Guide to Create an Effective Marketing Strategy
Defining a brand marketing strategy means forming a powerful business strategy. The strategy-building process is challenging for most business owners. It has mainly three components to build a responsive strategy.
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1. Competitive Strategies
The marketing approach is the main purpose and it is to give you an advantage and competitive edge over your competitors. Create a competitive advantage while forming a marketing strategy.
- 4ps analysis– Running a 4Ps analysis implies using the 4Ps framework for internal marketing strategy. However, you may use it to highlight the key features, Product, Place, Price, and Promotion.
Initially, define the competing product features, pricing, placement, and customer segment. Then present your 4ps.
- SWOT Analysis– See how you stack against the competition with SWOT (strengths, weaknesses, opportunities, threats) analysis.
Evaluating the stance in the market against your competition requires the SWOT framework. It helps analyze internal and external factors. In Strengths, mention how you give a competitive edge. In Weaknesses, define the aspects weakening your market position. Opportunities offer insights on boosting sales, growing market share, increasing loyal customers, and maximizing profitability. Threats are the innovative game-changers, slowing the economic conditions.
- The Market Explorer Tool- Turn this tool to reflect your market positions against the competitors and show your growth dynamic and market current share. Ensure you top the SWOT analysis and there will be a clear understanding of the market positions.
2. Growth Strategies
A marketing plan ensures success and allows for expanding. To support your business growth, determine the way you want your company to grow. Here growth strategies come in, aiming to bring loyal customers ready to invest in your services or products.
- Market penetration involves sales expansion of existing products. It is a less risky move. It is appealing if you lower the price, and boost distribution through content strategy and promotion tactics. Acquire your competitors within the same niche.
- Product development is to launch a new product in the existing market. It requires increasing R&D investment or purchasing a new brand or technology to trigger new product development.
- Market Development allows entering new markets in the existing product base. This approach involves regional or international expansion or entrance into the new customer segment.
- Diversification is a risky approach, focusing on introducing a new product and product development.
3. Attitude Strategies
Planning for business growth or company growth is not enough. Identifying the growth method is important for a successful business and attitude strategies help in determining the growth.
Determining the company’s growth method is in two main options: Growth Method Acquisition and Organic Growth.
- Growth Method Acquisition is in acquiring one business by another business, as Facebook acquired MSQRD.
- Organic Growth refers to an increase in sales occurring through the own resources of a company. You can trigger growth by entering new markets for expansion and expanding the market using marketing strategy as a technique. Add new products as horizontal or vertical line extensions.
Bear in mind that advantages and disadvantages are a part of any business. What matters is the growth type you choose. Ensure to choose the right match to meet the unique goals of a company.
Numerous ways of helping the growth of your business ensure using powerful tools as an effective brand marketing strategy. It helps you to form a strategy and to get the best out. Take a slow approach, one by one step, expand the customer base, steer your business towards success, and promote revenue.