Marketing strategy is a mindset that entrepreneurs need to be able to develop a business. The marketing strategy must be able to make the product or service known to many people so that later it helps increase sales. So, what are these marketing strategies? Come on, see the following reviews!
Understanding Marketing Strategy
There are various choices of effective marketing strategies that can be applied, such as marketing mix, viral marketing, email marketing, to marketing trends. However, the most widely used is the 4P marketing strategy because it is more suitable for various types of businesses.
4P Marketing Strategy (Marketing Mix)
The 4P marketing strategy or marketing mix is a collection of 4 tactical, dynamic, and significant marketing variables for products and services. The goal is to make customers aware of the product’s existence and make a purchase. The four variables in question consist of product, price, place, and promotion.…
- Product or products, related to product quality that will help win the competition. You must have a useful product, needed by many people, has several variants to choose from, and has attractive packaging.
- Price is influenced by your ability as a businessman to determine the right selling price. The calculation of prices that are by the market will certainly have an impact on increasing product demand and ultimately affect the expected return on investment. This price determination must take into account: production costs, profits, competitors, and market needs.
- Promotion is providing information to introduce products to potential customers. To attract buyers, you can try various online and offline promotion strategies.
- Place or distribution, is a place where consumers can get products, such as franchise, outlets, to resellers >. You also need to pay attention to the distribution process so that the product is always stored in good condition.
Marketing Strategy Objectives
There are several objectives of marketing strategy in business, namely:
- Clarifying the main business objectives to be achieved. Because a business without a purpose will easily lose enthusiasm and collapse. The existence of goals designed in detail is also a reference for marketers while in the field, so their work results are more optimal.
- Determining the direction of the business so that you stay focused on the short-term and long-term goals of the company that have been agreed upon from the start. You and the entire team in the company will stay on the main track, even though the competition is fierce.
- Motivate all employees to stay motivated in marketing strategies with clear and logical goals to achieve.
- Realizing neat performance appraisal standards for each employee. In this way, the work rhythm can be more awake and effective.
- As a precaution against various surprises in the business world. So, you already have an alternative strategy when the previous marketing strategy didn’t go well.
- Structured coordination will encourage the creation of marketing effectiveness because each team member can work solidly and rarely gets into conflict.
- Easy decision-making in marketing plans, so the steps taken will be right on target.
- Become an instrument for evaluating marketing results at the end of the period and become a reference in making the next marketing strategy.
Types of Marketing Strategy
1. Segmentation and Targeting
The success of any product or service stems from your ability to read, map accurately, and identify market segments. Market segmentation is the process of categorizing, classifying, and potential grouping targets of a product or service. Segmentation is seen from demographic, psychographic, and customer behavior variables.
After segmentation, you must target or target more specific targets. Thus the product will be by consumer needs. For example, your business segmentation is a sports equipment business specifically for women. At the same time, the targeting is specifically for Muslim women.
2. Brand Awareness and Positioning
Brand awareness and positioning are terms describing the ability of consumers to recognize a brand or brand. So, this marketing strategy focuses on shaping consumers’ positive perceptions of the product through its advantages and uniqueness. Later this strategy will help foster customer loyalty. For example, the brand Aqua is a hygienic bottled water product.
3. Ceiling Price and Pricing
Determination of the correct price or pricing is needed to encourage customers to buy, and businesses can benefit. Before determining the selling price, you need to study the ceiling price or the highest price that consumers can receive, and the floor price or the lowest price of the product. A product will be considered expensive when it exceeds the ceiling price. Vice versa, the product will be considered good quality at a low price if it is at the lowest price.
4. Product Distribution and Availability
For the product to provide functional and emotional benefits to customers, of course, you have to make sure the distribution process runs well. The product must always be available in the nearest place the customer can reach. In other words, consumers must be able to get the product at the right time.
5. Building Relationships with Customers Using Digital Marketing
To build customer loyalty or long-term relationships, you can take advantage of digital marketing. Enable All online channels that allow you to build relationships with customers—for example, collaborating to create engaging social media content, replying to product reviews given by consumers, reposting consumer posts related to the products they buy, even if it is necessary to build an online community for loyal customers.
Sample Marketing Strategy from Famous Brand
One example of a marketing strategy from a well-known brand that has successfully touched customers’ hearts through stories is Nike. Nike managed to instill the slogan “Just Do It!” in customers’ minds in every marketing activity.
By using the storytelling technique, this global shoe brand does not only sell products. Yes, Nike’s brand marketing strategy shares values, inspiration, and beautiful moments in the lives of its customers. This then makes the brand image stick firmly in customers’ minds.
Choosing an effective and targeted marketing strategy makes it easier to achieve the target. In other words, running a business and developing a marketing strategy doesn’t only have to be selling. Still, you can start like Nike, building customer intimacy until your brand image is well recorded in the minds and hearts of customers. Don’t forget to record every transaction data or increase in the number of customers by using the POS application.