What is a Marketing Strategy?

A marketing strategy is a comprehensive plan that determines a company's approach to achieving its marketing and sales objectives.

It involves a systematic process of defining a company's competitive advantage, identifying target markets, analysing competitors and positioning the brand.

The marketing operation then executes the strategy by selecting the most effective marketing tactics.

Activate your assets

If a brand is the main marketing "asset", then the marketing strategy activates the asset to produce a return.

Like a business unit, the marketing operation allocates resources (marketing budget) to achieve objectives (sales and profitability targets).

The strategy uses the marketing assets in its tactical communications which simultaneously reach a target audience, shape brand awareness, generate sale and compete for market share.

Brand Building for Marketing Success

A brand is the core marketing asset of a business.

A brand aims to position itself favourably in the consumers' minds.

Brand precedes the marketing strategy. And even when a brand is created, it is never finished. It needs nurturing, attention, love.

Great brands become great brands because they dedicate time and resources to their continual development. They never stop adding creativity and ingenuity to take the brand further and deeper into the consumer's life.

Mediocre brands need even more attention. A tough-love brand audit can lead to a plan which reinvigorates the brand and improves a company's positioning in the market. Mediocre brands means that mediocre marketing forces operations to cut costs.

* But it's never too late reinvigorate a brand: a brand is as strong as the effort, intelligence and determination put into it.

Eyes on the Priorities

1. Market Positioning: find a space. Don't swim with the sharks. This basic concept cannot be overemphasised. Don't stare at the product. Stare at the market. Then create the product to fit in the space.
2. Identity and Differentiation: once the space has been identified, create the identity. Build identity into products, noot after. Products are vehicles which take the brand places.
3. Credibility: authenticity cannot be faked. Consumers have a sixth sense. Authenticity comes from a brand which has genuines beliefs and values.
4. Consistency: don't execute "me-too marketing". Me-too-marketing is the opposite of differentiation. Me-too-marketing jumps on fads. It creates jittery, nervous brands. Be real and be consistent.
5. Connection: emotional connection is not enough. There has to be a rational connection (typically quality, price...). Create connection which balances an emotional and rational response.
6. Advocacy: everybody aims for it, few achieve it. Trying too hard, kills it. Consumers are savvy. They can spot a brand desperate for love. Be real. Have real values, a real proposition, a real personality.