When it comes to the discussion about running a business, marketing strategy is something should be put on the top list. All of the people always talk about the rightest marketing strategy to boost sales and business growth. But, do you know what’s marketing strategy actually? Get to know all about marketing strategy on the following page.
Marketing Strategy’s Definition
Marketing strategy is defined as an overall game plan applied in business. It is used to help business owners to gain potential customers and improve their awareness of the products and services offered. Most of the time, the marketing strategy consists of a value proposition of the company. Not only that but the strategy used in business marketing also consists of everything from data on target customer demographics to key brand messaging as well as other high-level elements in companies.
There are some other definitions of marketing strategy conveyed by several experts. For instance, Sergio Zyman, the marketing executive of Coca Cola states that the main goal of marketing is to sell more to as many customers as possible. Not only that but the products should also be sold more often and at higher prices. Meanwhile, Seth Godin, an entrepreneur and business executive, conveys that marketing strategy is not only about the products that you make but the stories that you try to tell to many people.
Marketing Strategy VS Marketing Plan
So, what is the difference between marketing strategy and marketing plan? Well, it can be said that the marketing strategy consists of information related to a marketing plan. It can be said that the marketing plan is a document contains detailed information about the specific types of marketing activities conducted by a company. It usually also contains schedules that display various marketing initiatives that should be done in the marketing strategy. It can be said that the marketing strategy features big-picture messaging of the business. Meanwhile, the marketing plan covers logistical detail information about specific marketing campaigns.
Marketing Strategy’s Creation
You need to keep in mind that the best marketing strategy should be rooted fundamentally in the value proposition of a company. This will summarize all of the competitive benefits that owned by the company over business competitors. You also need to remember that a marketing strategy is all about the way you communicate the core value proposition of the company. So, everything you use in the marketing strategy includes mass customization, marketing assets, or social media campaign can be assessed based on how effective it is in creating good communication.