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Why Do You Need A Marketing Strategy?

Updated on November 23, 2017
Nitesh Rathi profile image

A Storyteller, Business strategist and an Entrepreneur that translates ideas into tangible results and creative initiatives for Entrepreneur

The term 'Marketing' is new to no one. It is still confused with the direct selling of products or services. So let’s be clear about the term ‘Marketing’ before exploring the need for Marketing Strategy.

What Exactly Is Marketing?

If I ever have to define the term ‘marketing’ in just one line, then I would end up with “Marketing Conveys an unswerving message to the ideal target!”

The whole marketing parasol covers advertising, promotions public relations, branding, and sales. It is a procedure by which products or services are promoted and acquainted with the potential customers, making it stand out from the rest.

Why Marketing?

It’s not possible to introduce out a product/service and expect to get economical recompenses. Your business may offer the best products or services in your industry, but without marketing, none of your potential customers would know about it.

Marketing is vigorous to the success of your business. Marketing might include advertising, promotions, public relations, and sales. It creates brand awareness which helps in gaining not only loyal customers but also loyal employees. However, the question here is how do you decide what suits the best for your business need? You craft a strategy to move ahead with the effective marketing.

Is Marketing Strategy Necessary For The Business Growth?

Okay so I have a set of few questions for you:

  • How will you position your company in the market?
  • What are your sales goals?
  • How will you differentiate from your competitors?
  • How will you reach your customers?
  • Where will you advertise?
  • Your branding strategy?

So how do you decide the answers to all these questions being a business owner or an entrepreneur?

Yes, you got it right! A sound Marketing Strategy is an answer to all these questions.

It helps you draught your vision, mission and business goals along with the steps you need to take to accomplish these goals.

7 P’s Of Marketing:

Effective marketing campaigns don’t just drop from a tree. A lot of work goes into the execution and follow-up, but 'planning phase’ takes the most. Below are the 7 P’s of the marketing mix, playing a vital right from the strategy formulation to implementation:

  1. Identification, assortment, and progress of a product.
  2. Price determination.
  3. Selection of the distribution channels to reach the customer's place.
  4. Designing, development, and implementation of a promotional strategy.[a1]
  5. People are important in service delivery.
  6. Process mapping ensures that service is apparent.
  7. Physical evidence contributes to the customer’s satisfaction.

One of my favorites, all-time hit marketing campaign is the Nike’s “Just Do It”. When the fitness craze emerged in 1980, Nike's marketing department took its advantage to outdo their main competitor, hence, in the late 1980s, Nike created the "Just Do It." campaign. It summarized the whole lot of feelings that people felt when they were exercising. “Don’t want to run five miles? Just Do It. Don’t want to walk up four flights of stairs? Just Do It”. By hitting on the core issue in all of your marketing messaging, you'll connect with customers on an emotional level.

Integration Is the Solution.

A Marketing Strategy cliques the overall direction and goals for your marketing. There are so many different kinds of marketing out there today that it’s easy to get confused. The solution to this problem is easy: integrate them into a successful Marketing Strategy. Creating a sound strategy is the key to any business's growth and development.

Here are few steps that can contribute towards a successful strategy for marketing:

  • SWOT analysis (identify the strengths, weaknesses, opportunities, and threats of any marketing scheme).
  • Know your business goals.
  • Identify your target audience.
  • Understand your competition.
  • Your marketing channel options.
  • The cost.
  • The projected return.
  • Metrics to help you track your progress.

In a Nutshell.

Marketing Strategy helps you set clear goals and identifies the objectives, strategies, and tactics to reach those goals. It is essential if you want to stay relevant, and want your target customers to have trust and faith in your brand.

Stay Specific to Your Strategy, speak the customer’s language!

Dare To Experiment!

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    • profile image

      Libin Baby 2 weeks ago

      Nice article about Marketing Strategy..!!

      Thanks for sharing.

    • dailytarotliving profile image

      Anna 2 weeks ago from South Carolina

      good information, thanks for the reminder.