How Implementation Leads to Success
Whether someone plans to conquer the world, or their own market sector, having a marketing strategy is key to achieving victory. Here we will cover the basic definition and how to plan for your market sector. Lastly, I will be providing examples on how to build your own so that you can conquer your piece of the market.
Think about a time when you were going on a road trip, getting ready for a job interview, or perhaps thinking about how you were going to set up your living room furniture. Believe it or not, that planning was getting you ready for a marketing strategy all along. From figuring out when to stop for gas, to what color tie to wear and even which side to place the couch on, it took some strategizing to achieve your goal. But do you know what it means?
Marketing Strategy Defined
In very simple terms, the definition is literally a strategy for marketing. So, instead of having a road trip, a dress-to-impress, or a feng-shui strategy, you have one that is for MARKETING! According to Adam Barone from Investopedia.com (2020) “A marketing strategy refers to a business’ overall game plan for reaching prospective consumers and turning them into customers of the products or services the business provides” This is an important definition because without knowing that it is an independent item in your business plan, you may also not know how to do your own.
Components of a Marketing Strategy
If you google “Marketing Strategy” you’ll see that a TON of resources pop up. My favorites are the progress wheels because they tend to be colorful and sequential in nature but don’t let that stop or scare you! What I mean is that even though many resources show that there are ‘steps’ I would say it is more of a concept than a step-by-step.
Think about the road trip from earlier. If you had decided that you wanted to go from Tampa, FL to Omaha, NE (or wherever!) you would probably figure out the distance between both places, think about packing different clothes depending on the season, and would even debate whether or not you should take your own vehicle versus getting a rental (you know, because you don’t want rock chips on your car).
The Same is True for a Marketing Strategy.
When considering your approach, think about your end goal. Do you want to end up with more web traffic? Do you want more people to buy from your online store? Or perhaps you want more people to visit your brick and mortar establishment? Once you have that figured out then you decide how you want to reach your customers. Should you do online ads? A billboard? YouTube? You must also think about what approach works best for you and decide if you want to drive yourself or hire someone to take you on this ride.
So What is an example of This?
Depending on your goal, market, and product, your approach will end up including universal building blocks. Items like social media presence, SEO optimization, Email campaigns, web 2.0, and a simple SWOT (Strength, Weakness, Opportunity, Threats) analysis can set you up with a solid foundation to start getting traffic, sales, and or exposure -depending on your goal. Due to the nature and difference of all businesses and the vision of their owner, there is no ‘one-size-fits-all’ marketing strategy but the above can at least get you started.
Think about the road trip again. What vehicle did you decide to drive? What clothes did you pack? What playlist did you load up? Now that you have your list of items, its time to use them! With a simple plan, you can make sure that you’re prepared for customers that may be randomly browsing or searching for your product so that you can get them to check your store out.
By googling its definition, you are better able to recognize that this type of business strategizing is an individual topic that requires attention. I hope this marketing strategy example helps you at least recognize that there are various components to it and although there is no one-size-fits-all approach at least you have a basic foundation to get started.