A marketing strategy is a plan, or the basic idea of how a product or service can be successfully integrated into a market. It sets out how the marketing objectives derived from the corporate objectives can be achieved. Or, to put it another way, your company needs an effective marketing strategy in order to attract new customers and retain existing ones.
The marketing strategy sets the long-term strategic direction. It is implemented based on the findings of the situation analysis and the marketing objectives subsequently defined. A well thought-through marketing strategy then ensures that measures are optimally planned and implemented.
Step By Step To A Successful Marketing Strategy
Carry Out A Situation Analysis
Various analytical methods are used to find and assess marketing strategies. A business analysis analyses internal, i.e. company-specific, strengths and weaknesses. An environmental analysis investigates external influences; that is, opportunities and risks in the company’s environment. A sector, market and competitor analysis provide clarity here.
A SWOT analysis combines the findings of the internal and external analysis, the aim being to obtain as accurate a picture of your company’s initial situation as possible.
Define The Target Audience
Who is supposed to buy the product or service? An offering is rarely intended for the whole market. It is all the more important to identify the target audience(s) and then focus the strategy. Market segmentation helps to define the target audience. Possible criteria may include:
- Target audience demographics (e.g. age, gender, income)
- Geographical constraints (e.g. language regions)
- Behaviour-oriented factors (price behaviour, media use)
- etc.
Set Marketing Objectives
Quantitative (e.g. unit sales, sales revenue) and qualitative (e.g. customer satisfaction, brand image) objectives are derived based on the findings of the situation analysis and the corporate objectives. These form the basis of a marketing strategy and include short-term, and in particular medium- and long-term objectives. They allow all levels of management to focus on a shared direction. When formulating objectives, it is important to ensure that they are SMART, i.e. meet the following requirements:
- Specific: the objectives are stated clearly and precisely
- Measurable: the objectives are measurable
- Appealing: the objectives are acceptable and achievable
- Realistic: the objectives are feasible
- Time-bound: the objective is defined with a fixed date
Setting Out The Marketing Strategy
The next step is to set out how the defined objectives are to be achieved. Which markets and objectives will the company work on and how? What resources are there available? Examples of basic marketing strategies include:
- Growth strategy (expansion, consolidation)
- Competitive strategy (attacking, defending, evading, overtaking)
- Portfolio strategy (skimming, investment, segmentation, differentiation)
- Integration strategy (acquiring upstream or downstream steps in the value chain)
- Development strategy (innovation, market penetration, market development, product development)
Planning Marketing Measures To Achieve Marketing Objectives
The measures and resources with which the marketing objectives are to be achieved are then defined on the basis of the marketing strategy. It is important not to forget about marketing control: the success of the measures that have been implemented is reviewed and any adjustments are made.
