Just what Marketing Strategy?

what is a marketing strategy creative child

Let’s start with what a online marketing strategy is not: hiring someone to manage your social media accounts and upload TikToks. It is also not about running banner ads no one wants or ticks on.

A marketing strategy defines how a business grows through reaching, converting and retaining new customers.

And a clear online marketing strategy defines measurable goals, validates the business challenge your brand solves in the marketplace, and convey the customer outcomes your company delivers.

A marketing strategy:

  • Describes how your company will develop by finding, converting plus retaining new customers
  • Aligns your team towards the business goals marketing may solve (more revenue)
  • Communicates the value your organization delivers to the market

What exactly is the marketing strategy?

Back when I was in college, I actually learned that marketing is the art of convincing people to buy your stuff. In fact , if you google “what is marketing? ” the first 4 search results specify marketing as something that “persuades, ” “promotes, ” and “convinces” people to do something.

They are wrong! Because I’ve explained so many times, Marketing is about understanding the requirements of an audience, and helping them to become educated about the best way to solve that problem. It helps buyers buy. It makes their journey easier.

But if you are looking for a more academic definition:

A online marketing strategy is the process of achieving company growth by reaching, appealing, converting, and retaining new clients through an understanding of their problems, and helping them to find a solution through marketing content, activities, and campaigns.

Similar to well-defined strategy, a online marketing strategy defines:

  • What business outcomes you are going to achieve,
  • What marketing activities you’re likely to do, when and where you will do them
  • Precisely why you’re doing those marketing and advertising activities vs . others
  • How you will attain those results
  • Who you are targeting (your perfect customer profile)
  • Who is responsible for performing every activity (internal, agency, freelancer)
  • How you will measure success and how much it costs (budget)

An effective marketing strategy considers digital marketing tactics such as content marketing, social internet marketing, search marketing, as well as offline marketing activities such as events.

It should also include a balance of compensated, owned, and earned mass media . Paid media includes paid search ads (PPC), digital display (banner ads), owned media includes content material marketing, social media marketing, and e-mail marketing, and earned media contains PR and link building.

For example , many small businesses and high flying SaaS companies want to acquire new clients and achieve predictable growth rates. Focusing on organic development, content marketing , and testing transformation “ pathways” allow these businesses to achieve their goals without having hiring big name CMOs or Madison Avenue advertising companies.

Marketing Strategy and the 4 Ps

My college professors trained me all about “ the particular 4 Ps” of marketing—product (what you sell), cost (how much is it), place (where do you market it), and promotion (discounts and other offers).

First of all, most people only think marketing is concerned with one P: Promotion. Advertising. Persuasion.

Second, could may have worked before the web changed the way we store and buy consumer goods. This certainly doesn’t apply to B2B Marketing Strategy .

Here’ ersus some proof: the top YouTube video on marketing strategy is all about performing getter Instagram and Facebook ads! Ugh!!!

Today we have a few more Ps of Marketing. Here are at least 14 Ps of Modern Marketing and advertising:

  1. Purpose: what does your company exist? What problem does it solve?
  2. People: who are a person targeting and who influences the purchase decision.
  3. Product: what are you selling. This is the easy 1.
  4. Position: how can you compare to the market? What makes you different or distinctive?
  5. Price: how much are you selling for? Have you been a premium or value brand?
  6. Personality: have you been dry and boring or snarky ?
  7. Process: Mapping content to the buyer journey has turned into a marketing mandate.
  8. Platforms: what tools plus tech make up your martech stack ?
  9. Place: More and more this is more of a digital advertising conversation.
  10. Promotion: Banner ads have issues but there are other ways of promoting your company .
  11. Performance: how can you measure the performance of your marketing?
  12. Proof: How could you show the business that what you’re doing is successful customers?
  13. Images: Marketing is becoming increasingly more visual.
  14. POV: Establishing yourself apart with a thought leadership strategy is important too.

(Image Source: Aha. io)

Any recommendations for some additional Marketing Ps?

Why you require a marketing strategy?

The aim of a marketing strategy is to develop the company by reaching, switching and retaining new customers. And that means you need one if growth is important to your company.

I can’t picture a company that doesn’t require one. The main issue generally comes in the form of time, money and resources.

Some of the biggest challenges I see with smaller companies may be the CEO and leadership group misunderstands marketing as marketing or sales. They often have a bad history of seeing comes from marketing so they may ignore it.

This is not only a shame. It is a large mistake. Every company requires a marketing strategy and the budget plus resources to support it.

Once you have budget plus resources, a marketing strategy assists your company direct those marketing and advertising resources to where they will provide the greatest ROI. In fact , according to a single recent study , companies that will document their particular marketing strategy are 4x more prone to achieve success in their marketing applications .

Documenting your marketing strategy is also helpful because it helps you to align your group around all the various components of your marketing strategy. This can furthermore help marketers to identify the particular non-marketing employees who can help create and share content.

Here is an interview I did a few years ago on the problems of documenting your marketing strategy:

Companies are more likely to succeed with their marketing strategy if they document:

  • The business goals you are seeking to achieve
  • The primary components of your marketing strategy
  • Your target audience and exactly what needs they have
  • The customer outcomes you wish to achieve
  • Exactly how plan to map content plus campaigns to each stage of the buying process
  • How you’ll measure and optimize success as time passes

Your own marketing strategy defines the vision for your marketing activities. This particular keeps all functions of the company and your marketing group focused on achieving your goals: reaching, converting and retaining profitable customers.

Marketing Strategy vs Marketing strategy

Marketing strategy plus marketing plan are not the same issue. marketing strategy vs marketing plan diagram

Your marketing strategy outlines what you want to do and why you need to do it. Once you have approval of the strategy, its time to unpack the details into a marketing program.

Marketing plans define the details of who does what, when, where and for how much. Your marketing plan will define the content you can create, the landing pages that will be designed, the occasions you will attend, the websites plus social platforms you want to promote on.

marketing plan elements

The marketing plan furthermore defines the timeline of activities in both a content calendar and a project strategy format.

Your marketing strategy should remain relatively stable over time unless you have got significant changes in your anticipated results, target audience or item portfolio.

Marketing plans, on the other hand, should modify every month, quarter or yr depending on what works and what activities buyers are engaged in.

Marketing strategy vs marketing campaigns

In case marketing strategy is a relatively steady, long-term picture of how you intend to achieve growth with advertising.

And marketing plans lay out the details, after that marketing campaigns consist of one of those individual elements of the advertising plan.

Marketing Campaigns almost by definition are time-based activities that test a particular message to a particular audience or on a particular marketing channel.

marketing campaigns calendar

(Image source: Instagantt)

Here at Advertising Insider Group, we only support “ always-on ” marketing actions for ourselves and the clients. When you publish high quality content, on a frequent base, you not only get positive results, your revenue and RETURN ON INVESTMENT compounds or builds energy over time

Here’ s a visual showing the compounding marketing RETURN ON INVESTMENT of about a dozen of our clients doing always-on content marketing:

compounding roi of always on marketing strategy

What does a marketing strategy look like?

An effective marketing strategy produces a virtuous cycle of reaching new potential customers, engaging associated with quality content, converting all of them when they are ready to buy, retaining them as loyal clients and learning what works greatest along the way.

successful digital marketing strategy

(Image source: OnTop Visibility)

Here are the particular steps to an effective marketing strategy:

Step One: Define Your Marketing Strategy Business Case

The business case for your marketing strategy defines the measurable goals you plan to achieve FOR YOUR BUSINESS. This typically includes sales, revenue, and obtaining new customers.

Increasing brand awareness is great but brand awareness doesn’t pay bills. Marketing must have measurable business goals and goals.

But your marketing strategy business case should also include how to retain customers, as well as how to make sure you’re spending the company’s money wisely (ROI).

The business case for your marketing strategy defines the measurable goals you plan to obtain FOR THE BUSINESS. This typically includes sales, revenue, and acquiring new customers.

Growing brand awareness is nice but brand consciousness doesn’t pay bills. Marketing should have measurable business goals plus objectives.

But your marketing strategy business case also needs to include how to retain clients, and how to make sure you’re investing the company’s money smartly (ROI).

Step Two: Gather Your Audience Analysis

Lots of businesses create customer personas that suck . They identify the demographics of their target audience, they give all of them a silly name like “Millennial Mary. ”

But they don’t talk about the things that are actionable and also matter:

  • the questions they ask,
  • the key phrases they use,
  • the information they consume, and
  • the channels where they are most engaged.

When we begin with clients, we ask a number of directional questions about your own audience and your competitors. All of us use that information to generate topic clusters based on discomfort points, challenges, buyer signals, and competitive gaps.

focus on your audience interests

We after that identify an annual content plan that maps these types of topics to the questions your own buyers ask. Then all of us create content that solutions those questions. And we release them every single week.

And we look at whether or not these topics are resonating and driving engagement along with your target audience.

Third step: Identify Your Marketing Process and Tools

This step focuses on what must get done in your marketing strategy, who is going to do it, exactly what tools you need, and when they are going to get it done.

I would recommend looking at 5 steps:

  1. Planning
  2. Creating
  3. Publishing
  4. Spreading
  5. Measuring or Optimizing

Here are the tools we use within our Marketing Strategy:

  • SEMRush is our key phrase planning and competitive analysis tool
  • Buzzsumo plus AnswerThePublic help us with identifying the content our audiences want
  • DivvyHQ is our content planning and calendar tool
  • Wp is our own website CMS
  • Zemanta is our paid content material promotion platform
  • Hootsuite is what we use to strategy our social sharing of rall 3 employees
  • Mailchimp is what we use to share our content to the email subscribers
  • Calendly is our appointment setting application
  • ClickFunnels is exactly what we use to build our landing pages
  • Stripe is what we use to procedure client payments
  • Google Analytics is what we value to track our traffic, engagement, and conversions

That’s our MarTech stack at Marketing Insider Group. We only have a couple dozen customers so we don’t use a CRM tool such as Salesforce or Hubspot. Automated emails setup in Mailchimp is all we need for Advertising Automation.

But if you work for a larger firm you may need some more enterprise solutions like Optimizely for Electronic Experience and Website optimizations, or Paladin Software designed for managing your influencer marketing and advertising.

Step Four: Content and Campaigns

It’s time to plan out what content and campaigns you will definitely run. We always suggest creating content that focus on your customer wants plus needs.

Request: “what is our customer’s biggest challenge? ” Then write content that resolves that problem. You can even make use of Google auto-fill to answer this question. What do marketers need? Google auto-fill can tell us:

Step Five: Pick Your own Media

As I mentioned above, we want to think in terms of paid, owned, and gained media.

Paid media is anything you need to do to spend money to reach your own audience. Most people think this really is all marketing is (spending money). And too many marketers waste money jumping right into compensated media. And this is why too many CEOs think marketing is just a waste of money.

But if we start with those techniques we can own and gain, then use paid to further accelerate that momentum, that’s where the real power of the solid marketing strategy come to play.

  • Owned Media includes your website and your interpersonal channels. Strong brands possess a growing and engaged market on their website.
  • Earned media includes social media, email subscribers, and PR.
  • Paid mass media includes paid search (PPC), banner ads, paid social, or our preference: content promotion .

Integrating across paid, owned, and earned is the greatest way to maximize your marketing strategy.

paid owned and earned media marketing strategy

(Image source: Hubspot)

For example , once our clients publish their weekly blog posts on their website (owned media), they share them upon social media and to their e-mail newsletter (earned media) and after that promote their highest converting content to google search or some other promotional channels (paid media).

This process is certainly delivering measurable Marketing ROI from our client’s marketing strategy!

Step Six: Calculate and Optimize

In step one we recognized the business goals and the business case for our marketing strategy.

Now it’ s time to measure specific metrics against each goal:

  • Achieve new customers: guests
  • Participate new customers: e-mail subscribers, bounce rate, organic social shares
  • Conversion : prospects, sales, revenue per client
  • Retention : Customer Lifetime Value (CLV), Upsells / Cross-sells, Retention rate
  • Marketing Efficiency : Marketing ROI, Customer Exchange Costs (CAC)

measure your marketing strategy with specific metrics

(Image source: SmartInsights)

You are now able to measure everything you wanted to do, what you did, and how well it carried out.

And this is how too many marketers fall short. They might count new customers or prospects. But they don’t identify which content and campaigns and programs to continue or stop. Shift budget to the issues that worked. Stop doing the stuff that didn’t.

This creates a continuous improvement loop that drives higher Advertising ROI.

Online marketing strategy Conclusion

Marketing is so much more than just marketing. It is a strategy to drive development for your business.

An effective marketing strategy will determine how you will do this for the company.

In this post, we covered what a online marketing strategy is, why it’s important, and the main steps to produce an effective marketing strategy.

If you need help crafting a simple marketing strategy that delivers development through Every week Blog Content , after that contact us today!

The post What Is a Marketing Strategy? appeared first upon Marketing Insider Group .

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