ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

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!

Comments

    0 of 8192 characters used
    Post Comment

    • profile image

      Libin Baby 

      7 months ago

      Nice article about Marketing Strategy..!!

      Thanks for sharing.

    • dailytarotliving profile image

      Anna 

      7 months ago from South Carolina

      good information, thanks for the reminder.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)