A marketing strategy refers to a business’s overall game plan for reaching prospective consumers and turning them into customers of their products or services.
Historically, marketings strategies have included “4 P’s”
Product (Or Service):
What do you have to offer? What value are you providing to the market? Before moving on, make sure you know what your product/service is.
How much are you asking for your product/service? What is the price point that will work best for your business and its goals? Will your customers pay that price to purchase your product?
Where does your product or service fit in the market? How will you reach your target market?
How will you show people your product/service exists, how will you convince them to use your product over the alternatives in the market, and how much will you need to spend in order to acquire new customers.
Your marketing strategy needs to directly align with your company’s values, messaging, budget, and vision. By building an authentic plan that fits with the above items, your should be able to attract the right people for what you’re offering.
A key piece of building a marketing strategy once you know what you’re selling is to define who you’re selling to. If you know who you’re selling to, you can then move on when that person would be looking to buy. Are they making purchases frequently? Is it a one-time thing? Is it a subscription?
Once you map out the buying cycle of your ideal customer you can then start to think about how that individual makes their decision to buy. What is their intention?
Do they have an immediate need? Ie. My tooth hurts, I need to go to the dentist. Or is it more awareness-driven? If someone saw an ad that showed they could have whiter teeth, would that trigger them to look for more information?
Once you understand the time and place your customers would be buying your product you can start to plan out the best areas you can reach these customers. This could be Google PPC(Pay Per Click) campaigns. Typically this channel will work when you’re targetting users who are looking specifically to solve a ‘pain-point’. I have a need, I go to google to search my need, and choose the service that looks like it will best solve my need.
After you have a clear idea of what your high-level marketing strategy is to start getting your business in front of the right people at the right time, you can start building out the Plan (Marketing Plan) to define the tactics and day-to-day operations to execute on your strategy.