Marketing strategy is part of an overall business strategy. It is the composition of marketing programs created for the purpose of making profits and achieving other objectives of a business.
A good marketing strategy should allocate resources in a manner that guarantees that a business sustains the competitive advantage it has in the target market. The creation of a good marketing strategy requires management to have a thorough understanding of;
- Its business environment,
- Identified relevant resources and the best way to allocate them and,
- Its business goals.
A good marketing strategy outlines tactical plans for salespeople. These tactical plans are designed to increase chances of closing sales and give the business a distinctive brand identity.
Such plans specify among others; the business’s product, communication template, distribution channels, pricing strategy and the target market.
What are the qualities of a good marketing strategy?
- Realistic strategy:
A good marketing strategy must be realistic in the light of prevailing environmental factors and available resources.
This suggests that before a marketing strategy is implemented, its feasibility and capability to meet and surpass expectations should be tested.
Market research and financial assessment should be a must feasibility study steps. Testing a strategy before its implementation would minimize or eliminate the wasting resources on an unproductive marketing campaign.
2. Realistic time for strategic impact assessment(SIA):
A good marketing strategy should allow an adopted strategy to run for a reasonable period of time before its impact on the market is assessed.
Marketing is not magic; it takes an average of twelve months for marketing efforts to begin to bear fruits. Few strategies make instant impact but many strategies take patience, consistent efforts and passage of money months to produce expected results.
3. Clarity of marketing strategy;
A good marketing strategy should be worded and communicated in a simple unambiguous language. A clearly understood strategy creates room for seamless communication of feedback during implementation.
Feedback helps to know how to alternate among different methods of implementing one strategy till the winning formula is found.
4. Compatibility with other strategies;
A marketing strategy doesn’t stand alone, it’s part of an overall business strategy. Therefore, the implementation of a marketing strategy should not conflict with the smooth running of other departments.
Allocation of resources to the implementation of a marketing strategy should not deprive other departments of sufficient funding, time, attention and services of key staff.
5. Focus on one strategy at a time;
To develop a good marketing strategy, a business would have to focus all its marketing activities, time, attention and money on one strategy for a reasonable period.
This approach would ensure that available resources are not overstretched. It would also create room for effective monitoring of the process and consequently, the making of timely interventions.
6. A marketing advantage:
A marketing strategy is adjudged good when gives a business the marketing advantage in its target market.
Every marketing strategy sets standards for itself. When actual results from the field are equal or more than set standards, then the marketing strategy is a good one.
No profit oriented business is set up to ignore its target market. a profit oriented business that wishes to meet its going concern objective should develop and implement a good marketing strategy that gives it a significant market share.
7. Maximization of opportunities;
As stated above, good marketing strategy is one designed and implemented to help a business have a marketing advantage. A business with the marketing advantage is in pole position to maximize opportunities in its target market.
Businesses with good marketing strategies are market leaders and trend setters. This is because their strategies help them to be the first to spot opportunities and take advantage.
A good marketing strategy creates an evolving system that is continuously using feedback from the field to improve. This system easily identifies a need gap and informs management which take urgent steps to fill it.
In conclusion, a good marketing strategy is the one that gives a business significant speed to create or innovate, produce and distribute what consumers need. It also helps a business to make responses in a manner that earns it consistent high profits and market leadership.