Photo by Tima Miroshnichenko
Believe it or not, how you come up with your products, services, brands, and logo, down to the minutiae detail of your business, matters a lot. Also, how you’ll price and place your business in the market will determine the success of your trade in the industry.
What makes Amazon company a household name worldwide? How did Apple gain its recognition in the international community and marketplace? Or, what makes McDonald’s one of the favorite go-to fast-food chains?
Despite the difference in products and services, one thing is for sure – all three companies’ successes lie in their winning business or marketing strategies.
What is a Marketing Strategy?
A marketing strategy is one of the critical components of a business plan. It is a game plan, a blueprint of how a business owner plans to reach its potential customers and turn them into actual purchasing consumers – and possibly retain them for a more extended time.
Now, it’s pretty clear that McDonald’s has this secret sauce of a marketing strategy, the reason why they have stayed on top of their game and retained their ranking at the top of the most popular and successful fast-food chains in America since 1940.
Of course, who could not “unseen” those golden arches and that brand of yellow, red, and black colors of McDonald’s? If these colors unconsciously come to your mind (not to mention images of burgers and crispy fries) when you hear the name of this fast-food chain, then it is a telling of the effectiveness of their marketing strategy.
Coming Up with Effective Marketing Strategies
A typical marketing strategy revolves around the four Ps: product, price, place, and promotion. When building up your business plans to generate revenue, you should focus on these four Ps since these are the factors that ultimately drive your business’s success.
Once you have identified your product, price, place, and promotion, including your target market, it’s time to devise action plans to hit those business goals. Check out some of the top marketing strategies that could give your business the boost it needs to stay ahead of the competition and achieve your business’s objectives.
Digital marketing is probably (if not the one and only) the leading marketing strategy. This strategy leverages the internet to spread the word about the business and its products and services. Digital marketing covers many online services that boost and enhance brand awareness. Some of these services include:
- Content Marketing
- Social Media Marketing
- Search Engine Optimization
- Email Marketing
The internet’s speed and ease of use make it convenient for businesses to quickly identify their potential consumers and their needs and help them create plans around that information.
With the help of companies that provide digital marketing services, such as Orange Digital Technologies, creating and implementing marketing strategies have never been easy. Orange Digital Technologies offer digital marketing solutions that include website development, content creation, social media management, YouTube and Google advertising, etc., that help businesses gain their footing and advantage in an ever-increasing competitive market.
Strategic Market Research
If not backed by solid data and research, marketing strategies would amount to nothing. Market research is what it is: a straightforward method of gathering, analyzing, and interpreting information to understand the business’s target market better.
This research process commonly includes knowing the demographic profile of your consumers and classifying them accordingly. You could group your targeted customers according to age, gender, lifestyle, education, occupation, income, culture, etc. All this information collected will be used to develop products and services or enhance existing brands to make them more appealing.
Some popular marketing research methods include focus groups, surveys, face-to-face interviews, etc.
The word “partnership” may sound intimidating since it often connotes the merging of two businesses, but this is not always the case, especially regarding marketing strategies. Partnering up with other companies as part of a marketing plan could also mean joining two brands under a common goal of adding value to a product or service or because of advocacy. This is also known as “co-branding.”
Some examples of famous brands that come together include Nike & Apple, Uber & Spotify, UNICEF & Target, and BMW & Louis Vuitton.
The payoff of the two brands is that each brand leverage the existing market and consumer of the other brand to help boost their products and services – a win-win marketing strategy.
Win Over the Market World
Finding your way in commerce can be challenging, but success is not elusive, and you can achieve it.
The last secret you need to know to win in business? Partner with experts in marketing.