What is a marketing strategy?
A marketing strategy is a long-term plan for achieving the goals of your company through understanding the needs of your customers. In its totality, an effective marketing strategy should encompass a combination of behavioural insight and data to inform how to get the right message, to the right people, at the right time, the principles of context marketing.
A far cry from the ‘just make this pretty’ remarks every marketer will have been subjected to at some point in their career.
Having a marketing strategy helps you to define how your company positions itself in the marketplace, from how you sell your products and services to the types of advertising and promotions you undertake.
Why is having a marketing strategy important?
Creating – and following – a marketing strategy is essential to setting the direction, not just for your marketing-related activities, but also for your entire business. In 2022, it was estimated that the UK marketing & advertising spend sat at around £34.9bn, a considerable investment when you consider many organisations have will have no marketing strategy and very little understanding of who their customers are and how to find them.
Having a marketing strategy with defined business goals and target audiences also creates a benchmark for performance, it means you are able to continually learn, adapt and optimise as you begin to understand more and more about who is engaging and using your products and services. In a sense, the best marketing strategies are never finished! Just enhanced.
What is included in a marketing strategy?
A marketing strategy determines the general direction – but not the specific details. Ideally, your marketing strategy should help you define the following for your company:
- Target audience
- Value proposition
- Product mix
- Brand messaging
- Promotional initiatives
- Content marketing
In other words, ‘context and customer are king.’
- Marketing is more than just content creation and promotion – it’s about how you connect with you customers
- Developing a marketing strategy encompasses goal setting, market research, customer and behavioural data, developing product & service plans and encompassing the ‘7 P’s’
- A marketing strategy should be used as the basis for continual learning and optimisation to deliver benefits to your organisation and your customers. A value exchange