What is a Marketing Strategy?

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One of the most important aspects of owning a business is knowing how to make and keep it successful; that is achieved by creating a marketing strategy, which means knowing how to promote your products or services. In order to help those who are interested in improving their businesses, we are going to discuss shortly what is a marketing strategy. Simply put, it is how you decide to advertise, to attract customers and thus make profits. The initial marketing strategy of every business is to attract the customers, make as many sales as possible and thus make profits; later on, these strategies can focus on attracting new customers from new target markets, or on promoting and launching new products, changing the company’s identity and objectives and so on, all with a single objective in mind: profits.

So what is a marketing strategy and how does one develop it? To begin with, it depends on the products or services you want to sell, and then it depends on whom you want to sell it to. Some choose to follow the standard marketing mix, which is a valuable tool in business; thus, a successful marketing strategy will focus on the five P’s, which are: product, packaging, price, promotion and place (distribution). Thus, you begin by considering the product and finding all its best qualities that can attract the customers; next you have to decide on a packaging that is appealing and attractive, or that makes it clear once more what the product is destined for. The price can also be variable, especially if you’re dealing with global marketing strategy, because this means adapting your product to different cultures, economies and societies.

Thus, the price has to include manufacturing, packaging, promoting and transportation and still bring profit to the company; if you are not able to include all these and still offer a competitive price to your intended customers, then your marketing strategy is not good enough. When asking what is a marketing strategy it isn’t possible to answer in one simple sentence because this is a complex and even complicated process. Another step in your strategy, promotion, is as essential as the product itself. You have to know what the strengths of your product are and play on them, but it is just as important to adapt advertising to the place you advertise in.

Now we’ve reached a very important “P” in our marketing strategy: place. This influences all other aspects, because whom you sell to is going to dictate how you sell. When promoting a product in a big country like America, you may have to create different advertisements for each particular state, going on routes that best attract the people there. However, if you promote your product on the Internet as well, your advertising strategy has to become globalized, it has to be as capacious as possible and thus able to attract people from around the world or the continent.

If you are still not convinced about what is a marketing strategy, then perhaps knowing about one of your best tools will help; that tool is the “special offer”. When you open a new business, or a new line of products and want to make sure people learn about them and buy them, you create a special offer. This could refer to a prize drawing where you offer cash value or some other related product, you can offer the classical “two-for-one”, or create a strategy where customers bringing in other customers get discounts. These are just a few examples of what you can do in a marketing strategy, and we hope they will help you get the success you want.

December 2017
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