Marketing Strategy involves making smart decisions about target markets, products and services, differentiation and positioning, pricing, distribution, and promotion.
Marketing is not something to start thinking about once you have a warehouse full of product, ready to be sold. Instead, you should start developing a marketing strategy, including evaluating markets and customer demand, before a product is designed and produced.
It’s the difference between ‘Selling what customers want to buy’ and ‘Making customers buy what you are selling’. It’s about identifying those customer problems that your company can solve better than anyone else, and then creating the solution.
Marketing Strategy for B2B Firms
We specialize in developing sound, competitive marketing strategies for B2B firms. The goal of our fact-based, data-driven approach is to find the best market opportunities for your business. An effective marketing strategy addresses these important questions:
- Which products and services should we sell?
- Which market segments to target?
- What should be our differentiation?
- How to beat or avoid the competition?
- What prices should we charge?
- Which sales & distribution channels to use?
- How do we create awareness?
- How to generate leads?
We take a comprehensive approach to answering these questions using a proven process tailored. The decisions that impact your company’s future will be based on solid information and insight, not wishful thinking, guesswork, anecdotal information, or simply copying the competition.
The Strategic Marketing Process
We follow a comprehensive, proven process to create a marketing strategy that sets your company apart from the competition. This diagram shows the steps of the process:
A comprehensive review of the company’s goals, capabilities, strengths & weaknesses, opportunities & threats (SWOT). Also, the market environment is assessed carefully: customers, competitors, as well as trends that may impact the business.
In this stage of the process the actual Marketing Strategy is formulated. This involves identifying and evaluating potential market segments and selecting the target markets. Also, and this is a key element of the process, decisions are made about how the company is going to differentiate itself from the competition.
In this stage, detailed decisions are made about what to sell (Product), sales & distribution (Place), at what price (Price), and how to promote and generate leads (Promotion).
For services companies the additional elements of the Marketing Mix to consider are the service delivery processes (Process), the skills and training needed by the employees (People), and the appearance of the facility (“Plant”).
Implement, Monitor, and Adapt
The Marketing Strategy process results in a detailed action plan. In this last phase, the action plan gets executed. Clearly, this the most important phase. Without skillful implementation, all the effort that went into formulating the marketing strategy and creating the action plan would be for naught. Constant monitoring of the effectiveness of the marketing decisions and making the necessary course corrections are key to achieving success.
If you’re tired of wasting money on marketing that doesn’t work, it might be time to review your marketing strategy.