Marketing strategy is a set or process of actions that begins with the definition of the business model of the company and how to achieve or achieve the business objectives of the company and thus achieve the goal.
Once you have a clear idea of where you want to go, a marketing audit is conducted where we will analyze our project and that of the competition.
Then we must do the SWOT analysis of a company and analyze what factors we can exploit, but also be aware of other elements; we will also have to define our target audience and quantify how many resources (monetary, physical and personal) we have to later, choose which will be our communication channels.
Once we have all these elements clear what we will do is determine the marketing objectives of the company and now we will have to plan the marketing strategies of the company that will help us achieve those objectives.
Then we will define the tactics and actions that we are going to include and finally we will execute the strategy, we will measure the results based on the marketing KPIs that we have set.
And based on that analysis we will establish corrective measures (if necessary and the objectives have not been achieved).
Types of marketing strategies: there are different types of marketing strategies among them we have;
Marketing mix strategies: also known as the 4Ps, the marketing mix could be defined as the set of tools that the company has to face its target market.
To make marketing mix, the first thing that we will have to define are the 4 P’s that are formed by:
• Product: what we are going to offer.
• Price: How much are you going to pay for our products or services?
• Promotion: How are we going to make them known?
• Place (place): where will we sell it?
Product strategies: You can study alternative uses of the product, or methods to encourage fidelity. You should look for more efficient ways of manufacturing the product and methods to increase your profitability. The packaging is another point to consider, a change in the packaging can help rejuvenate the product.
Price strategies: One factor to consider is whether prices lower or higher than the competition will be set; both strategies can give satisfactory results. You have to determine if the prices will be the same in different geographical areas. Finally, it is studied if the price will be used to communicate a positioning. It is usual to set low prices to achieve an advantageous position over the competition.
Promotion strategies: Promotions are made to cover specific needs in a limited period of time. The promotion strategies in this part of the Marketing Plan will determine the relevant areas to be considered later in it.
National, regional and local strategies: It is possible to develop different marketing plans for different geographical areas, and even in one area you can have a national and regional or local plan in force. In this case, special attention must be paid to coordination so that there are no contradictions between them.
Strategies for the growth of a company
There are several models that have been designed to help strategic planning. The major parts of these models can be applied both in the strategic planning of the company and in strategic marketing planning. However, you must first become familiar with a form of organization, the strategic business unit that is an integral part of the planning and organizational structure of the companies.
A well-known model that I want to address is the matrix of product market growth, many organizations want or need to grow and because of them their frequent objectives are focused on growth, a company must consider as many its markets as its products, it has to decide whether to continue doing what he does or improves it, or undertakes new business.
This matrix has two main factors:
– The products.
– The market.
Penetration strategies: The penetration strategy in the market consists in growing with the same product and in the current market.
It basically consists in increasing market share either through marketing campaigns, reducing prices or doing promotions.
Whatever you do, the end result should translate into an increase in customers.
Other types of strategies to increase market share could be:
• Increase the frequency with which the product is consumed.
• Increase your average consumption.
• Give it a new use.
Market development strategy: A market development strategy is to offer your current products but to new markets. That is, I sell my product to a new customer segment or I am directed to a new geographic market. It is a good way to get a higher return on investment to a product because you do not have to develop a new one.
What you have to do are marketing campaigns focused on new markets.
Product development strategy; the product development strategy involves offering a new product to current markets.
For example, we could develop a new product in the following ways:
• Expanding the product line.
• Creating new products.
• Expanding the product portfolio.
• Adding new features to the current product.
Diversification strategy the diversification strategy is the most radical of all because it involves creating a new product and directing it to new markets. The good thing about this type of strategy is that you reduce the overall risk of the company by not depending on the same product or the same market. The problem is that it is the most risky of all and the one that will entail higher costs. You should also know that there are different types of diversification strategies: related diversification, unrelated diversification.
When the target market is already defined and the objectives and strategies have been established, the product must be positioned; that is, create an image of the product in the minds of potential consumers in a way that makes it different from the products of the competition.
Types of positioning
Through differences in the product: It is possible to highlight the differences that the product has to reach a position different from that of the competition. The differences in the product can be easily copied, although if, the positioning is based on something intrinsic to the product it is not so simple.
Through a key feature: It is necessary to ask what benefits the product offers so that the consumer finds it exceptional. It is not about building new features, but rather, highlighting one that is not exploited.
Through the consumers of the product: The product can be positioned offering a place, a product or a special service for a specific group of consumers
By the use: Many times it can be positioned taking into account how and where the product is used; that is, paying attention to the use that is given to the product.
Against a category: In this type of positioning it is about creating a concept faced with a category of products already established.
Against a Competitor: It is intended to place the product facing that of one or more competitors. This method can be satisfactory in the short term.
By association: It is usually effective when there is no product clearly different from the competition. It is about associating the product with something that already has a well-defined position. This method can be done at a low cost.
With a problem: Positioning of this type aims to present the product as a solution to an existing problem; you do not have to change the product, but focus it in such a way that its usefulness is discovered in the face of a current problem