What is a Marketing Strategy? How to Create, Types, Purpose, and Best Practices

Do you want to improve your online visibility, access your target audience, and fulfill your specific business goals? If so, then why don’t you go with a marketing strategy? Although choosing the right type for specific purposes and best practices are necessary to consider.

Further, as a beginner in business, it is somehow complicated to understand these terms. Thus, I’ve compiled a comprehensive guide on what is a marketing strategy, how to create one, its purposes, types, and how you can get the best out of it.

What is a Marketing Strategy?

A marketing strategy is a comprehensive business plan to market products and services and convince target audience to buy them. It determines the potential customer base, including achieving the specific business goals and propositioning while developing the value of business.

When it comes to a comprehensive business plan or marketing strategy, it should cover the 4 Ps of marketing.

Here are the 4 Ps of marketing that are considered the base of a marketing plan for a business:

• Product: The Product is the actual service or product that is being offered by the company.
• Price: The Price is the actual cost that the end consumer has to pay for the product.
• Place: (Distributive Channel) Place where the product is available for customers to buy.
• Promotion: Communication Strategies to market the product to make it appealing and helpful.

5 Main Types of Marketing Strategies

Here are the main types of marketing strategies that a business can implement to get better outcomes.

1. Digital Marketing Strategy – An overall business plan about how businesses will make use of online channels to connect with customers.
2. Word-of-Mouth Marketing Strategy – When customers share their personal positive views and experiences of a brand to their family members and friends.
3. Guerilla Marketing Strategy – Low-cost tactics and different unconventional and surprising ways to promote a product in person to customers.
4. B2B Marketing Strategy – When a company promotes its goods to other businesses, it is called a business-to-business marketing strategy.
5. B2C Marketing Strategy – When a company sells its goods to customers directly, it is called a business-to-customer marketing strategy.

How to Create a Marketing Strategy?

Often, I encounter a question on the web: What is the digital marketing strategy that tracks users across the web? The only marketing strategy that tracks users across the web is the retargeting or remarketing strategy for better outcomes.

Although I have compiled a comprehensive guide on how to create a marketing strategy.

1. Define Your Goals

First of all, you need to decide what you want from a marketing strategy that will surely be your business plan. Whether you need lead generations or customer loyalty, you can design your strategy in such manner to fulfil your goals.

2. Create Customer Profiles

After deciding on your goals, you need to create your customer profiles to know which audience you are going to target. Further, you will get an idea of who is going to buy your product through such questions:

• Who are they?
• What are they interested in?
• What is the problem they want to solve?
• What did your competitors offer?
• What can you offer?
• Which medium is ideal to connect with them?

3. Develop a Message

There is always a hindrance between the solution and the consumers’ problem that can be your engaging message, ideally. After defining your goals and creating customer profiles, it will be an easy task to develop a message to grab their attention.

4. Choose a Channel

Now, you have a message that you can use consistently on an ideal platform where your audience is always present. Search for such channels, like social media platforms or other networking forums, to suggest your solution to them through your message.

5. Select Your Budget

Advertisement of marketing demands money to be spent. Therefore, you need to decide on your budget to have an idea about how you disperse your message. In this way, you will be able to target a large audience pool on the web.

6. Launch and Track

Finally, you need to create and launch your business plan and must keep track of the outcomes. If you get your desired results, then continue working on the same strategy, and if not, then you should address the problem in your strategy after finding the desired outcomes.

What is Purpose of a Marketing Strategy?

The purpose of creating a marketing strategy is to build a relationship between customers and the brand’s existence. With a comprehensive craft of a marketing strategy, brands can target the right and potential consumers along with creating content that appeals to them to buy the product.

The main goal of crafting a marketing strategy is to enhance a business’s online presence, generate leads, and boost revenue. However, there are some by-goals, like by-products, that come into existence as a reaction to the action. Let’s describe them briefly:

• Speak Directly: A marketing strategy enables brands to speak directly to their target audiences, reducing the gaps.
• Keeping Consistency: Consistency creates a brand image in customers’ minds, engaging them and converting their loyalty game.
• Lead Generations: The marketing strategy generates leads from new targeted customers, enhancing the exploration of the brand on the web.

5 Successful Marketing Strategy Examples (Best Practices)

Here, I have put together some of the successful marketing strategy examples of leading, huge brands.

1. MaisonCléo – Content Marketing

Firstly, I kickstarted the list of marketing strategy examples with MaisonCléo, a brand that positioned itself by content marketing. It displays behind-the-scenes (BTS) on Instagram to build trust among customers by indicating their transparency, ultimately engaging more audiences.

In addition, this brand collaborates and hires influencers to display its products on their profiles to target a large audience. This brand does all this by creating a content marketing strategy, a type of marketing strategy for business growth.

2. On Running – Multichannel Marketing

On Running is a shoe business that successfully positioned itself as a sustainable, innovative, and performing lifestyle in the market. The brand highlights the sustainability, innovative designs, and unique technology in their products to engage a large audience pool.

Further, it introduced Cyclon service in 2020, dedicated to fully recyclable shoe based subscription across the web. That’s how they bring up loyal customers to the brand by creating a multichannel marketing strategy, increasing customer engagement.

3. Rolls Royce – Multichannel Marketing

Rolls Royce, an iconic brand for autophiles, introduced personalized choices for cars in the mechanical industry to engage elite audiences. This brand prepares customizable cars from scratch and fully handmade with suggested design in 44,000 color combinations, including marks.

Moreover, the brand posts its latest assignments on its Instagram profile to target an elite audience who want customization with efficiency. It promoted its marketing strategy across the web through collaboration and hosting multiple events in the world on multiple channels.

4. Cupsly – Storytelling

Coffee lovers, it’s your turn to explain everything in the comments about the Cupsly reusable coffee cup brand. Cupsly is a luxury coffee cup brand that built its loyal customer base through the storytelling marketing strategy of its initial start.

The CEO of the brand, Niall Cleaver, usually shares his efforts, struggles and the story behind the idea around Internet. On LinkedIn, he started sharing his personal opinions on his brand marketing strategy, which is appreciated by many users.

5. Red Bull – High-Profile Events & Sponsorships

“Red Bull Gives You Wings” represents an adventurous and exciting lifestyle for Red Bull’s target audiences, transforming their living ways. As you know, it’s an energy drink brand that launched the Red Bull Stratos project to cater to adventurous audiences.

This marketing strategy sets Red Bull as an innovative beverage company in the industry that made drinks on another level. Further, it also sponsors high-profile events and gives sponsors to athletes and other influencers to create itself an Internet sensation.

The Closing Note

Well, that’s all you should know about what is a marketing strategy, including marketing strategy types, to get a start. As a business owner, you may have faced some issues while launching a product in the market that can be mitigated through a comprehensive marketing strategy.

In the above section, I have compiled a complete guide on how to create a marketing strategy, including successful examples. That’s a different perspective from many of bloggers, and I am hopeful that you will definitely appreciate this effort!