What is a marketing strategy?
A marketing strategy will benefit any size and type of business. In simple terms, a marketing strategy is a plan that describes a company’s approach to building and maintaining its brand identity and position in the market(s) where it operates.
One of the benefits of working with marketing strategy consultants is ensuring any advertising and marketing activity areas included in the plan comply with current laws and regulations. Further information about the importance of this aspect can be found here:.
What is included in a marketing strategy?
There are many different models and templates for creating a marketing strategy, but there are some key components that are common to most. Your marketing strategy consultants can work with you to identify the most important elements for your own particular business. Specialist consultants such as https://www.reallyhelpfulmarketing.co.uk/specialist-services/marketing-strategy-consultant/ provide expert input to ensure your plans are fit for purpose.
Marketing Mix
The basic marketing mix consists of the four Ps: product, price, place and promotion. There are a number of other Ps that can be added, where more detail and complexity are needed. This marketing mix forms the bedrock of strategy development.
Objectives
Understanding the short, medium and long-term objectives for the brand or the business is essential to creating a successful marketing strategy that delivers value for money at each stage of the business plan.
Market Segmentation
Focusing your marketing efforts on your most valuable target audience, by analysing aspects of demographics, lifestyle and behaviours, will ensure that you get the best returns for your marketing investments.
Budget
A realistic budget needs to be allocated across the different areas of marketing and advertising to achieve the desired impact on sales and margins. There may need to be front-loaded investments in order to drive growth and attract new customers.
