17 Jul The Importance of Using Marketing Strategies
Whether you are in a small, medium or large business, you’d do well with a marketing strategy. Companies that want to excel in today’s competitive economy require not just any marketing strategy but the best they can find, whether in-house, customized or out-sourced.
There are many types of strategies to promote your company products or services. There are simple or sophisticated strategies which have been proven, and can be easily applied to most organizations.
Campaigns are different from strategies; a marketing strategy is an approach to market or promote the business products or services to confirm transactions that will keep the company viable. It can also be called a plan which is used to give the company an added advantage or project a more attractive image to its intended buyers of its products or services.
Purpose of Marketing Strategy
A strategy must bring in the sales when implemented; otherwise, it is a failed strategy. Time, effort and money are wasted which are considered losses to the company. Different strategies are employed not only for the different products and services of the company, but also target at different market segment or users. Hence, it is important to identify what the focus of your strategy is.
Marketing strategies Media
Some marketing strategies include print campaigns like advertisements in the newspaper or billboards. These are meant to instill awareness of the company’s products and services to a larger audience. Nowadays, the Internet provides a most conducive platform as part of the company’s strategies. Some companies may choose the television or radio media to execute their strategies if they are focusing on certain types of audience for their goods and services. For example, companies which manufacture household products may choose to market their products through the television medium as a commercial which targets housewives.
Factors involved in Marketing Strategies
Whichever strategy you may choose for your company’s products or services, you will need to consider the item to be promoted, the targeted audience or buyer, the duration of the strategy, the budget and the expected results. At times the company may be able to use a strategy for several of its products and services while at other times, not.
There must be a specific audience identified to that chosen item to be promoted so that, that specific category of buyers will be tuned in on the promotion. A marketing strategy cannot go on and on as the target audience may feel bored with it or develop negative feelings or opinions about the company’s status.
There must be a budget to work on a specific strategy for a specific product or service identified for promotion as there may be other products and services which will demand the same attention and priority for good sales. A specific budget is also necessary to ensure that the strategy does not exceed the expected expenses to promote the identified product as the bottom line is to recoup these expenses and more.
Hence, the most important aspect of a marketing strategy is the expected results. The strategy employed should bring in more revenue to the company which covers the expenses expended on that particular product or service.