Marketing consulting firms help businesses to develop what is known as a Marketing Strategy. A marketing strategy consists of the complete marketing objectives and goals of a business combined into a single plan. Simply put, it is a strategy that is designed for promoting a good or service in order to make profits.
A marketing strategy cannot begin without defining business goals. These are long term objectives of a business (like the goals for the next 5 years). All departments of the business must be familiar with these for a coordinated effort.
Other aspects of marketing strategy are the 4 P’s of marketing: Promotion, Place, Pricing and Product. Using these, you can formulate specific marketing plans. While Marketing Strategy is the ‘what’ of marketing, a marketing plan is the ‘how.” Marketing plans define the specifics of marketing efforts guided by the overall marketing strategy. Both marketing strategy and marketing plans may be determined with the help of top marketing consulting firms.
Benefits
Apart from coordinating efforts of various departments and ensuring that all are on one page, there are 3 other benefits of marketing strategy:
Efficient distribution
By putting in place the marketing strategy, one will be aware of vital details like target customers and the price range that can be charged. This helps to determine the most effective mode of distribution. For example, if the target market is young adults, one must offer service of credit cards and Pay Pal for tablets and mobiles. Providing such smooth and easy ways of shopping will boost the business.
By putting in place the marketing strategy, one will be aware of vital details like target customers and the price range that can be charged. This helps to determine the most effective mode of distribution. For example, if the target market is young adults, one must offer service of credit cards and Pay Pal for tablets and mobiles. Providing such smooth and easy ways of shopping will boost the business.
Determine the brand image
Without a solid brand image, no business can hope to survive in the cutthroat world of competition. For this, a marketing strategy will help a lot. One should not waste valuable funds on advertising on platforms that are not relevant to the brand image. The brand image will help identify the best platforms of product promotion.
Creation of products which sell
Marketing is not limited to products sold currently. It is about going into the heart of the clients and understanding their needs and desires. In case existing products do not do justice to customer needs, there is the necessity of redesigning offerings. This is the ideal mode to serve clients and to usurp a solid position in the market. Thus the marketing strategy will help to re-invent the business as per customer demand.
In sum, there is a vital need for a marketing strategy if the company wishes to sell the right products at the right price to the right customers using the right distribution and promotion modalities. This involves extensive market research and by analysing data through tools such as PEST (Political, Economic, Social and Technological) analysis or SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis. Market research can be conducted with the help of top marketing consulting firms.
Mistakes to Avoid
Avoid following mistakes while creating your marketing strategy:
Seeking a ‘ One-Size-Fits-All’ approach
This is one of the biggest mistakes. A business which fails to keep tabs on the latest trends in the market and adjust its strategy is doomed for failure.
Putting all eggs in one basket
Unless there is solid proof, the marketing department must not spend all advertising dollars on one or two promotional channels. Instead, it must try to include as many channels as possible (print ads, podcasts, e-mail, social media, etc.).
Failing to track results
Ultimately, the power of marketing can be measured only through results. Results will reveal the strengths and weaknesses of marketing efforts. Marketing often involves success only by trial and error.