Marketing strategy is a process that allows an organization to use all its resources in order to reach its goals, achieve a sustainable competitive advantage and increase sales. It includes all long-term marketing activities that are related with the analysis of the initial strategic situation and that deal with the formulation, selection and evaluation of market-oriented activities. A market strategy is developed as a long-term plan that details specific objectives and activities for the current year. However, these strategies are interactive, dynamic and are partially unplanned, adapting to new climate changes. In order to develop a successful marketing strategy that engages consumers, you must follow the essential principles.
- Define the objectives
Because there is a lot going on the marketing stage today, everybody must struggle to keep up. As a result, marketing professionals are pressured to be progressive and include the emerging media into their marketing strategy. But the key to good marketing is not abusing neologisms and gadgets; it is to achieve goals in an effective manner. Defining and clarifying your business objectives can determine the failure or success of your company. The one-size-fits-all approach used by marketers results in complicated models used to define marketing purposes. However, a business can be adequately illustrated by evaluating its advocacy, awareness and sales. It is important to focus the marketing strategy on one of these three metrics in order to avoid complications.
- Identify emerging opportunities
Because marketing executives are busy people with many responsibilities, including identifying business opportunities, running promotional campaigns and monitoring the marketplace and collaborating with product people, they cannot keep up with the emerging tactics and technology. That is why you need to focus your marketing strategy on identifying emerging opportunities. Put together a team that can run test and learn programs, meet with start-ups and evaluate the real potential of these opportunities. Although most of them will fail, once an emerging opportunity passes in a pilot program is can be integrated into the strategic process as a tool to achieve sales, advocacy or awareness.
- Separate strategy from innovation
In most organizations strategy and innovation merge into one single concept. As a result, firms tend to put their best employees to work on innovation so the results are guaranteed. Because innovation is considered crucial to the future of the organization, teams become populated by senior executives with ample resources available. For them, failure is not an option. While strategy focuses on achieving objectives, innovation focuses on creating a new thing and therefore is a messy field. Failure must be an option and it must be done cheaply, by keeping the resources to a minimum.