What Is a Marketing Strategy?
A strategy means the use of different tactics and techniques with a plan to achieve the target. So a Marketing strategy means to get business or generate revenue by the use of some different platforms and techniques or tactics. As a businessman, we need to convert the consumers into the customers to get our business. Therefore, we need a marketing strategy with a clear target which includes brand or product advertising, packaging, price of the product, and use of different platforms for marketing, for example, a traditional market, social media, and online markets.
Understanding Marketing Strategies:
A good marketing strategy should be clear and tells us step by step how to get our business. It should revolve around the company’s benefits and customer’s rights. It should communicate to the consumers why this company deserves business.
Why does my company need a Marketing Strategy?
In this world, if any person or a firm wants to do business by selling products, it should have a clear marketing strategy. According to a study of 2019 conducted by CoSchedule which develops software solutions for marketing, the firms who have a documented marketing strategy were 313% more likely to get success in their campaigns. From more than 100 countries, 3,599 marketers took participate in this survey.
Different Tactics in Marketing Strategies:
One or two decades ago, we used different traditional tactics like Billboards, broaches, flyers, and print media, etc. But today, we are living in a new and modern world. With the passage of time, we should adopt new tactics to grow a business. Some of these tactics are described below;
- Marketing by Social Media:
With the passage of time, internet users are increasing and social media users also. Social media helps us to share our images, videos, and other content. Today it’s highly effective to promote our products by using social media like Facebook, YouTube, and Instagram. We can also use search engines like Google and Yahoo.
In 2021, we have many platforms for the sale and purchase of products like Amazon, eBay, and Alibaba. This kind of marketing is called e-commerce. It would not be wrong to say that the next level of marketing is e-commerce. The need for traditional shops and markets is decreasing and one day e-commerce will replace it completely. So this is the time when we should learn about how e-commerce works. We can also use social media for e-commerce.
- Marketing by Email:
By using email, persons or firms can connect with specific and targeted consumers from all over the world in a personal capacity. By this tactic, we can influence the purchasing decisions of consumers. It is a highly effective way to convince the consumers.
Co-branding is one of the old techniques but it still works. In this technique, a new brand that has no credibility at all needs the credibility of another reputed brand to promote its product. After getting this credibility, consumers get attracted to that brand and also takes an interest. So this is how co-branding works and makes the new brand more popular. There are many examples of co-branding like GoPro and Red Bull, and luxurious BMW and Vuitton, etc.
We need to relate our product’s advertisement with the emotions and memories of consumers. In this way, we should tell the consumers that we know their problems, how they suffer and we have the solutions for those. Just some facts and figures are not enough, we need an emotional attachment with consumers. Get some familiar with consumers and tell them we know their feelings. This is how that they can trust our product.
How to Create Your 2021 Marketing Strategy:
The current situation of pandemics all over the world is alarming for us. But we hope it will get normal very soon. Due to this pandemic, many marketing strategies have been failed. Now is the time to make new strategies that can absorb this kind of effect. We have a guideline below step by step to make our own new marketing strategy;
- Step 1: Review Your Position
First of all, you need to know our position in the present where you were? What were your goals? Did you achieve those goals are not? And now where you are? Make a marketing strategy better than before.
- Step 2: Defined Your Audience
The most important purpose of advertisement is getting the audience. So you should have a clear idea of what type of audience you want to reach. Then use different ways to reach them like newspapers, apps, email, and social media.
- Step 3: Set New Goals
You should look ahead to 2021. What goals do you want to achieve in 2021? Set your goals first. These goals should be realistic. Make sure you have the passion to achieve your goals.
- Step 4: Define Your Tactics
After setting your goals you have to define your tactics that can help you to achieve your goals. For example, if you want to sell something you should focus on an e-commerce platform like Amazon and eBay etc. After that advertise your product on social media and search engines
- Step 5: Consider Your Resources
Although you have brilliant and smart ideas you should focus on your goal with all your resources which include time, money, and public relations. Apply the right resource at right time and at the right place.
- Step 6: Make a Plan
After all these, it’s time to write out everything the goals, the tactics, and the resources you have. Then make a plan to achieve your goal. It will help you to make your focus narrow on the target.
- Step 7: Time for Action
Finally, it’s time to do it. The strategy you made put into action and follow it completely. Every day, every week or every month analyze your progress and compare your progress with your targeted progress. If you get your targeted progress it’s good but if not, then revisit your strategy and your action. Best of luck.