You’re drafting your business plan. But something is missing. What is it?
You thought you had everything laid out. You have your business description and a detailed section for your products and services. You understand who your competitors are and what they offer. Your operations are clear-cut. You compiled all of your financial information and your management plan is solid.
Yet still, you can’t put your finger on that one thing.
What about marketing strategy? If you haven’t thought much about marketing, now’s the time.
It’s easy to lose inspiration when it comes to your marketing strategy. That happens whether you operate a small business or you’re part of a large organization. Your industry is competitive and full of life. The wheels are always turning. An effective marketing strategy lets you shine. Just ask the entrepreneurs at the frontline.
What is a Marketing Strategy?
Maybe you’re new to the scene. We’re happy to have you here. But you might not know what a marketing strategy even is.
At its most basic, a marketing strategy is your business’s blueprint. It’s your claim to fame. It specifies how you will attract potential buyers. Then, it turns them into repeat customers.
Your marketing strategy should address the following:
- Your value proposition. That’s when you promise your customers that your products or services will provide value and better their quality of life.
- Brand messaging. This is how you communicate your value proposition to your customer core. Your content has to use the right language to relate to them.
- Target audience demographics. Who is your ideal customer? Where do they work, live, and play? You have to dive deep into all of the seemingly tedious details.
Your marketing strategy is a section of your overall marketing plan. That plan is a comprehensive guide to your marketing goals. It includes what methods you use to market your products and services. It also sets deadlines on when you’ll introduce them to your audience.
There are many ways you can go about implementing your marketing strategy. It just depends on your business. Either way, you need one for productive business management and product development. Here are some examples:
- Digital marketing
- Content marketing
- Market research
What are the 5 Types of Marketing Strategy?
In today’s world of e-commerce, your marketing strategy has to keep up. You need to use online marketing tools to stay up-to-date.
That’s why there are so many different types of marketing strategies. Each of them addresses the evolving needs of the digital consumer in their own way.
Here, though, we’re going to look at five main types that a successful marketing business would use.
Social Media Marketing
Not only is this marketing strategy cost-effective, it’s effective as a whole. 2.8 billion people use social media around the world. So there are many different audiences. They vary in age, interests, and more. Be sure that you target the right group.
Social media marketing is a fun way to engage your customers and promote your brand. The best part? You don’t just have a wide range of platforms to choose from. You also get to talk to your potential customers on a platform they already like. You don’t bother them with dated tactics like cold-calling.
SEO is search engine optimization. It’s a way to create content that drives organic traffic to your company’s site. It’s another affordable way to appeal to customers.
What do we mean by organic? With some other marketing strategies, like PPC, you pay to advertise your site and its products or services. But with SEO tactics, you use tools like keywords. If a consumer types something into their search engine with matching keywords, your link pops up.
Yet again, customers are already interested in what you’re selling.
We just mentioned PPC. It stands for “pay-per-click.” It’s more expensive than the other two strategies. But it’s popular because it converts more leads than other strategies.
You have to pay each time someone clicks on your ads, but a lot of people feel like it’s worth the cost. Have you ever typed something into Google and the first results that pop up say “Ad” to their top left? You’ve probably clicked on those before. That’s PPC in action.
Think back to before the advent of the Internet, if you even can. Businesses had to use snail mail and often unsolicited phone calls to advertise.
Now, though, online marketing strategies take their place.
Online marketing strategies like email marketing are useful because you don’t have to pay to print and mail ads. You also don’t have to account for the manual labor that would take.
Finally, we have content marketing. It falls somewhere in between the marketing concept of physical ads and that of digital ones. It’s also broader.
Content marketing isn’t outright promotion. According to Oxford Languages, it’s when you create and post online content. This content could be a:
- Piece of copy, like a blog post
- Social media post
You design the content to catch a consumer’s eye. It naturally draws them to the products or services your business offers.
What Makes a Good Marketing Strategy?
There are several features of a good marketing strategy. Let’s go over just a handful.
First, it should cover the four Ps of marketing. Those include:
- Product. What good or service do you provide for your market? Your product should respond to what your customers already want and offer solutions. If it’s new, it has to be irresistible enough to create a new demand.
- Price. How much do your customers pay for your product? It has to be appropriate to the value your product provides them. It should also consider rival prices, potential discounts, and manufacturing costs.
- Place. Where do you sell your product or service? How will you get it on the market?
- Promotion. How will you advertise and promote your product or service? Why do they need what you sell and how do you justify its price?
A good marketing strategy also pays attention to your brand value and brand image. It focuses on how you operate day-to-day and why customers should choose your business over your competitors.
Marketing Strategy Examples From Highly Successful Brands
It’s time for the fun part. Here, we look at 10 highly successful brands and a specific marketing strategy for each one.
You might want ideas for B2B marketing strategies. Or maybe you just want to hone your decision-making skills when it comes to your marketing plan. No matter what you came here for, pay close attention to how these brands succeed with marketing.
“But I have a small business. These won’t be to-scale.” Don’t worry about that. These are unique solutions that you can imitate regardless of company size. Say you’re a fashion retailer, for example. You can form your marketing strategy according to Zara’s or Balenciaga’s.
Balenciaga: Take Advantage of Meme Marketing
Have you ever seen a hysterical meme in public and burst out into laughter? Your coworkers or fellow frequent flyers at the airport might have looked at you in surprise. But you couldn’t help it. That’s the power of a great meme.
When businesses use them as a marketing strategy, it’s called “Meme Baiting.” But don’t think of the word “baiting” as a negative one. It’s a top-tier way to engage your audience. Just ask Balenciaga.
They’re a luxury fashion brand that made record-breaking sales after their meme-marketing campaign. A lot of people feel like they can’t afford Balenciaga products. But they appealed to the masses when they related to them through good humor.
Not only did it entertain consumers, but it also generated talk about their business.
Nordstrom: Use Retargeting Intelligently
Nordstrom puts the customer experience first when they retarget their online advertising. But how do they do it so well? How can you do the same?
Nordstrom integrates their many social media platforms into one cohesive experience. Their loyalty program also rewards in-store, online, and outlet shoppers.
Nordstrom is very active on both Instagram and Pinterest. Once they integrated the two, customers saw their products on both sites. Then, they could go to one of their brick-and-mortar locations. Once in-store, they could also buy any of the products they saw online with ease.
Imagine that the customer sees how well-styled one of their models is online. With a few clicks, they can schedule a free in-person styling session.
The whole experience is user-friendly for their customer base. That leads to more brand loyalty.
Twitch: Focus on Your Niche
How did the live-streaming platform Twitch blow up so quickly?
With their marketing strategy, of course.
You’ll find more than just gamers on Twitch today. Some people stream their exercise routines and tips. Others share their recipes and how-to cooking videos. In fact, millions of people from all around use Twitch every day.
They built their brand with a marketing strategy that appeals to their niche market. Their target audience’s demographics mainly show young people. That’s a lot of millennials and Gen-Z users. 70 percent of them donate to support their favorite streamers.
Twitch realizes that they can capitalize on the FOMO that their young users feel. So they use their platform to stream online events for them.
Frito-Lay: Be Original, Be Fun
Frito-Lay has been around for what seems like forever. It’s almost hard to believe that they’ve been able to stay at the forefront of their industry after so long.
But they’re not going anywhere. That’s largely due to their engaging and ongoing customer contest.
It’s called “Do Us a Flavor.” Have you ever walked through the grocery store and wondered why there are biscuits and gravy Lay’s chips? Did you ever try the fried green tomato chips? Those came from their contest.
Their customers submit chip-flavor ideas. They can be as wacky and original as possible. Frito-Lay then chooses their top-three favorites and pays the winners a cash prize.
World Wildlife Fund for Nature (WWF): Be Creative
People all around the world recognize WWF’s creative ad campaigns. In general, their goal is probably similar to yours. They want to create awareness around all of their work and what they offer.
One of the best ways they did this was with their custom hashtag and Twitter campaign.
They wanted to show their audience what 24 hours with WWF looked like. They took to Twitter with an interactive map. The point was brilliant. Each time a WWF employee posted on Twitter, a small version of their original post showed up on the map. It showed the poster’s physical location.
It achieved what they set out to do. It highlighted just how far their global reach really is.
Red Bull: Take Risks
When you think of risks in your industry, they might make you anxious. Red Bull proved that maybe risk-taking is scary in the physical sense. But once you reap the rewards, that fear might go away.
They formed these risks around their brand strategy.
In 2012, Red Bull sponsored a live stream. But not just any old live stream. A skydiver from Austria broke records when he free-fell from space and parachuted back to Earth. It was the most-viewed live stream of all time.
So what happened? Well first, the skydiver succeeded in his mission. As for Red Bull? People say they earned tens of millions USD. Their sales also increased by 7 percent in the next six months.
Nike: Promote Your Values
“Just do it.” Almost everyone knows Nike’s slogan. That’s because they corner their market pretty much daily.
They “just do it” with their marketing strategy. They tell meaningful stories in all of their campaigns. These stories promote their values on a massive scale. Have you ever realized that they don’t even advertise their products in their ads?
Instead, Nike appeals to their target market’s emotions.
Spotify: Offer a Different User Experience
If you remember iTunes as the main music streaming service, you remember a different time. Spotify was the catalyst to that change.
They tailored their platform to a smooth user experience. It’s user-friendly and compatible on multiple devices. They also offer multiple types of media for you to consume.
Spotify also compiles customized playlists for their premium users every day. Their premium subscription has different price points depending on the user. They even review your most-listened-to media at the end of the year. Altogether, Spotify personalizes their service for you.
Domino’s Pizza: Offer Convenience
Domino’s Pizza is always on the rise. Even if customers don’t love the taste of their pizza, they keep going back for more. Why?
Because it’s one of the most convenient choices for everyone.
They deliver on their promises. When they say you’ll get your pizza order quickly, you get it within 30 minutes tops. When they say it’s easy to order, you only have to click a few times and you’re done. When they say you get to watch your cook make your order in real-time, they lead you to their order tracker.
All of that and more bring about a streamlined experience and ultimate convenience.
Zara: BCG Matrix
The retailer Zara spends almost no money on advertising. How is this possible?
Their secret is market segmentation. They use the BCG matrix. They analyze what products they offer and how they directly affect their customers.
Zara targets the right audience based on data analysis. Then, they make sure their products are readily available to those groups. They always update their product’s designs based on fashion intel. At this point, customers go to them, not the other way around.
Like we said, all of those marketing strategies are unique. That’s because each business and each customer has different needs.
Here at Selling Revolution, we know that you’re unique too. That’s why we stay true to our name. We offer revolutionary solutions for your business. Do you need to increase your leads? Do you need better sales training so you can recruit and retain top talent?