A marketing strategy is a mandatory element of the functioning of any business. Thanks to it, you can define your position on the market and harmonize external and internal processes taking place in a specific company. A properly developed concept gives a huge advantage over the competition and can be even half of the success of your company. So what is a strategy, what does it mean for marketing and how to write it? – we suggest!
What is a Marketing Strategy?
A marketing strategy is defined as certain actions and rules of conduct that enable the company to function at the highest possible level. It is developed by one or more delegated persons who formulate significant problems and various ways of solving them.
To put it simply – a marketing strategy is based on a meticulous analysis of the market and your own company. It allows you to define guidelines, arrangements and the necessary steps that should be taken to improve the operation of the company in the most important aspects. Everything is written down in a special strategic document.
How to write a marketing strategy in just a few steps?
A marketing strategy is quite a comprehensive document, the creation of which is usually done by a team of people from various departments. It requires many hours of consultation, data analysis and necessary notes. Depending on the size of the company and the expected results, the stages of the concept being developed may be slightly different, but each of them contains the most important stages. Below, we show you how to write a marketing strategy in just a few steps!
1. Selection of available materials
Before setting your marketing goals, verify all the materials about your company that are available on the web. They will be very useful in the analysis of the current activities of the company and its brief description.
2. Setting marketing goals
Setting marketing goals should be based on the company’s current business concept. If we do not have such a document, we can define ideas based on the mission of our business.
Depending on individual assumptions, these may be, inter alia, goals that increase income, create a brand or even stabilize the market situation. We should also remember to choose the most important of all assumptions – guiding our actions.
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3. Data verification
Data verification is an analysis of the information of our company and its environment, i.e. the competition, as well as the group to which we will direct our products or services. The above activities should be divided into three stages – verification of the company and analysis of the competition and target groups.
4. Company verification – what to pay attention to?
– activities so far;
– used tactical solutions;
– current budget;
– financial background;
– other important elements at the company’s disposal.
5. Competition analysis – what is the most important?
– strengths and weaknesses of competing activities;
– potential threats;
– the scale of competition.
6. Target group analysis – what must it include?
– persons potentially interested in the company’s products or services;
– interests of current customers;
– buyers’ needs;
– describing people interested in given products;
– analysis of the most characteristic customers.
Data verification should be done scrupulously as it is one of the most important points in developing a marketing strategy. It will allow you to accurately determine the activities of our company to date, the degree of advancement of the competition and to thoroughly analyze the group to which we will direct the selected product or service.
7. Concrete conclusions
Having completed the above points, it is necessary to reflect on the conclusions we have drawn from each stage. Thanks to this, we will be able to compare the activities with the concept of the marketing strategy that we intend to implement.
The last element of creating a marketing strategy is determining the budget allocated to the implementation of the concept. It is the funds that will show us how advanced the methodology can be implemented in order to improve the functioning of the enterprise.
How Much Does a Marketing Strategy Cost?
There is no clear answer to the question “How much does a marketing strategy cost?”. Its price depends, among others from generally available information, specific assumptions of the enterprise, the specifics of the industry and the individual expectations of the owner of the company. The experience of Paraphrase Online Experts shows that a marketing strategy costs an average of several hundred to several thousand dollars.
Marketing strategy – who does it?
The marketing strategy is performed by industry specialists and freelancers interested in management and the creation of advanced action plans in various companies. It is best to use the help of an experienced agency.
The marketing strategy allows you to modernize the company’s assumptions, define your position on the market, increase income and acquire new customers thanks to the harmonization of external and internal processes. Its creation costs up to several thousand dollars, and the effects related to the implementation of such a concept can double or triple your company’s profit.
How long does it take to implement a marketing strategy?
The implementation of a professional marketing strategy usually takes from 4 to 12 weeks. During this time, specialists collect and analyze the necessary information, as well as research the market and consumers. They also pay great attention to defining innovative assumptions that will be applied in the future in the context of specific marketing channels.
When should you invest in a professional marketing strategy?
An investment in a professional marketing strategy will be useful in any industry. This will allow you to organize activities enabling brand management, achieving better results or even attracting new customers due to the assumptions that improve most of the processes.
How much can you earn by implementing a marketing strategy?
The implementation of the company’s marketing strategy may increase the company’s income by up to several dozen percent. However, it is worth remembering that it is also influenced by the involvement of business coordinators, final decisions of owners and decision makers influencing the implementation of specific assumptions.
What besides the marketing strategy?
The implementation of a marketing strategy is not everything – it still needs to be implemented. This requires the employment of specialists for specific tasks, the use of appropriate tools and a budget that we have already planned. It is also worth being patient, because the effects will appear only when we work for them with the consistent implementation of our goals.
Is it worth creating a marketing strategy more than once?
If the marketing strategy has been developed professionally, taking into account all the company’s needs – it can be updated after the most important project assumptions have been implemented. However, there are cases where the plan does not meet the expectations – then it is worth correcting it or creating a new, slightly more thoughtful and precise one.