Successful products or brands need well-planned marketing strategies in place to ensure that they satisfy the goals set by the business and, in turn, the overall corporate marketing strategy.
Marketing strategy is therefore one of the most crucial aspects any company and defines growth potential and product direction. Marketing strategy defines a product or brand’s unique value proposition, target markets and the specific strategies to be used to connect with defined audiences. It also specifies the pricing and distribution strategies for a product or brand and outlines the specific metrics, objectives and budgets for its marketing activities.
The well-planned marketing strategy includes a set of outputs. These outputs appear throughout strategic planning to help provide overall direction for marketing initiatives designed to support the promotion of the company’s products or brand.
In addition to strategical insights, Smart Lighting Consulting also provides short term wins with additional services including:
This includes the concepts related to analyzing the internal capabilities of a company and factors of the external environment that impact the business. An analysis of market opportunities is important because businesses operate in dynamic and constantly evolving environments. Understanding the changing landscape and trends impacting a business helps in developing an effective marketing strategy. Crucial factors to consider while analyzing a market opportunity include defining the market within which a company intends to operate and segmenting the market to identify potential customers for the company’s product portfolio.
The processes associated with Analyze Market Opportunity are to determine strengths and weaknesses, determine opportunities and threats and define market and identify market segments.
Identifying the competition, understanding industry trends and creating future competitive scenarios that help in selecting target market segments. Differentiating your product from the competition is crucial to success and must always be a top priority during product development. Competitive positioning tools help define how a company can differentiate its product offerings to create value in the market by fully understanding its target segments and the competitive landscape.
It cannot be stressed enough how important competitive analysis is for company success and growth. Find competitors’ weaknesses and exploit them.
A pricing strategy properly prices a company’s products or services so that the company can sustain profitability while maintaining or growing its market share. Developing a pricing strategy involves assessing the value of the company’s products based on their features; analyzing the pricing and features of competitive products in the market; analyzing the consumer mindset, which takes into account demand and price expectations for the products; and considering anticipated unit costs, sales and profitability. A distribution strategy defines how a company moves a product from creation to consumption in a cost-efficient manner while focusing on the end users’ needs. The distribution strategy is important because understanding and addressing the needs of the entire distribution channel external to the company ensures that products or services are delivered and sold to customers in the most efficient and effective manner possible.
In marketing, the term “messaging” refers to how an organization talks about itself and the value it provides. Related to positioning, messaging is an approved set of key points or messages an organization uses to communicate about something with a target audience. Messaging translates a positioning statement into a set of convincing “key message” statements. Marketers use these statements to develop materials for marketing communications such as ad slogans, advertising copy, social media posts, press releases, presentation scripts, and so forth. Messaging documents are a blueprint for what all the other materials–and people–should communicate.
Messaging is equally important for a brand AND individual products.
There are many additional aspects to marketing strategy, this is just a start. With a well-developed and designed marketing strategy, a company can achieve and sustain sales success.