To evaluate the importance and value of marketing strategy for any company, you need to ask yourself a question: what tasks it solves?!
— Stability and development.
— Growth of loyalty and trust.
— Entry into new markets.
— Growth of sales.
— Increase in profit.
The modern world dictates its own trends and conditions, but marketing strategy remains the art that companies need to win the fight for profit and market share. Therefore, do not underestimate the importance of a brand or company promotion strategy.
Success and achievement of goals increasingly depend not on production capacity, number of points of sale and product cost, but on an effectively developed strategy and its implementation!
The market is changing, maneuvering together with trends, tastes and needs of the customer, and over the last 5-10 years the methods and factors of decision making by the customer have changed a lot.
If before it was enough just to produce goods on time and with high quality, now it is not enough, there are many new factors that influence the choice in favor of or against your brand!
Every year, the market is filled with thousands of new products and products, competing for the buyer, so companies that are planning to develop need to move to system marketing.
But it is worth admitting that many business executives and owners are still lobbying for their vision of the company’s strategy based on personal beliefs rather than on analysis. There are many examples when a quality product cannot compete with an imported product because it does not meet market requirements and the needs of its target audience, leading to sales stagnation, minimal profit or even bankruptcy.
If a company does not have a marketing strategy and marketing plan, it moves intuitively, losing time, energy and budgets that can be effectively directed to brand development, placement on shelves and in the minds of customers.
Usually the marketing strategy is developed for 2-5 years, but in our market more often for a year.
The final result of the marketing strategy:
— what we will do;
— how it will be done;
— when it will be done;
— through which channels;
— which budget is needed;
— what results will be achieved.
— Define goals and objectives.
— Choose measurable indicators and KPI. For example: markets of presence; number of retail chains, number of clients, sales plan.
— Perform brand and competitor analysis.
— Identify the strengths and weaknesses of your product, its benefits.
— Identify the target audience.
— Make a portrait of the client. What does your client look like? What is your hobby? Where does he spend his time? Why and how does he buy? To determine how to influence him.
— To analyze your competitors’ marketing activity.
— Identify the channels through which competitors attract clients. How much a client costs in your segment. To analyze the economic performance of the company.
— Analyze seasonality, product, average check, sales.
— Make a SWOT-analysis of all indicators.
Identify areas and points of growth of the business or brand. Create brand benefits.
Develop a strategy for positioning, brand communication and key vision. How the brand will fall in love with its customers!
Develop a marketing plan. This document contains all activities planned by the company, promotion channels, budget, calculation of indicators and sales forecast.
Development of marketing strategy is an important stage in the company. The company acquires the goal, objectives, steps and stages of achieving the result. Measurable and achievable goal motivates the manager and the team to achieve the result in the reporting period.
We wish success to you and your business!
Article from “Business Class” magazine (December, 2019).