Marketing Strategy

Effective approach for business growth

Well, let’s talk about marketing strategy. That’s the most important thing when it comes to making your business thrive. But here’s the scoop: before you even start your company, you need to have a group of people interested in what you are offering.
So take a moment to think about who might be interested in what you are offering (the buyer personas). Once you have that figured out, you will have a number of marketing tricks at your disposal.
Now, some of these strategies are what are called traditional or outbound marketing. Basically, these are the ones that pop up during your day and might seem a little disruptive.

Then there is inbound marketing, the coolest marketing, which was born in ’99 thanks to Seth Godin. This is a type of marketing in which consumers give their consent to interact with brands.

Also, there is an interesting thing called guerrilla marketing, which uses inexpensive tools to get the most for your money.

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But first read all the way through to discover all the goodies of digital and old-school marketing, pertaining to the basics.

ultimate marketing strategy guide

What is Marketing Strategy?

Marketing strategies are the set of actions that a company undertakes to achieve its business objectives. The application of various marketing strategies within a business development plan takes into account multiple factors such as country, competitors, products or services, and the type of company.

Its importance is fundamental to the health of the company. In fact, it is impossible to think that a company can grow and even survive without an adequate marketing strategy. Without optimal strategic planning of actions, there is a risk of taking a leap in the dark.

Planning before proceeding is the foundation of marketing strategies. It means concentrating forces, resources, personnel, and budget consciously and effectively. It represents an in-depth study of the strengths and weaknesses of a company and the identification of strategies to overcome obstacles.

A marketing strategy comprises the 4 P’s:

  1. Price: This refers to the pricing of your products and the reasons behind your pricing strategy.
  2. Product: It involves defining the products you intend to sell and highlighting what sets them apart from existing offerings in the market.
  3. Promotion: This aspect outlines the methods and strategies you’ll employ to showcase your products to your intended audience.
  4. Place: It addresses the locations or channels through which you’ll distribute and sell your products.

The primary objective of a marketing strategy is to demonstrate how you will outperform competitors and sustain a lasting competitive edge. Without a well-defined marketing strategy, there’s a risk of employing disjointed, ineffective tactics that consume excessive time and resources without generating sales.

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Strategic Marketing Vs Operational Marketing

Often there is confusion when talking about strategic and operational marketing, and it’s easy to be led to think that they are synonyms.

  • Operational marketing concerns the concrete work in the field where it is applied.
  • Marketing strategy or strategic marketing is the study done before proceeding.

These are concepts connected to each other but refer to two distinct processes. Operational marketing is the study of a business plan while operational marketing puts into practice the strategic entrepreneurial choices that result from the previous study.

The combination of strategic and operational marketing constitutes the process we know as a marketing plan.

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Traditional Marketing Strategy or Digital Marketing?

Traditional marketing strategies are offline techniques that were and are still used to reach potential customers. Traditional marketing does not provide certain data about ideal customers or buyer personas.

The procedure involves allocating a portion of the budget for advertising and relying on a creative agency in the hope that the marketing campaigns created will be successful. Here are a few instances of conventional marketing approaches:

  • Signs and billboards,
  • Flyers and brochures,
  • Face-to-face interactions,
  • Newspaper and magazine advertising,
  • Telemarketing,
  • Event marketing,
  • Sales personnel.

With the development of new technologies, digital marketing has taken over. Digital marketing activities allow for the creation of an advertising campaign on a limited budget and the progressive monitoring of business efficiency indicators in real-time to dynamically improve the implemented marketing strategy and maximize ROI.

Digital marketing is divided into two main sectors: the B2B sector, which stands for business-to-business, and the B2C sector, which stands for business-to-consumer.

B2B Digital Marketing Strategies

B2B digital marketing strategies are customized approaches designed to reach and engage business-to-business (B2B) audiences in the online realm. For a deeper understanding and practical examples of these strategies, you can explore digital marketing franchise page. Let us now look at what strategies can be used to lead a business to success
Let us now look at what strategies can be used to lead a business to success.

Growth Hacking

Growth hacking is primarily dedicated to small companies and especially startups that need exponential growth, or else they risk disappearing. The ultimate goal is growth made possible by the development of a successful business marketing strategy with a limited budget.

The marketing strategy implemented by growth hackers involves selecting metrics to use, choosing and testing sales channels through A/B testing, and analyzing the collected data to promote consistent growth in a short time.

We can, therefore, define this marketing strategy as a combination of data analysis, creativity, and digital marketing with one goal: growth.

Earned Media and Digital PR

Earned media and digital PR are two important channels in the B2B sector.

Earned media, or free media, means that your brand or service naturally gains media attention. When a blogger really likes your product or service and decides to talk about it without compensation, or when your social media followers continue to follow and share your posts. Positive reviews on search engines are also an example of this.

Digital PR manages online public relations, aiming to maintain your brand’s web reputation. A digital PR identifies industry influencers and builds relationships with them to enhance the company’s reputation for which they work. Another aspect of their work is observing, responding to, and engaging the social network audience with their company.

Search Engine Marketing

Search Engine Marketing refers to the set of paid promotion activities for a website on search engines. The procedure allows for acquiring traffic from search engines through paid advertisements.

Although there are many search engines worldwide, such as Google, Yahoo, Bing, and Yandex for the Russian market, and Baidu for the Chinese market, in Western countries like Europe, the United States, Canada, etc., the primary search engine is Google.

For paid promotion on Google, Google AdWords is used as the tool. AdWords is also used for display network advertising on YouTube.

Search engine marketing is among the most commonly used marketing strategies by companies.

Social media marketing

Social media marketing leverages the potential of social networks. In the era of social media, it’s impossible not to use a social media marketing strategy to grow a business. Being on social media is now a necessity, not a choice.

The benefits of a social marketing strategy are numerous and range from increased traffic and improved website positioning to enhanced brand authority and customer satisfaction.

Social media puts people and brands in direct contact without intermediaries, which promotes building strong relationships with existing or potential customers, resulting in immediate feedback, shares, interactions, and purchases.

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Content marketing

Content marketing emphasizes the creation of valuable content. Content marketing is a fundamental part of corporate marketing strategies. The goals of a content marketing strategy include lead generation, media PR, and community generation and management.

Content marketing is highly effective in increasing brand awareness and maintaining a company’s reputation.

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Inbound Marketing

Inbound marketing is a pull-type marketing strategy aimed at attracting potential customers towards you. The intention is to be found by customers rather than chasing them. The phases of inbound marketing or funnel marketing are:

  1. Attract
  2. Convert
  3. Close
  4. Delight the customer

Inbound marketing is the best method to attract customers by offering quality content that meets their needs and answers their questions.

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One aspect of inbound marketing is creating a marketing funnel, a path that users must follow to become customers. The funnel is the funnel that allows this “journey” of the future customer.

Before building a funnel, we must understand who our prospects are, their needs, and their difficulties. Only by creating a well-analyzed path can we focus on the right actions to attract the user to become a converting customer.

Digital Marketing Strategies in the B2C Sector

Business-to-Consumer (B2C) marketing strategies are meticulously designed approaches to resonate with individual customers, capturing their attention and loyalty in a crowded marketplace. These strategies are designed to understand and meet the unique needs and preferences of consumers, ensuring that products and services not only meet functional requirements but also strike a chord with emotions.

B2C marketing has embraced a range of innovative techniques, from engaging storytelling to targeted digital advertising, all aimed at creating memorable brand experiences and fostering lasting customer relationships.

Let us now delve into an overview of the various B2C marketing strategies, each offers unique benefits and can be tailored to specific marketing objectives.

Direct Selling

Direct selling is one of the most commonly used marketing strategies. Direct sales do not involve intermediaries in the distribution of products. The most prominent example of direct selling is seen in e-commerce, which utilizes the internet and new technologies such as smartphones to reach and be accessible to potential customers wherever they may be.

Paid media advertising refers to advertising spaces that can be purchased. This includes industry-specific advertising, various networks, and paid advertising on search engines and social media.

In addition to increasing sales, paid media advertising promotes brand awareness and rapid visibility.

Word of Mouth Advertising

Also known as word-of-mouth, this strategy involves engaging users to the extent that they promote your business spontaneously. Every person has their own social network composed of friends and relatives; each user you engage and make active will also involve their network of contacts, leading to exponential growth. Companies seek to involve their customers through blogs, social pages, and forums.

Email Marketing

Email marketing is one of the most powerful and widely used marketing strategies. Statistical data confirms that it is the web marketing tool with the highest return on investment (ROI). Through this powerful tool, you can engage and solicit your actual and potential customers, segmenting your messages.

The two main phases of email marketing are:

  • The Attribution phase involves acquiring leads or new customers. This process can be done using customer lists created over time or by purchasing new lists from external agencies.
  • The Retention phase focuses on retaining customers by engaging them as much as possible and encouraging them to read new articles or purchase products and services. A fundamental aspect of this phase is the development of an editorial plan and the segmentation of the user list to offer a more personalized service.

Techniques to use in this phase include Cross-selling, offering complementary products to what the customer has already purchased, and Up-selling, offering a higher-quality product compared to what the customer has already purchased.

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Mobile Marketing

Mobile marketing plays a fundamental role in marketing strategies.

Mobile devices are now the most commonly used by users. Not capitalizing on this strategy means giving up a significant number of potential customers.

Mobile marketing comprises activities aimed at interacting and communicating with users through mobile devices. More and more companies are focusing on this strategy. The first step is to have a responsive website or dedicated apps. Apps allow you to send push notifications and engage users, encouraging them to make purchases.

The incorporation of bots and systems for mobile purchases stands as an additional method within the realm of mobile marketing tactics.

Storytelling

Storytelling is a technique for narrating a product or service capable of generating emotions. The main goal is to engage and emotionally captivate customers. The structure of the narrative is similar to that of fairy tales, creating a character and a story that concludes with a happy ending. Utilizing storytelling is among the most powerful techniques in marketing.

Affiliate Marketing

 

Another important marketing strategy is the affiliate marketing program, which is highly appreciated by experts and businesses. Affiliate marketing is a performance-based marketing type involving one or more affiliates (bloggers, editorial portals, magazines, etc.) promoting a brand.

The advertiser only pays for the results generated by the affiliate program based on the goals they set. In affiliate marketing, four primary participants are involved:

  1. The merchant or advertiser;
  2. The publisher or affiliate;
  3. The affiliate platform (network);
  4. The customers;

Merchants (brands/sellers) are the individuals who provide products and services and the brands to which they refer.

Affiliates (collaborators/publishers) take responsibility for delivering products to their customers/users.

The affiliate platform is the entity that provides the know-how and technology to manage payments, the exchange of advertising materials, and resolve disputes among various publishers.

In affiliate marketing, affiliates receive compensation based on the results achieved. The predominant remuneration model in Affiliate Marketing is mainly:

  • CPA, which stands for cost per action – varies based on the cart and is a percentage;
  • CPL, which stands for cost per lead – is represented by a fixed cost.

Other remuneration models include the following:

  • CPM, which stands for cost per million impressions – is used extensively for brand awareness as it calculates payment per thousand views.
  • CPC, or cost per click – compensation is triggered when the user clicks and lands on the merchant’s website.

Marketing Strategy and Planning

Strategic marketing planning provides the foundation for the company’s subsequent actions. The marketing plan provides guidelines to all stakeholders and is continuously updated to meet evolving needs.

The planning process involves various stages, from selecting media, market analysis, and creating a marketing funnel, to identifying buyer personas.

Combining it with the various strategies we’ve just listed allows you to get closer to the expected results.

Creating an omnichannel digital marketing strategy isn’t easy and requires a set of cross-cutting skills that only comprehensive training and field experience can provide.

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