Marketing Strategy, 9 of 10
Posted Under: Entrepreneur Mindset
#9. Marketing (Strategy)
Marketing strategy is your process allowing your organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.
A marketing strategy should be centered around the key concept that customer satisfaction is your main goal. Marketing strategy is a method of focusing an organization’s energies and resources on courses of action which can lead to increased sales and dominance of a targeted market niche.
A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm’s marketing goals, and explains how they will be achieved, ideally within a stated timeframe. Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, helping define how the organization will successfully engage customers, prospects, and competitors in the market arena.
Corporate strategies, corporate missions, and corporate goals. As the Ideal Client constitutes the source of a company’s revenue, marketing strategy is closely linked with sales. A key component of marketing strategy is often to keep marketing in line with a company’s overarching mission statement.
Basic concept:
- Target Audience – Who is your Ideal Client? Where is he/she? How will you FIND Ideal Client, in the wild?
- Proposition/Key Element – What PROBLEM is your Ideal Client going to SOLVE by using YOU?
- Implementation – How will your company DELIVER on your PROMISE?
Action Plan: Set out, in writing, a simple, clear, concise one-paragraph Marketing Strategy. (This ties in with Ideal Client and Elevator Pitch. Get on it, NOW!)
