So what is a marketing strategy, anyway?

As a business owner you may be asking yourself, what is a marketing strategy? How can proper marketing strategy planning aid in attracting and keeping customers in a changing market?

Strategy Defined

A strategy is a plan that brings together the essential aspects of a company. When it comes to the question what is a marketing strategy, what is involved is looking at what a business has to offer the public and determining how best to present it. Product and service pricing, distribution, advertising, and overall sales goals should be considered. Be prepared to put the work into marketing strategy planning, aiming for maximum effectiveness and the best fit between your business goals and the potential market.

Strategic Approach

The type of product or service your company offers, as well as the demographic of your potential customer base, should determine how you approach marketing strategy planning. A few methods are:

• Flexible planning anticipates and prepares for potential fluctuations in the market
• Imaginative planning involves a creative approach aimed at standing out from the crowd
• Analytical planning takes into account current market trends and considers strengths and weaknesses within the company
• Behavioral marketing considers outside influences and uses this knowledge to target a specific customer base

If your business already has a successful marketing strategy, monitoring current trends and making adjustments accordingly can help you to remain successful in a changing market.

Public Perception

A good marketing strategy ensures that potential customers associate your business with a product or service ahead of the competition. Reaching your target audience requires showing consumers why what your business has to offer is different from or superior to similar products and services. In order to better meet your company’s goals, a marketing strategy must focus on fulfilling the wants and needs of customers in a way that other businesses are not.

Above all, be realistic when setting your marketing goals. Work within the means of your business to present a clear, concise message about your products and services both to customers and to those within the company. Make sure everyone is on the same page when you ask, what is the marketing strategy of the company?