound strategy. Your company’s success begins with you. If you are willing to invest the time and effort necessary, then your company has a good chance of becoming successful.

What is Marketing Strategy?

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