In our previous post, we answered the question, “What is a marketing strategy?” Today, we’ll answer the question, “Can you give me an example?” In other words, what is a marketing strategy example that demonstrates how to sell (market) your goods and services to your target customers?
There are some key sections of your marketing plan that cannot be overlooked. It comprises the tactics you will use to achieve your business goals, the road map to guide your activities and gauge your success. Remember, marketing is about price, positioning, place, and promotion and all those factors flow into your marketing strategy.
Marketing Strategy Example
1 – Start with an executive summary, the corporate overview that helps your decision makers follow your marketing plan.
2 – Identify your target customers along various parameters that will influence their purchase decision. By getting really clear on who these prospects and current customers are, you’ll be able to focus your advertising or marketing activities better.
3 – Your unique selling proposition, sometimes conflated with your value proposition, will shape your messaging and show prospects the benefits of working with you.
4 – Now, our marketing strategy example gets into the tactical part—how will you price your product or service, how is it positioned in your market (or how do you plan to position it), how will people access it (distribution), and how will it be promoted.
Pricing and positioning may go hand-in-hand; a competitive analysis will help here. How does your company stack up against your competition; what do they charge for their transactions; and does your price structure provide a healthy profit margin for you?
Promoting your business comprises a broad range of activities, from the various marketing channels available today to the actual marketing materials. Given the myriad choices, know that this is one of the most important sections of your marketing plan. It’s a multi-faceted puzzle, and each piece plays a vital role. Issues to hammer out with your team include advertising budgets, types of marketing materials you need to reach customers, where will you reach customers, and how to leverage digital marketing.
Tactics may also encompass your conversion strategy—how your team will handle sales calls, website inquiries, or email responses, for example. How will you close the sale, boost revenue, turn a negative review into a positive experience, gain more testimonials, and so much more to increase your market share? This could also mean share of the basket, share of the shelf—you get the picture.
Depending on your business model, your marketing plan may also need a strategy to reward referral partners, implement a loyalty program, or forge joint venture partnerships to reach a wider customer base or better serve your existing customers.
In our marketing strategy example, we would be remiss if we overlooked a customer retention strategy as well. After all, repeat business from existing customers is also key to building revenues (and positive word of mouth).
Given that your marketing plan is about how your company will make more money, financial projections should be included, from the budgeted expenses for your marketing activities to benchmarks such as an increase in customer numbers or the number of sales calls, sales lift, or corporate profits.
If our marketing strategy example has you realizing it’s time to refresh yours, contact Rapunzel Creative to discuss putting a strategic marketing plan in place or to request our complimentary marketing assessment for your business.