Entrepreneurs, do you want to maximize your profits and ensure the sustainability of your business? It’s time to develop your marketing strategy. But what do we mean by marketing strategy? How to develop a marketing strategy? We give you the key steps to succeed in this process.
What Is a marketing strategy ?
A marketing strategy can be defined as an action plan that helps you define and achieve your goals. It combines different means of action to ensure a competitive advantage for your company in a given market. Its use is on two levels in a company. At the level of the field of activity: that is to say that the marketing strategy affects the choice of the activity portfolio, the development of a brand policy and the creation of competitive advantages. At the functional level: the marketing strategy applies to a market segment, a category of customers, to a range of products.
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It helps you choose and execute different strategies to achieve your goals. However, setting clear, specific and achievable goals is not easy. To have goals, of course, but you still have to have the means to match your ambitions. In the process of creating a marketing strategy, you will have the opportunity to study your business, your competitors, your target markets, your consumers. A study that will then determine the choice of strategies to adopt.
The different types of marketing strategies
The differentiation strategy allows you to distinguish yourself from your competitors. But how to make yourself unique and position yourself well? Although we are talking about the same type of product, you must make sure that you provide your prospects with additional value. There are many ways to display your difference: differentiation through humor, innovation, commitment and many others… An example of differentiation is to adopt total transparency with regard to your products.: composition, manufacturing process, traceability… In short, you have to sell the same products, but not do like everyone else.
The concentration strategy consists in identifying and choosing a specific market segment to concentrate its strategic and commercial actions.
This strategy is also called a niche strategy, so you can reduce competitive pressure and gain a dominant position in a targeted market. It allows your company to highlight its know-how on a target clientele and a specific need. The aim of this strategy is to have a reduced, targeted and efficient scope of commercial action.
The skimming strategy consists of positioning oneself in a high-end market segment. Concretely, it consists of setting a relatively high price, beyond the prices offered by the competition. It is a question of offering a product of very good quality, even very high-end, to consumers with high purchasing power. This high price policy relies on the psychology of the customer, who is valued by the purchase of high-end products.