Marketing Strategy and Some Types You Probably Did Not Know About

“Marketing aims to know and understand the customer so well the product or service fits him and sells itself.”- Peter Drucker

Every business ought to have marketing strategies to keep track of its progress both in sales and reaching its goals.

Any company or business that is experiencing a huge setback in pushing its product or services into the market only needs to engage its reins in creating a plan good enough to draw customers to whatever they have to offer and this is where a marketing strategy comes in.

Marketing strategy is the foundation of any successful business enabling businesses to reach, engage, and keep customers.

It involves promoting products, services, or ideas to source prospects, driving leads, and generating growth/revenue. In this article, we will be looking at;

• What is a marketing strategy?
• Types of marketing strategy
• Portfolio marketing strategy
• Segmentation marketing strategy
• Brand positioning strategy
• Digital Marketing

What Is a Marketing Strategy?

A marketing strategy refers to a business’s overall game plan for reaching prospective consumers and turning them into customers of their products or services.

Marketing strategy can also be the combination of all the business decisions and actions to increase sales and achieve a sustainable competitive advantage by understanding and fulfilling the needs and wants of the customers.

Types of Marketing Strategy

There are different types of marketing strategies that a company brand or business can implement/employ to cause a drastic improvement in the sale of their products and services which are:

Portfolio Marketing Strategy

In this type of strategy, you analyze which products are sold and which are not to decide which ones are still on the market and continue with their manufacturing process since keeping the products that are not generating economic income must be discarded.

Segmentation Marketing Strategy

This strategy is to decide which segments the market has been classified into the segmentation can be in three types:

1. Differentiated: When addressing each of the market segments that have been identified with a different offer and positioning. This strategy has a higher cost, but it will allow it to satisfy the specific needs of each selected segment.
2. Undifferentiated: Segments with different needs are identified, but the company chooses to address them with the same offer, to get the largest number of customers.
3. Concentrated: Only one of the market segments is chosen. This avoids making efforts in other segments and allows the campaign to be focused. This is the most effective strategy for companies that are growing.The segmentation strategy is derived from previous market research to classify the segments and make good decisions about them.

Brand Positioning Marketing Strategy

This strategy consists of defining how the brand wants to be perceived in the strategic segments decided, and what attributes we want to have as a company or brand in the mind of the customer.

There are several ways to access the positioning in comparison to the competition and it can be with the product’s cover, the company’s image, and the characteristics and uses of the product.

The main marketing strategies for the positioning are:

1. Benefit: This strategy is based on positioning the product for the benefit it offers.
2. Quality/price: Offering the highest quality at a competitive price.
3. Attributes:position the product by the attributes it has.
4. Use/application: Position based on the use or application given to the product.
5. Categories: Position yourself as a leader in a product category
6. Competitor: Compare your products with those of your competitors, this is a classic strategy.

When we talk about positioning strategy as a concept, we must take into account that we are designing three different strategic marketing keys:the positioning of the company, the positioning of the brand, and the positioning before the consumer.

Content Marketing Strategy

This strategy is based on the creation of content such as articles, computer graphics, and ebooks. This type of strategy can be used as a blog where you can publish news, trends, and information about the company or specific product reviews and educate the customer about the product/service.

Direct Marketing Strategy

A direct-customized message is implemented with the client. The consumer values the fact that the company communicates in a personal way for him/her as close ties are created.

Digital Marketing Strategy

Today most companies do digital marketing, something that was not common several years ago. Being just one click away from information makes this strategy popular.

Here are some of them;

Search engine marketing:

Companies try to increase their search traffic in two ways. Firstly, search engines can be paid to place the company on result pages. Secondly, companies can use search engine techniques (SEO)to place high on the search results.

Email Marketing:

This involves businesses obtaining the email addresses of prospects or potential prospects and sending regular messages or newsletters, which can come in the form of coupons and the latest updates/trends.

Social media marketing:

This kind of marketing involves using specific paid advertisements to grow your online presence on social media platforms.

Content marketing:

This kind of marketing involves the creation of content; it could be write-ups, infographics, or videos, something catchy that can be shared to gain the attention of your prospects.

Conclusion

A good strategy in marketing guarantees that your losses will be fixed. I strongly advise that anyone who is planning to start a lasting business or product should do or research the marketing strategy and use it well.

Takeaway:

Inbound marketing is a strategic approach to attracting and converting customers organically through useful content. Mailing where segmented communication can be established. Social networking to connect your posts with customers. Web search engines make the brand appear in the first options, among others.