What are the best strategies to promote my products and services?
A Marketing Strategy provides the objectives for your Marketing
Plan. The Marketing Strategy is shaped by the company’s overall business
goals and provides SMART objectives:
Important elements that comprise the final marketing strategy consist of:
- Market Research
- Market Feasibility Studies
- Marketing Audits
- Brand Positioning & Strategy
- Sales Analysis & Forecasting
The resulting marketing strategy is usually expressed in the form of a Marketing Plan and a Communication Plan.
A marketing strategy should not be revised until the company’s
objectives have been achieved or the competitive situation has changed
significantly enough to warrant a change. Many problems in small and
large businesses arise from marketing strategy being changed before it
is necessary. The Marketing Strategy wrongly changes for the following
- Whim of the owner or Managing/Marketing Director – they get bored with it.
- A new Marketing Director or Manager – a new Marketing Consultant or
Advertising Agency often changes the strategy to show who’s boss,
regardless of whether the strategy is right or not.
- The seeming lack of results generated by the marketing strategy
causes them to panic and change before understanding what is working and
- Competitive activity often causes a reaction that is not warranted –
once again, panic. This in fact plays into the hands of the competitor
who, like a boxer, has feigned a move and sucked you into making a
move that exposes your weakness.