In this article, you will find a clear definition of what a marketing strategy is, based on the preparation of SMART objectives. Then, we will review the main methodologies to apply marketing successfully.
This is a fundamental step to be able to compete in an ecosystem that is increasingly governed by digital media, where marketing is essential to exist in the minds of users.
What Is a Marketing Strategy?
The marketing strategy consists of a series of steps based on a specific technique to meet a marketing objective for a product or service. A marketing strategy will be different for each company since it seeks to achieve specific objectives in a unique context, and with different means, resources, and channels for each brand.
The fundamental structure of a marketing strategy usually meets these great moments:
- Information analysis: market segmentation, research, data collection, etc.
- Definition of objectives: general and specific in SMART objectives format.
- Planning: with the use of a schedule.
- Implementation: with constant monitoring and feedback.
- Evaluation: using data analysis, satisfaction surveys, metrics, etc.
All of these specific steps are taken to achieve the same result: promoting the brand, building a relationship with the customer, getting new leads, and selling.
Any type of venture that requires selling a product or service will inevitably position itself in the public mind.
However, carrying out this process in a controlled manner, with suitable equipment and with the digital tools available, will make it possible to establish itself in the mind of the consumer, with the values of the brand, and with controlled process.
To carry out this process according to new trends, and to achieve a successful strategy, it is necessary to implement and know the marketing platforms that will help in the strategy.
These platforms are programs specially designed to manage practices associated with marketing. Marketing automation software, such as Salesforce, Marketo, or Adobe Campaign, has features to manage all marketing channels, evaluate campaign effectiveness, report on valuable metrics, and manage customer or lead data.
What Types Of Marketing Strategies Are There?
Each marketing strategy will be different according to the objectives of the company, the type of market, and the main trends within the field of action of the brand.
However, there are some established structures to guide marketing campaigns according to some existing techniques. These are the most used strategies.
1 | Market Segmentation Strategy
Market segmentation allows you to define the market niche to which you will direct the strategy.
Within this methodology, the buyer persona profile is defined, which is nothing more than a profile of the ideal client.
Within the different methodologies, market segmentation is essential, since it will allow a concrete base on the audience.
In addition to being a strategy in itself, it can be the beginning of another, like the ones we will see below.
2 | Strategies For The Competition
When thinking about marketing strategies about the competition, the position our brand occupies in the market is used as a basis, compared to the competition.
According to what this indicates, you must define where to point to modify or preserve the current position. Analyzing the strategies of competitors is essential in this technique.
3 | Brand Positioning Strategies
Some brands, to increase their customer base, first seek to position the brand to attract more attention.
With this objective, actions that allow the brand to be visible are appealed to, without necessarily appealing to a promotion.
Content marketing is essential for this strategy, since it offers the consumer valuable information, and positively positions the brand in his mind.
4 | Market Penetration Strategies
Marketing, in this sense, helps to expand the brand, to offer more products in more places, without neglecting the real needs of customers.
The strategy, in this case, explores other types of consumers and creates and adapts the products.
5 | Portfolio Or Product Removal Strategies
Unlike the previous marketing strategy, which seeks to expand the customer base, this strategy seeks to reduce or remove elements.
Marketing here carries out a strategy to find out which products or services are sold and which are not, according to cultural, economic, environmental, and social changes.
The ultimate goal is to decide which products will continue on the market.
6 | Digital Marketing Strategies
With the rise of the commercialization of products and services through Internet platforms, these digital positioning strategies are essential for most businesses.
These are marketing strategies in digital media such as personal computers, phones, tablets, smart TVs, and consoles; but also to television, radio, SMS messages, email, etc.
7 | Content Marketing Strategies
Content marketing is a fundamental strategy to achieve business objectives. It is about creating communication pieces for the internet, which generate value for the brand while building a link with the audience.
This type of digital marketing strategy includes any piece of communication on the Internet that offers the consumer information that they need and value, and secondarily, positions the brand.
It includes writing articles, videos, images, conferences, talks, infographics, and even ebooks.
8 | Loyalty Strategies
Loyalty marketing strategies seek to get the customer to negotiate with the company again, recommend it, and establish a long-term relationship.
A loyalty program consists of the design, planning, and execution of activities to reinforce the customer’s desire to return.
9 | Direct Marketing Strategies
Creative direct marketing strategies are based on market segmentation and are directed to a specific group of users (buyer persona), who have been previously studied, to define their characteristics.
They seek to generate a specific action in a segmented group of the audience and potential customers, through different traditional and digital channels.
10 | Sales Marketing Strategies
A promotion, discount, or launch of a new product or service are usually the moments that require a campaign purely focused on sales.
Although the ultimate goal of a marketing strategy is usually to increase sales, some campaigns specifically focus on promoting the product, at a specific time, to enhance sales.
For sales strategies, we must mention that we can make use of affiliate or affiliate marketing.
All these strategies do not go alone but must be accompanied by some of those listed above.
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How To Devise A Marketing strategy? Application Of SMART Goals
You already know what are the main marketing strategies that exist. However, each will vary depending on the specific context and objectives, as well as how effectively you have researched the needs of your audience.
Whether you apply a positioning, penetration strategy, or any of them, it will be necessary for you to start from a specific base, and that will be with the definition of SMART objectives
SMART is an acronym that refers to each of the characteristics that a good goal should have. Thus, SMART’s objectives should be:
- Concrete: you must postulate real and detailed actions.
- Measurable: because it must contemplate instruments to be able to evaluate progress.
- Achievable: When formulating it, you must consider its scope. It has to be consistent with your current resources and strategies.
- Relevant: remember that the specific objectives of a project must be important in the journey toward the general objective. If they are not adjusted and oriented towards the final goal, they will be a drag.
- Limited in time: to be measured and serve the realization of the project, the specific objectives must be adjusted to a temporary scheme.
In addition to this base of correctly formulated objectives, it will be essential to have a market segmentation, since knowing the profile of each type of client will allow the chosen strategy to be perfected.
A well-implemented marketing strategy, based on SMART objectives, with market segmentation and with the help of marketing platforms such as Salesforce, Marketo, or Adobe Campaign, will allow you to connect with your ideal clients, understanding their needs, build a better image of the brand and getting new customers.
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