How To Implement A Winning Marketing Strategy To Your Advantage!

A Marketing strategy is crucial if you want to really succeed in your marketing. Amongst its advantages are:

1. Helping you to focus your marketing attention.

2. Better complete utilization of resources

3. Helps in increasing sales; and

4. A powerful resource of winning over your competitors.

Every company applies some kind of marketing strategies to maintain existing customers, attract potential customers and also to maintain and enhance their reputation in the market.

When designing a marketing plan, first a marketing strategy is taken into consideration. The marketing plan consists of steps to be taken so as to attain success in the implementation of the marketing strategy chosen. Big projects involve selection of different strategies at different levels. Usually a strategy consists of well-sketched tactics. They are meant to meet the needs and finally reach marketing objectives.

Each of the strategies has pre-calculated results because when a particular strategy is chosen at a particular level, its outcome becomes the goal of that particular level. If there is an absence of a well thought out strategy in a marketing plan it means it is supposedly lacking a good foundation. A reasonable marketing strategy should not only facilitate marketing goals, but also the action sequence of a campaign.

At regular time intervals the firm should analyze the marketing decision. This is done with the help of strategic models. The 3C’s model is usaully considered for this purpose. The 3C’s model determines the factors, which leads to the success of a marketing campaign.

There are three key parties involved in this model. These are:

>>> The corporation

>>> The customer; and

>>> The competitors.

The involvement of all the three key parties leads to positive results and this involvement is known as the 3C’s or strategic triangle.

The role of the corporation is to increase the strength of the company in the success critical areas, when compared to that of the competitor. The customer and his interest form the basis of any strategy. The competitor also plays a vital part. The competitor-based strategies are based on the functioning of business competitors like design and engineering, sales and servicing, and purchasing.

When making a marketing plan some particular strategies known as mix strategies are used. 4P’s model is used to calculate whether the plan is sticking to the strategies or not.

The four Ps stand for product, price, place and promotion. Products are goods produced by the company on a huge scale for the purpose of selling them and earning profit. Price is the money paid for a product by the customer. The price is based on many factors like competition, market share, customer perception and product identity. Place where the product is sold can be either physical store or store on the Internet. It is also known as distribution channel. To make the customer knowledgeable about a product, the marketer does promotion. It involves advertising, public relation and point of sale.

There are different types of marketing strategies based on some criteria. Some of the common marketing strategies are:

1. Market dominance strategies – Market dominance strategies are used to dominate the market. Examples of these are Challenger, Leader and Follower.

2. Porter generic strategies – Porter generic strategies are built on strategic strength or competing abilities and strategic scope or market penetration. Cost leadership, Market segmentation and Product differentiation are types of porter generic strategies.

3. Innovation strategies – Innovation strategies are meant to trigger the rate of product development and model innovation. It helps you as a business to incorporate latest technologies. Close followers, late follower and Pioneers are types of innovation strategies.

4. Growth strategies – Growth strategies facilitate the growth of the organization. Intensification, Diversification, Vertical integration and Horizontal integration are types of growth strategies.

5. Marketing warfare strategies are conjunction of marketing strategies and military strategies.

A marketing strategy or a mix of them is chosen only after thorough market research. A marketer should always be ready to face any kind of situations like if the strategy is changed in the middle, he should be able to perform another market research so as to choose the proper strategy, within a short period of time. This can be done easily if you have the experience.

Defining Digital Marketing

We have been hearing a lot about digital marketing these days and how it is absolutely necessary to have one for any business. Just like how internet users grow minute after minue, new and traditional business owners and brand managers are now exploring online opportunities through running a digital marketing campaign. With this exploration of online opportunities comes the basic question in the minds of business owners, brand managers and the likes – What is digital marketing?

Here comes the tricky part: so many sets of information are available online that it has become quite a challenge to filter out the good and accurate definitions, more so to arrive in one complete and substantial definition. In fact, when you type in the phrase “Digital Marketing” in Google, you will see around 504,000,000 results. That would mean millions of varying interpretations and definitions on the same subject.

A good number of blogs and websites would say that digital marketing or online marketing is a type of marketing and sales approach that invovles the use of popular and authoritative online channels and websites such as Facebook, Twitter, LinkedIn, etc. in promoting a product or service; such approach increases traffic and popularity to their website and ultimately to their business. Therefore, online marketing as others would say is the type of marketing that enables a business to reach a mass audience in the shortest possible time using popular online platforms.

Aside from appearing in popular social media pages, others closely associate online marketing with a dominating online presence. A dominating online presence is usually determined by the webpage’s rank in the popular Search Engine Results Page (SERP), such approach is referred to as Search Engine Optimization.

On the other hand, other practitioners focus on the “ends” or the outcome of the campaign in defining digital marketing. They say it is one of the most convenient ways of measuring online sales and conversion of website visitors. Because of the technology involved, business owners are able to easily measure how they score with their target consumers. A lot of software and services (for free or for a fee) are being offered to accurately measure website hits, unique page views, likes, shares, comments, Tweets, and even sales. Thanks to the internet, online business owners can now conveniently measure their reach in detail, so they would know if a campaign is working as planned.

While all explanations mentioned above are correct, each is just an aspect of a greater and more complete definition:

We define Digital Marketing as a branch of marketing that makes use of integrated digital technologies to disseminate communication that is targeted and measurable with the end goal of acquiring and building relationships with new and existing customers.

If you carefully disect the definition above you will find that each word used is indispensable in determining the true essence of digital marketing. Through integrated digital technologies, businesses are able to promote their campaigns and reach the masses with just a couple of clicks. The advancement of technology, the way people react and use them at an amazingly fast rate and a business’ ability to adjust and adapt to the way technology changes the marketing landscape connects the business to its consumers like never before.

This type of marketing campaign should be integrated in such a way that multiple avenues are utilized in a harmonious manner to work towards one goal – to reach and communicate to a “targeted” online market. With the opportunity to engage and build a strong relationship with the consumers as the most important benefit of running a digital marketing campaign, businesses now are able to interact and connect with consumers real-time.

Toppling Traditional Marketing With Digital Marketing

Digital marketing is the new norm. Many companies that were once totally into traditional marketing have now moved to the digital field. Why the switch? What has made them realize this? Let us see what gives digital marketing solutions an edge over traditional marketing.

Traditional Marketing
• Cost: Traditional media like television ads, newspapers, hoardings can be very expensive. A front page ad could cost anywhere around a few lakhs. The same story again with television and hoardings.

• Cannot be quantified: Inspite of all this investment, it is practically impossible to calculate the exact number of people who have seen your ad, number of conversion, number of people who are interested etc. Thus, impossible to calculate a return on investment. So how do you quantify or on what basis do you decide if your campaign has worked out or not?

• Area: Suppose you put up a hoarding, people only in that area would be able to see it. It does not reach anyone else. Or if you say a newspaper, it will reach that city alone.

• Availability: There is a time constraint. Your store would be accessible to customers only at a certain time of day.

Digital Marketing
• Reduced Cost: Compared to traditional media a digital marketing solution will cost you peanuts. The only paid form of digital media is Pay per Click (PPC) which still costs you much lesser. Even here, you have to pay only for the result you get. No irrelevant costs are involved. Search engine optimization (SEO) and social media (SMM) are almost free.

• Great return on investment: As mention above every penny invested will give you a certain return. The customers will atleast visit your page. If not converted to an immediate lead, he could atleast be a potential lead in the future.

• Measurability: There are various tools available to measure every aspect of your campaign. For instance, the webmasters tool, Facebook/ LinkedIn insights etc. These will exactly provide the no. of visitors, conversion rate, no. of views and also their age, gender, location etc.

• Targeting: Due to the above mentioned tools available at our disposal (for free) our ads can also target a specific group of people depending upon the product. This is impossible in traditional marketing.

• Reach: Digital marketing can reach not only a town, city or country but can go worldwide. This extends your customer base, higher chances of sale and all of this keeping the cost in check.

All in all Digital marketing can earn you a place among the biggest of brands. Money is not a constraint for competition. Now you can compete with national or even international chains even if your office is based in a single room. Digital marketing is coming up as the most effective strategy.

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