Definition of Marketing Strategy
Marketing Strategy can be defined as building and planning a long-term and forward-looking approach with a well defined plan to attain the desired goals and objectives of accomplishing higher sales, increased revenue generation for the company, retaining the loyal base of customers, attracting the new set of customers, and gaining a competitive advantage in the market amongst others.
It is very vital for the management of the company to have a well defined and aligned marketing strategy in place having a team of expert professionals and talented in-house staff to attain the overall aims and objectives plus enhance the brand value.
Importance of Marketing Strategy :
1) Helps to gain a competitive advantage
The first and foremost on the list of the Importance of Marketing Strategy is that it helps the firm gain a competitive advantage in the market amidst the tough competition with an edge over the existing players and the new entrants who are trying to establish their brand presence in the market.
A well-defined marketing strategy harps on the unique selling propositions of the brand along with the features and benefits of the products and services offered by the firm in a creative, strategic, and planned manner highlighting that how the brand and its offerings are better than the ones of the competitor. The consistent and continuous messaging and communication strategy helps the brand to curate a distinctive identity in the volatile and competitive market.
2) Brand Recognition
Along with the promotion of the goods and services offered by the firm, having a powerful marketing strategy helps the brand and the overall company to attain a remarkable feat in the target market and industry as a whole with the customers and industry peers looking up to the brand and its offerings in a niche and positive manner.
The main fundamental of marketing strategy is to highlight and promote the attributes, legacy, and USP’s of the brand to start with followed by its offerings.
3) Attract a new set of customers
The management and the marketing department of the firm need to understand the Importance of Marketing Strategy if they want to attract the new set of customers from the same operational market plus from the untapped markets as well.
The promotional tools and techniques that are an integral part of the marketing strategy are planned and selected considering the taste, lifestyle, income levels, and other such parameters of the targeted customers that works as a pull factor for them and helps the sales department to convert the fence sitters to quality prospects and to the customers of the brand.
4) Plan the nature of products and services
Market research and study is a significant part of marketing strategy and this aspect helps management of the company to plan the features, and unique selling propositions of the products and services that are in pipeline or are in the launch planning phase.
There are thorough research and study on the current market scenarios, what do the competitors offer, government policies, the factor of profitability, and other such changing dynamics that can affect the sales and operations of the products and services. Hence, it is crucial for the company and its promoters to pay due attention to the Importance of Marketing Strategy.
5) Plan the marketing budgets
Every department of the company right from the marketing, sales, HR, and others are given annual budgets by the management that needs to be spent in the benefit of the company.
Having a planned and aligned marketing strategy makes sure that the allocated budgets don’t go haywire by spending on the promotional activities that have low return on the investments plus there is an optimal use and allocation of the marketing budgets on the marketing tools and promotional tactics that helps attaining not only marketing goals but the overall business goals and objectives too.
6) Creative Edge
Next in the line of the Importance of Marketing Strategy is that the brand and all overall marketing and promotional activities get an edge of creativity as the brand cynosures and the marketing departments liaise with the design agencies, media planners, PR agencies, and other such vendors that dedicatedly understand the nature of the brand and its offerings and come up with the unique, out-of-the-box, and exclusive ideas that give the brand a creative edge and helps curating a distinguished personality in the market.
7) Effective distribution plan
Once the management understands and grasps the essence and Importance of Marketing Strategy, it can have an effective distribution plan in place. With the introduction of online selling and the growing impact of social media the company needs to have a wide network of distribution as the young generation prefers to buy the products and services online directly from the company website or through its online promotional partners.
This is different to the middle-aged or older generation who still believes in indulging and finalizing the purchase by visiting the physical store our outlet of the brand. The company needs to march ahead with the latest advancements and the evolving tastes and preferences of the customers of all age-groups.
8) Optimal pricing
With the competitive research and in-depth study of the market dynamics along with the spending capacity of the target market, the marketing strategy helps the company to arrive at an optimal pricing plan for its products and services that is as per the market yardstick, competitive in nature, and helps the company to generate higher sales and profits. This point holds a lot of significance in understanding the Importance of Marketing Strategy.
9) The overall growth of the firm
Marketing strategy facilitates enhanced brand value, increased market share, competitive advantage, higher sales, and elevated profits that result in the overall growth of the firm drawing a larger picture. It helps the company to carve a niche in the market with a distinguished brand identity and the offerings of the products and services that are planned with unique attributes and features.
Understanding the intricacy and Importance of Marketing Strategy is very imperative for the management of the company if it wants to accomplish its long-term and short-term goals in a successful way.