Unless your business is directed to ghosts, your potential customers will not come looking for you. You have to constantly go to them and tell them what you have to offer. Without this, achieving a good stance in the competitive market will be very difficult. Moreover, your business will not grow without a growing list of customers. If it takes going to them to get them, why not? It is against this background that this article focuses on what is a marketing strategy?
What is a marketing strategy?
A marketing strategy is simply the game plan a company uses to reach its potential customers and to convert them into regular consumers of their product. This implies that the market strategy is the method or strategy a company uses in getting and retaining customers. As such, the company’s marketing strategies would entail key proposition, branding message, target customer’s demography, and other important details that make an effective marketing strategy.
For a marketing strategy to be effective, it would contain all the important 4 P’s in business: price, promotion, product, and place. More importantly, a company’s marketing strategy would revolve around the company’s value, what it has to offer to customers, and why the customers should patronize it.
Marketing Strategies versus Marketing Plan
The marketing strategy informs the marketing plan. A marketing plan is usually documented steps on how to effectively implement the marketing strategies. It entails the process in which the strategies will be birthed and implemented. As such, it details the social media campaign to be used, the targeted area the campaign would focus on, and many more related details necessary for the successful implementation of the strategy. The marketing plan is usually curated from the detailed research carried out by the marketing department.
Ideally, the marketing strategy has a longer lifespan than an individual marketing plan. The strategy can stay effective for a given period of time longer than the plan. This is because the strategies entail the value proposition of the company. It covers more detail than the marketing plan.
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