If you are an entrepreneur and don't yet work with marketing strategies, have you ever stopped to think about the importance of this area for your business?
One of the main objectives of marketing strategy is to help a company effectively use its resources to deliver its messages to a target audience.
But just like any strategy, it takes time and a lot of dedication to do good market research and collect the necessary information to create your strategy. After all, it's important to go beyond just creating a profile on Instagram or Facebook .
In this post you will understand the difference between a marketing plan and a marketing strategy, you will learn about the benefits of this strategy for your business, as well as what is important to put together your own strategy.
Marketing Strategy x Marketing Plan
Although many people use the words “plan” and “strategy” interchangeably, they have completely different meanings. And of course, marketing couldn't be any different.
Quite simply, a Marketing Strategy is Mobile Number Database what the company wants to achieve as objectives and goals.
The Marketing Plan is everything you will do to achieve the company's goals and objectives.
K2 Agency specializes in both strategy and marketing plans for construction companies and developers . Meet!
To complement the explanation, we have separated the main characteristics of each of them in the image below:
vhsys blog | How to build a marketing strategy for your business
What is Marketing Strategy?
We consider as a marketing strategy all the marketing goals and objectives of a company, combined in the same plan. Generally, this strategy is elaborated from market research.
Unfortunately, many entrepreneurs still do not allow themselves to see the benefits of incorporating a marketing strategy into the company's overall strategic process.
But despite this, the various changes in the market have led business owners to better understand the marketing area and what benefits the company can gain, some of which are:
focus and direction in the business, making it possible to identify the best opportunities;
identification of possible tools that can help the company stand out over the competition and gain market share;
solid foundation for all communication campaigns;
increases sales and profits;
creates consumer preference for the brand and much more.
Want to know more about these and other benefits? Find out in the next topic:
Benefits of marketing strategy for your company
Learn more about some of the many benefits that a marketing strategy can guarantee your business:
Better use of resources
The main action that supports a marketing strategy is market research. With it, you can identify the target audience , better analyze spending on advertising messages, in addition to knowing which is the most effective.
In general, the marketing strategy manages to refine how financial resources can be best used to achieve the highest revenue return for the amounts invested.
effective segmentation
To create effective marketing campaigns, your strategy needs to identify important details that will determine the most appropriate target audience for the campaign. Some of these details include age range, average income, geographic location, etc.
Without a marketing strategy, it is very likely that your company would be placing ads at random times, in random mediums, without understanding what results to expect. And that's not good for your pocket.
Quick adaptation to changes
In short, market changes are issues that affect how you and your competition structure your business. As an example, the emergence of new technologies or changes in consumer needs.
When you work with a marketing strategy, it becomes easier to identify these changes, making it easier to choose certain actions to keep your company competitive.
Product analysis
With a well-defined marketing strategy, it is easier for you to understand the strengths of your product. For this, you need to explain in detail what are the benefits of your product and what return your customers can have when purchasing it.
The presentation of these benefits and the return to customers can be considered a competitive advantage to gain more market share, reinforcing the points that make your product superior to the competition.
Help with pricing
One of the parts of a marketing strategy is also setting the right price for your product or service based on the insights you received during your market research.
For example: if in market research you realized that for your target audience the high quality of products is more important than the price, you can sell at a perceived value of high quality.
Or, if your target audience has the habit of haggling a lot before buying something in your category, this requires you to match prices with the competition, or even below.
Optimize product development
The market research carried out to create your marketing strategy can provide you with a variety of information that can help improve your products and services, such as spotting trends and understanding new public needs.
Based on this information, you determine what benefit customers gain today and what customers want but don't have. This is very important so that you always continue to innovate and not fall behind the competition.
Establish consistent communication
Without a good marketing strategy, you run the risk of passing messages individually to each advertising channel, deviating from the brand you created when developing your products.
With information from your strategy, you can always maintain the same communication, making it easier for people to recognize your company, regardless of the content you are promoting.
7 tips on how to create your marketing strategy
We've already seen some of the many benefits that a good marketing strategy guarantees your business.
Now, you must be wondering: how to develop a marketing strategy in practice?
Below, we have separated valuable tips that, when considered when developing your marketing strategy, will help you make the most of your investment in marketing, maintain focus and also improve sales results.
1 – Identify your business goals
The first step is to know where you want to go. Analyze and define your overall business objectives, then choose a specific set of marketing objectives to support them. As business objectives exist, for example:
increase engagement with customers;
sell more products from a certain supplier;
reach a new customer segment;
Remember to target your objectives well so that you can then measure the results effectively.