Marketing Strategies. Preparing your company for battle

To better prepare your business for the world of consumer and B2B sales success, every company, no matter how large or small, needs a marketing strategy. Simply put, marketing strategy is the process by which you inform the marketplace of your existence, your goods, services, capabilities and positive factors. This information and contact with your target buyers is disseminated with the goal of increasing sales and achieving a sustainable competitive advantage. Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company. The plan also should include the formulation, evaluation and selection of market-oriented strategies to contribute to the goals of the company and its marketing objectives.

Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives. Commonly, marketing strategies are developed as multi-year plans, with a tactical plan detailing specific actions to be accomplished in the current year. Time horizons covered by the marketing plan vary by company, by industry, and by nation, however, time horizons are becoming shorter as the speed of change in the environment increases. Marketing strategies are dynamic and interactive and should be flexible, to consider changing marketplaces, technologies, economics and competition. They are partially planned and partially unplanned.

A key component of marketing strategy is often to keep marketing in line with a company’s overarching mission statement.

Marketing strategies may differ depending on the unique situation of the individual business. There are many, but one such strategy is the one based on market dominance – In this scheme, firms are classified based on their market share or dominance of an industry. Typically there are four types of market dominance strategies:

  • Leader
  • Challenger
  • Follower
  • Nicher

Then, the plan should consider whether you are introducing your product or goods and services whether you are in a growth mode – early growth or mature growth, whether your sales are in decline – as often happen with mature companies, and whether you have new or innovative concepts, products or services that you believe will take the market by storm.

The plan should also include “real-life” marketing scenarios utilizing common sense, your knowledge or the marketplace and competition, what new products are on the horizon, and how the design of your advertising as well as the packaging will be accepted by your target buyers. For this, successful marketers use a combination of knowledge, experience and feel, or intuition.

A successful organization’s strategy combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business. The marketing strategy is the foundation of a marketing plan.

And successful companies seldom try to do it alone. They use their internal knowledge and talent base and they seek and utilize to expertise of experts in the field they can go to to help develop and flesh out the plan and put it into motion with such vehicles as print media and creative ad design, brochures and folders, corporate magazines, corporate identity packages, logo design or re-design, website utilization, social marketing, promotional products and advertising specialties and complete marketing campaigns. If your company needs to add expertise, implementation and follow-through on any of these programs, contact Three Marketiers today at 800-733-1967.