Marketing strategies are an essential condition to achieve the goals set. Thus, the strategies of a company can be applied as a series of methodologies or also as a process aligned to the marketing campaigns that are planned for commercial purposes.
To achieve this in an ideal way, it is necessary to have a clear connection with the factors and conditions that cause the different changes in consumer habits, for example the current boom in internet sales . This is accompanied by the creative and forceful execution of the different steps in the development of these digital marketing strategies .
What are marketing strategies?
Marketing strategies are defined as the actions that must be carried out to reach commercial objectives in the business operation that has been proposed. These actions can range from a new product go-to-market strategy that includes your launch activations to mechanisms to increase sales KPI results .
In addition to taking into account the capacity of the company and its resources when creating a product marketing strategy, it is necessary to know the target audience in detail in order to carry out effective activities. Keeping these variables in mind is a key point to satisfy the needs and tastes of end customers.
It is also important to be constantly researching the marketing strategies implemented by the competition. The analysis of this aspect will give us a broad overview of our market to discover success stories or mistakes that should not be repeated.
Types of Marketing Strategies
Marketing or marketing strategies are usually divided into 4 types. Those related to the product, those that affect price, distribution strategies and communication strategies. It is what is known as the 4 p of business marketing , since they are the basic pillars that we must work on.
Once the corresponding product service has been described, the product strategies reflect the actions that are going to be developed over a certain period of time in relation to said product or service .
In this sense, it will be included if one more benefits or services are added , the way in which it will be carried out, if applicable. It will have to be decided whether or not to work with a pilot product, or whether to launch it first on a small scale and then launch it on a larger scale. Do you think of a unique product in the product range that will be expanded in the future?
All of the above must also take into account what is going to offer our product or service differently from those of the competition.Therefore, it is necessary to be clear about why customers are going to opt for our product and not for a different one.
Before setting a price for a specific product or service, it is necessary to carry out an analysis of those elements that must be taken into account when setting it. Specifically, both variable costs, linked to production, and fixed costs must be taken into account . The reason is that a company is for-profit. Therefore, in order to continue in the market, it is necessary that the income obtained from sales, in which the price forms an essential part, exceed the total costs of the company attributable to the product or service in question.
But this is not all. In addition, it is necessary to consider possible strategic variations in a certain period of time, such as discounts, sales promotions… that ultimately help customers approve the new product or service. Or perhaps you prefer to opt for a high price from the beginning, which can help the product or service to be among those considered of quality.
Another issue to take into account globally is the company ‘s cash flow forecast .
For the product to be sold, it must be accessible to the consumer . And, this need is directly related to product distribution strategies . Well, it must be determined whether it is the company that sells directly to its customers, whether it is going to act through distributors in its entirety or in certain geographical areas. In addition, it will be necessary to foresee everything related to transport, or, at least, who is going to be in charge of hiring it. Without forgetting the chosen distribution channels.
On this last point, it can be noted that more and more companies, whatever their volume, choose to use, at least partially, the Internet and e-commerce as a distribution channel.. On the other hand, the existence of companies like Amazon or Alibaba make it much easier for entrepreneurs to sell through the network and its subsequent distribution.
In addition, all types of contracts must be specified , both with distributors, agents, dealers or wholesalers.
Communication strategies are aimed at getting the message to the customer , always highlighting the benefits that the product or service has for them.
When dealing with communication strategies, which in turn use tools such as advertising, the sales force, sales promotion, public relations, social networks… One must take into account not only the cost of communication, but also the how it impacts the target audience .
In addition, it is necessary to determine the image of the product or service that you want to project, including brand , logo, name… And the same is true regarding the image of the company .
Examples of Marketing Strategies
According to the information that we have already reviewed, we are going to show some examples of marketing strategies that will be of great help to create models with greater weight and level of effectiveness.
1-Toyota Marketing Strategy Example
The Toyota brand set itself the objective of its marketing strategy to demonstrate to its public the importance of buying original, quality spare parts and with a little more investment. One piece that had a big impact was using the difference between buying an original parachute and buying a lower cost one, using various creativity and sales logistics tools .
2-Redbull Marketing Strategy Example
Redbull often plays with different contexts in which the best solution to lack of energy is to drink his energy drinks. A case that covers a very wide audience of this brand is the exhausted office worker with the need to finish his workday successfully. The consumer will inevitably have the brand in mind when they find themselves in a similar situation.
3-Oreo Marketing Strategy Example
Oreo cookies handle a creative, fun, casual concept, allusive to happiness, with which they have achieved a connection with the consumer by influencing him emotionally. In this example of marketing strategies, the result is to identify with these feelings when you buy an Oreo product.
When a company works hard to build solid marketing strategies , these must be harmoniously connected with other areas of work, such as production and logistics.
Regarding the logistics industry, there are also different distribution channel strategies , which are built under the same premise of total customer satisfaction.