How many times do you stand in front of the definition of marketing strategy and become confused about what does it means? what its are components? what it's the relationship between a marketing plan and financial analysis?
More And More questions about the definition of marketing strategy
What Is a Marketing Strategy?
A marketing strategy refers to a business's overall game plan for reaching prospective consumers and turning them into customers of their products or services. A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements.
A thorough marketing strategy covers "the five Ps" of marketing—product, price, place, people, and promotion. What are the 5 P’s of Marketing?
The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over rival companies.
"Without a defined strategy, you’ll essentially be throwing things to the wall to see what sticks. And it’s costing you cost, time, and resources" marketing strategy
Marketing strategies should ideally have longer lifespans than individual marketing plans because they contain value propositions and other key elements of a company’s brand, which generally hold constant over the long haul. In other words, marketing strategies cover big-picture messaging, while marketing plans delineate the logistical details of specific campaigns.
A marketing strategy will:
Align your team to specific goals.
Help you tie your efforts to business objectives.
Allow you to identify and test what resonates with your target audience.
ensure achieving your goals in the Long term.
The Best Practice Steps To Build Marketing Strategy
let's dig deeper into the practice for building a successful Marketing strategy with steps :
Build a marketing plan.
Create buyer personas.
Identify SMART goals and KPIs.
Select the relative tools.
Content Plan
Media Campaigns.
Monitor the Results.
1- Build a marketing plan.
what? making a marketing plan for my strategy! what is the difference between?
the marketing plan is a step in your strategy which represents your analysis depending on the business and the sources to achieve the goals of the company.
Marketing strategies should ideally have longer lifespans than individual marketing plans because they contain value propositions and other key elements of a company’s brand, which generally hold constant over the long haul. In other words, marketing strategies cover big-picture messaging, while marketing plans delineate the logistical details of specific campaigns. Investopedia
Your marketing plan is the specific actions you'll take to achieve that strategy.
2- Create buyer personas.
you should define your buyer persona including their demographics, interests, goals, needs, and barriers.
Buyer personas have critical demographic and psychographic information, including age, job title, income, location, interests, and challenges. Notice how Belinda has all of those attributes in her description.
you have to research your audience carefully and find their needs and evaluate the product or service you offer, many businesses can deal with B2B or B2C audiences or together.
3- Identify SMART goals and KPIs.
the marketing goal should represent your business goal, It should be a SMART goal.
Specific
measurable
Attainable
Relevant
Timely
Identifying the goal is the core of the plan, you can't plan without knowing what you want to achieve.
the goal should be related to the industry you work for if you target to increase the sales by 20% in the next 3 months, it can be an objective goal. KPIs are (key performance indicators) which represent the metrics for the success of goals.
marketing goals might be to increase brand awareness or generate high-quality leads. You might also want to grow or maintain thought leadership in your industry or increase customer value.
4- Select the relative tools.
After you identify your goals, you can select the tools to achieve your goals
Marketing Automation Software
Email Marketing Software
Social media management
Content Marketing software
Advertising Software
Tracking software
5- Content Plan
schedule and manage the content relative to the Customers journey and use the proper format of the content.
CONTENT PLAN AND CALENDAR
THE REST IS COMING SOON...
Sources: HUBSPOT
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