What is a marketing strategy? How to determine?

I like to define marketing as the lifeblood of any product or service on the market.  There is a case where only one type of advertisement is evaluated because marketing is bad, but marketing is not something that is thought of only by advertising.

Under-thinking, calculating and planning marketing activities can cost a company a lot of time and money. In short, defining your strategy is paramount. 

So what is a marketing strategy? Besides advertising and its distribution channels, what else should we know and think about?

Marketing strategy refers to the overall business plan to convince customers to buy your product or service. A marketing strategy defines how to reach prospective customers and convert them into customers. It includes the company's value proposition, key brand messages, target customer demographics, and other high-level elements.

A comprehensive marketing strategy involves the 4 P's of marketing: product, price, placement, and promotion. So, the advertising we think is only one part of the marketing strategy.

The ultimate goal of a marketing strategy is to create and deliver a sustainable competitive advantage over competing companies, and is a big-picture fundamental idea that should be reflected in small, short-term marketing plans.

To develop an excellent strategy, a business must understand the needs and wants of its customers. Whether it's printed brochures, content on social channels, or large-scale campaigns, all marketing activities must effectively convey the company's core value proposition.

For example, Walmart (WMT) is known for being a low-cost retail chain store that "sells everyday bargains". Because cheap is their value proposition, all of their business operations and all of their marketing is based on the idea that they're going to appeal to their core customer base. You can see their marketing strategy on TV, in print, or on social media platforms, but all of these channels have the same idea of everyday products at a low price.

How do you create a marketing strategy?

Creating an effective marketing strategy requires a series of steps.

1.Identify Your Goals

The goal may not necessarily be sales, but it may be to build loyalty, to build authority, to increase customer engagement, or to be the first to market.

2.Creating a user profile

Persona, who are they? What are some challenges and desires? How are we doing? What are the current solutions of the competitors?

3.How to process a message

And because you know your target audience, when you're designing your message, you have to think about how your product or service can solve their problem and improve their lives. This is the most important part.

4.Define your budget

Your budget determines what you can do.

5.Identify the channels

The best messages don't work unless they're delivered in the right way. Choosing the best channel for your marketing depends on who your customers are, who they trust, what type of media they use, and what budget they have. Some companies will find the most value in creating a blog post for their website. Others may find success with paid advertising on social media channels. Find the best place for your content.

6.Identify indicators that are likely to increase

Describe your product and how you will measure the success of your marketing. For example:

• New users

• Number of users

• Income

• Number of downloads

• Social media followers

• It could be the percentage of repeat customers.

A marketing plan describes marketing activities by month, season, and year, while a marketing strategy reflects the overall value proposition.

In the next post, I'll share the latest trends in marketing, the shift in perceptions, and the marketing trends of 2025.

By Uchral Munkhjargal /CEO&Co-Founder at Onion Agency/ 2024.12.19/