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If you are an entrepreneur, you have more than likely heard that you need a marketing strategy for your business. You have probably started by looking for information on marketing strategies or maybe you even looked for an expert who could create such a marketing strategy for you. It is certain that the marketing strategy outline is something you can create by yourself just by reading articles from marketing strategies specialists. But when you've tried to explore the complicated and somewhat philosophical knowledge of digital marketing strategy, have you ever heard of marketing tactics?
It can be said that all your company's marketing efforts make up your digital marketing strategy. All marketing activities that you undertake to increase sales of your product or service are your own company marketing strategy. Seems a little, doesn't it? You have certainly come across the definition that the goal of a marketing strategy is to find a sustainable competitive advantage. It is also true, but what exactly is a sustainable competitive advantage and what impact does it have on increasing the sale of your products or services? Let's start by explaining what an effective marketing strategy is.
While all the marketing efforts made by a brand can be called a marketing strategy, there is no point in having a definition that won't help you create a good marketing strategy. You can also focus on the goal of creating a marketing strategy, i.e. finding a sustainable competitive advantage, which is a better idea, but requires a broader explanation. A sustainable competitive advantage refers to a way that your company's marketing strategy can provide a long term position in the market that other companies cannot duplicate. The definition assumes that the only way for your marketing strategy to be effective is to subordinate all your marketing efforts to a value proposition that will eclipse your competitors' brand. This means that an effective marketing strategy refers to marketing activities that are focused around a specific value proposition. Okay, but what are these key elements of marketing strategy?
1. Establishing your core market segments (start with getting to know your market segmentation and segmentation strategy)
2. Market research for your target market
3. Competitor analisys of your competitive environment.
4. Asking your existing customers for their opinion on your product or service
5. Looking for market trends
6. connected with your target customer
7. Setting marketing goals and right business model according to your business goals
8. Deciding on your marketing budget
9. Picking most important marketing objectives
10. Establishing your value proposition (start with simple SWOT analysis)
11. Planning your content marketing strategy
12. Setting key brand messagingPicking marketing mix / marketing channels
13. Preparing strategy for your inbound marketing
14. Choosing on which social media platforms you'd like to exist with your products or services
15. Preparing your marketing strategy outlines
16. Writing an official document with a game plan for your market strategy
17. Setting up your marketing campaigns to your target audience
18. Deciding on what growth strategies you need to start with
There are tons of mistakes you can make when preparing a marketing strategy. We present a list of key elements that may affect your failure:
- not having marketing plan, but acting spontaneously
- just blindly copying market trends
- not taking care of environmental factors
- running just paid marketing campaigns
- not taking care of your marketing mix, just spending money on paid marketing campaigns where your competitors do whiteout looking on your marketing objectives
- reaching prospective consumers, and prospective consumers only (forgetting about your existing customers)
- forgetting about relationship marketing and focusing all of your marketing activities on prospective customers
- not taking care of smaller companies while preparing your competitive analysis
- not taking into account your product differentiation and treating each product the same
In order to have a good marketing strategy, you should start by defining your goal. A good marketing strategy is an effective marketing strategy that focuses on a sustainable competitive advantage. To ensure the effectiveness of your marketing strategy, you need to identify the key elements of your marketing strategy. These include: establishing your core market segmentation, looking at the impact of the different environmental factors on your business, running paid campaigns that are focused on your core market segments and taking care of your value proposition for each product or service. In order to have an effective marketing strategy, you need to be aware of the different elements that may affect your business. A good way of preparing a proper strategy is by using a framework for your strategy. In order to help you build a good marketing plan, we answer some of the most frequently asked questions about building a marketing strategy.