Marketing strategy can be termed a marketing mix or a comprehensive plan designed to achieve the marketing goals of the company. A strategy cleverly and creatively designed after a thorough market search will be tough to imitate, giving it an upper hand in the competitive market, and increasing its workability. With a well thought-out marketing strategy, the company can increase the product reach, with a minimum resource.
“Why” is an important aspect when planning a marketing strategy.
Why comes before how and what.
The reason for this being that it is difficult to ignore the important role a marketing strategy plays in deciding the future of a company or a brand. A clearly designed strategy helps in finding out the areas affected by organizational growth and will consequently help in making an authoritative arrangement to take into account the client needs. Through a strategy planning, the company can use its resources to the maximum and get optimum results. A marketing strategy is worked out only after a thorough market research. This will help the company fix a fair and reasonable price for its product or service. A budget can be reached well in advance, and different methods to work out the plan and the revenue generated using the plan, all this can be worked out with the help of a marketing strategy. In short, a marketing strategy clarifies how an association achieves its foreordained destination. A well charted marketing plan can help the product reach the customer faster, build the customer base and help in selling the brand better. A strategy is generally required when looking for funding, and helps you set clear, practical and quantifiable goals for the business.
As mentioned earlier, a workable marketing strategy can be prepared only after a thorough market research. This is not an easy task. Preparing a marketing strategy involves a lot of thinking – thinking about the target customers, the product, and the ways through which both these can be brought together. This deep thinking is crucial in formulating the strategy. Human beings have the capacity or the habit of prioritizing tasks, do the important things first and let the rest of the less important ones stay. This is not good and does not belong to a success strategy. When you have a properly worked-out marketing strategy, it shows you the activities to be done on a daily basis, helping to work in accordance with a plan of activities that is high in the priority list.
There is nothing in a business plan to replace a marketing strategy. It is the core and also the non-negotiable part of a business plan. Every business works on a budget, and the marketing budget is definitely restricted. The market strategy helps prioritize use of this budget, and decides on when to make use of the money allocated, and not let you spend when you feel like. This will definitely help you to have a hold on the finance situation, at all times.