Successful thanks to the right marketing strategy

What is a marketing strategy anyway and what do you need it for?

A marketing strategy unites all measures that contribute to the realisation of the company’s marketing goals. So it is a long-term plan that is intended to achieve those goals.

This also includes sub-strategies for the 4 P’s of the marketing mix: Product (product policy), Price (pricing policy), Place (distribution policy) and Promotion (communication policy). What do we want to sell in which sales market and how? How do we want to distribute marketing resources? How do we use those resources optimally and efficiently? Which marketing instruments are best suited to us?

In the marketing mission statement it is important to consider the corporate identity of the company, because the marketing strategy is based on the corporate strategy. If a marketing strategy is developed, it also makes sense never to lose sight of the competitors and the desired market position. But how can this be done?

Step by step to an individual marketing strategy

First of all, the current situation should be analysed in detail. For example, the so-called SWOT analysis is suitable for this. It helps to work out the strengths, weaknesses, opportunities and threats of the respective company. This gives you an overview of your current position in the market and also keeps an eye on your competitors. Unique selling propositions can thus be identified and taken into account in the subsequent definition of measures. The analysis of the current situation also includes the company or brand image and, of course, the turnover. The SWOT analysis is also suitable for identifying opportunities and threats in the market at an early stage. With adapted strategies, one can then react appropriately to market changes.

Based on the findings of the analysis, concrete goals are defined, as is a fixed period of time in which the respective goal is to be achieved. For example, increasing the turnover of a certain product by X% within X years. It is best to proceed according to the so-called SMART method. The goals should be Specific, Measurable, Attractive, Realistic and Timed.

Afterwards, concrete measures are defined for the respective goals. Among other things, this involves selecting the instruments and channels that are best suited to achieving those goals.
Finally, it is important to check the success of the measures. If the desired results and set goals are not achieved, the strategy should be improved.

Result

A good marketing strategy provides a long-term market orientation for your business and can help you gain a competitive advantage. In essence, it helps you achieve your marketing goals – it is the path to the goal. In order to find the best marketing strategy for your company, it is of course a good idea to involve experienced external service partners in the strategy development. The view from the outside protects against operational blindness and enables an objective assessment of the situation. In addition, you can learn a lot and benefit from the know-how of those providers 😉

Sources:
Business Insider Deutschland GmbH: Marketingstrategie
Delle Donne, Daniele: 7 Marketingstrategien, die Sie kennen sollten
Herlan, Christian: Wie Sie eine Marketingstrategie entwickeln
Selbststaendigkeit.de: Die 14 erfolgreichsten Marketingstrategien: online & offline zum Nachmachen
Stiller, Gudrun: Marketingstrategie

Image:
Martin Sattler – Photographer
phase green – Image editing