Whether you run a small- or medium-sized enterprise, understanding the basics of marketing strategy is the first step toward customer attraction and revenue generation.
Think of your marketing strategy as the blueprint for achieving your company’s overarching goals and vision. Equipped with your strategy, you know the “what, when, and how” of growing your business.
However, because of the gazillion tactics that go into a marketing strategy, creating an effective one can be difficult and time-consuming. Well, not anymore.
In this guide, we’ll cover what you need to create a basic marketing strategy. Plus, we’ll share 15 ideas you should consider when creating your strategy.
What Is A Marketing Strategy?
A marketing strategy is a documented and overall plan that outlines how you’ll reach your audience and convert them into paying customers.
- With the right marketing strategy, you’ll:
- Better understand the needs of your target audience
- Effectively allocate resources to fulfill your audience’s needs
- Create a sustainable competitive advantage
- Increase sales
Basic Marketing Strategy Terms & Definitions
- Marketing Strategy: This is a plan for reaching your target audience, fulfilling their needs, and driving the sales of your products.
- Marketing Mix: This is a combination of elements such as product, price, place, and promotion techniques that your company uses to publicize and sell its goods and services.
- Business Marketing: Also known as business-to-business marketing, it’s a process that a company uses to market and sell its products to another business or organization.
- Digital Marketing: This refers to all marketing efforts a company delivers through digital channels such as social media, website, and email.
- Relationship Marketing: This involves all activities an organization undertakes to build long-term customer relationships, satisfaction, and brand loyalty.
- Competitive Advantage: This refers to attributes that put a company in a favorable position and allow it to outperform rivals.
