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Marketing strategies ensures that a correct communication is delivered to its target customers.Ĥ.

It helps the company to understand its customers.ģ. A right marketing strategy promotes the products or services to target audience.Ģ. There are several advantages of a good marketing strategy. So, each element in your strategy is very important for company’s success.

Marketing strategy is a key element in brand sustainability and profitability. Use automation service to send individual mails for campaigns. Providing customers with augmented reality experience helps them to understand the working of a product or service, its benefits and it will add convenience to their lives.Į-marketing and email marketing is an important element in marketing strategy through which company can directly reach to its customers, follow up and send them reminders. Include virtual reality marketing tactics As most of the people is assessing internet through their mobile phones, so your marketing strategy should include mobile devices.Ĩ. Internet is the largest platform where you can show your advertisements. Learn what doesn’t work for them and try to implement innovative ideas to make it work for your brand.Ĭompanies should focus on 360 degree branding using integrated marketing communication (IMC) channels.Ī good marketing strategy also involves having an effective brand management plan for its products & services.Įncouraging your audience to influence itself by sharing content, promotions and information about your company can be quite beneficial. Study your competitors marketing strategy carefully. Use big data to gather information that can be used for proper marketing according to the trend and industry tactics. Your marketing strategy should directly cater to the needs of the customers. Some steps for an effective marketing strategy are: Companies use conventional as well as modern channels for devising a working strategy. In the modern day, there are several ways in an effective marketing strategy can be made. The most important step in any marketing strategy is to constantly understand customer needs & requirements and adapt business accordingly.ġ0 Steps to Build an Effective Marketing Strategy The strategy once devised has to be constantly revisited and improved or even changed to cater to changing customer behavior and market dynamics. Review and reviseĪ continuous revision of marketing strategies is required as it is a continuous process. It helps in understanding the revenue potential, profitability and viability of company and the market. Any marketing research or analysis is incomplete without understanding the financial impact and implications. The next step is to evaluate and forecast the financials based on sales forecasting to the target market. This is a time tested framework which has helped formulate the marketing strategy. The fourth step in marketing strategy involves defining strategies about product, price, place, promotion etc. This would include speaking with the end customers, surveys and analyzing the results to derive the customers needs and behavior. The next step is to have a comprehensive marketing research to understand the demand, customer needs etc. Understanding competition will give insights into the product and pricing strategies which are currently present in the market. Without competitive analysis, the marketing would remain incomplete. The second step in marketing strategy is to analyze the existing competitors as well as potential competitors, and also any indirect competitors. The market potential, target market, product need and the feasibility can be understood. The first step in marketing strategy & marketing planning is to analyze, study, understand & evaluate the market for the product or service being considered. The 7Ps (Service Mix) marketing strategy defines process, people and physical evidence strategies.Īnsoff Matrix highlights marketing strategies market type & product type.Īn effective marketing strategy covers the following steps: 1. The marketing mix strategy talks about 4Ps (Product Mix) and covers marketing strategies like product, price, place & promotion strategies. Market Segmentation, Targeting & Positioning are key marketing strategies to understand the correct target audience & target them effectively. However, some important marketing strategies as defined by There are several market strategies which can be adopted by companies.