A marketing strategy is a process or model to allow a company or organization to focus limited resources on the best opportunities to increase sales and thereby achieve a sustainable competitive advantage.

Think of the definition of marketing strategy as the high-level rules that direct your marketing activities. For example, if there is a single influencer who touches all your customers and has a significant impact on the way those customers try to solve their problem… one of your strategies may be to focus on building a strong relationship with that influential individual or company.

Your marketing strategy is the way you make sure you’re getting the maximum impact from your marketing budget and time.

– Start with your business goals: these are the highest-level objectives of the business, or mission statement.

– Next comes the marketing strategy: the high-level rules that will govern what marketing efforts you focus on.

– After you’ve defined your marketing strategy, you will define the marketing mix: plans for Product, Pricing, Place, and Promotion.

– Then the final step is a Marketing Plan which will describe the specific, detailed marketing activities that you plan on engaging in to achieve the marketing strategies and business goals.

Your first step in developing a marketing strategy that drives significant business results is to make sure you fully understand your market by doing some research: market size and growth, competitors and customers.

 

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