What is a Marketing Strategy and How to Create It?

17.10.23
What is a Marketing Strategy and How to Create It

A marketing strategy serves as a roadmap for a company, offering a long-term vision of how it will present its unique value to customers. Rather than focusing on the specific actions of individual advertising campaigns, marketing strategies act as a guiding compass for all marketing endeavors.

While the allure of diving headfirst into a marketing plan may be strong, the wisdom lies in first contemplating your marketing strategy. This thoughtful approach can significantly enhance the success of your product and provide you with a distinct edge in the competitive landscape. Explore our blog to gain insights into what constitutes a marketing strategy, why it holds paramount importance, the various types it encompasses, and the essential steps involved in crafting your very own.

Marketing Strategy vs. Marketing Plan

Frequently, people tend to use the terms “marketing strategy” and “marketing plan” interchangeably. However, it’s important to recognize that these two concepts represent distinct processes.

A marketing plan is essentially a detailed document that delineates the specific actions and tactics necessary to execute a marketing campaign effectively. It’s all about the nitty-gritty, the step-by-step plan of action to achieve particular marketing goals.

On the other hand, a marketing strategy takes a more holistic approach. It provides an overarching view of the marketing endeavor, focusing on broader aspects such as the business’s target customer base and the overall objectives of the marketing efforts. While the strategy defines what the marketing goals are, the plan outlines the precise methods and tactics employed to attain those objectives.

what is marketing strategy

Marketing Strategies: Exploring Different Approaches

When it comes to marketing, there’s a multitude of approaches, ranging from social media marketing to content marketing. However, strategies for achieving market growth can often be categorized using Ansoff’s matrix, which outlines four key strategies:

Now, let’s delve deeper into each of Ansoff’s matrix strategies.

1. Market Penetration Strategy

Market penetration strategy is a growth approach centered on selling existing products to the current customer base. It’s often perceived as the least risky of Ansoff’s matrix strategies. This strategy tends to be most advantageous when the market is experiencing growth or when the marketer makes adjustments within existing marketing channels.

2. Product Development Strategy

Product development strategy, in contrast, revolves around creating new products or enhancing existing ones for an established market. It’s generally seen as riskier than market penetration because it involves the introduction of a brand-new product. Success in this strategy necessitates innovation and thorough market research, including a deep understanding of the target audience’s profiles and needs.

3. Market Development Strategy

A market development strategy extends an existing product into new markets. Similar to product development, this approach carries more risk than market penetration since it entails introducing a familiar product to an unfamiliar market landscape. Although the product itself remains unchanged, entering a new market may require adjustments in pricing and promotional efforts.

4. Diversification Strategy

Diversification strategy entails the creation of a new product for an entirely new market. Due to the novelty and complexity involved, diversification is the riskiest of Ansoff’s matrix strategies. It demands comprehensive attention to all aspects of the ‘4P ‘—product, price, place, and promotion. Nevertheless, the substantial risks associated with diversification can potentially yield significant rewards.

Create a step-by-step marketing strategy

Creating a Marketing Strategy: A Step-by-Step Guide

Crafting a well-thought-out marketing strategy can be your ticket to marketing success. As you embark on the journey of creating your very own marketing strategy, consider the following steps to steer your process in the right direction.

Define Your Business and Marketing Goals

The initial stride in sculpting an effective marketing strategy revolves around clarifying your business objectives and marketing goals. It’s paramount to understand what you aspire to achieve with your market growth strategy. 

Your business and marketing goals can take various forms, such as expanding your customer base, boosting sales, or enhancing brand awareness. Regardless of the specifics, the fundamental purpose is to discern what you intend to accomplish by extending your marketing efforts. These goals will serve as the guiding stars throughout the development of your marketing strategy.

Conduct Comprehensive Market Research

Strategic marketing hinges on possessing a deep comprehension of the market, its economic and political dynamics, and your product or service’s positioning within it. As you embark on your market research journey, consider a range of crucial factors, including:

  • Your competitors, including their value propositions and market shares.
  • Market size, encompassing a realistic estimate of potential customers interested in your offerings.
  • Identifying market gaps where your product or service can deliver value.
  • Potential long-term economic and political factors that might impact the market.
  • As your grasp of the market deepens, you’ll gain valuable insights into where your place is within it and where opportunities for growth may lie.

Create a Comprehensive Customer Profile

At the heart of every successful marketing campaign lies the connection with potential customers. Your marketing strategy must encompass a detailed profile of your target audience. Delve into the following aspects, considering your target audience in relation to the 4P.

  • Based on your market insights, who constitutes your target audience? What are their key demographics?
  • What unique value does your product offer to your customers (Product)?
  • How much are your target customers willing to pay for your product or service(Price)?
  • Where does your target audience typically shop or seek solutions (Place)?
  • Which marketing tactics are most likely to resonate with your target audience (Promotion)?
  • As you explore and address these questions, your customer profile will become more vivid, enabling you to formulate a strategy with maximum impact.

Synthesize and Strategize

Lastly, take the goals you’ve delineated, the research you’ve conducted, and the profiles you’ve created to fashion a robust marketing strategy. The pivotal question to answer is this: How will you align with your target market to fulfill your overarching objectives?

This response will be the cornerstone of your strategy. In essence, your marketing strategy should encompass:

  • Clear business and marketing objectives.
  • A comprehensive market overview, featuring key facts and figures.
  • Insights from competitor research.
  • A well-defined customer profile.
  • A succinct statement of your strategy, highlighting your product’s value proposition to customers.

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As a result, a marketing strategy is a guide that defines the unique value a business will offer to customers, considering its long-term goals. As Digipeak marketing experts, we can assist you in the success of your strategies. Contact us!

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Ufuk Yalvaç
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