Wednesday, 20 July 2022
How to create a marketing strategy
Marketing strategy vs. marketing plan
In outlining these four growth strategies, Ansoff’s matrix also emphasizes the different marketing tactics that business and marketers must consider when undertaking them. Each strategy requires a different consideration of the the four Ps, also know as the “marketing mix,” which marketers should consider together to ensure an effective marketing strategy. The four Ps are:
Product: What is being sold
Place: Where it is being sold
Price: What the product costs
Promotion: How the product is marketed to the target audience
The exact way that a marketer defines the four Ps for their marketing efforts will depend on the growth strategy they are using and the political and economic outlook of their market.
Let’s take a closer look at each strategy from Ansoff’s matrix.
Market penetration strategy
Market penetration strategy is a growth strategy that involves selling existing products to existing markets. It is considered the least risky of all the strategies in Ansoff’s matrix. The strategy is typically considered most beneficial if the market is either growing or the marketer alters its promotional efforts through existing marketing channels [2].
An example of a market penetration strategy can be found in McDonald’s “I’m Lovin’ It” campaign from 2003.
In the early 2000s, McDonald's faced flagging sales and plummeting stock prices. Rather than creating a new product (product development strategy), McDonald's instead focused on attracting existing customers in an existing market with a catchy ad campaign. The result was their wildly successful “I’m Lovin’ it” campaign, which featured a catchy new jingle sung by Justin Timberlake [3].
“I’m Lovin It” has since become McDonald’s longest-running marketing campaign since its founding in 1940
Product development strategy
A product development strategy involves the development of a new product for an already existing market. Typically, it is considered riskier than a market penetration strategy because it requires the creation of a totally new product. In order to be successful, product development strategies typically require innovation and further research into the existing market, including the profiles and needs of the target audience [2].
An example of a successful (and surprisingly interesting) product development strategy can be seen in the Uni Kuru Toga mechanical pencil.
As odd as it may seem, in the mechanical pencil world the Uni Kuru Toga is something of a star. “[T]he Uni Kuru Toga is the best mechanical pencil for every day writing,” opined the New York Time’s Wirecutter in a 2018 article [5]. Wired, meanwhile, called it “the ultimate geek tool” [6].
What makes the pencil so unique? A specially designed internal gear mechanism that rotates the lead so it stays sharp as you write and diamond infused lead that doesn’t easily break under pressure. In effect, as a 2009 commercial for the pencil demonstrated, it was meant for people concerned with even handwriting and durable lead [7].
While the market for mechanical pencils was already well-established, the Uni Kuru Toga was able to find success through a product development strategy that offered consumers something new and useful.
Market development strategy
A market development strategy takes an existing product into new markets. Much like a product development strategy, a market development strategy is considered riskier than a market penetration strategy because it involves introducing a familiar product into an unfamiliar marketplace. While the product remains the same, the new place it is sold requires possibly new pricing and promotional efforts [2].
An example of a market development strategy is when Microsoft introduced its Hololens technology to an additional 29 markets in Europe in November of 2017 [8]. The augmented reality headset provides a unique user experience that allows professionals to work in a “mixed reality” environment. To promote their efforts, Microsoft released a YouTube video showcasing the unique use cases of the product in the workplace, such as through interactive employee training programs in industrial environments
Diversification strategy
A diversification strategy involves the development of a new product for a new market. The novelty required of a diversification strategy means that it is also the riskiest of the Ansoff matrix’s four strategies. Diversification strategies require full attention on all of the four Ps – product, price, place, and promotion—but the biggest risks can also lead to the biggest rewards [2].
An example of a diversification strategy is when Apple introduced the first iPhone on June 9, 2007 at the MacWorld Expo. At the time, Apple was new to the mobile phone market, but they innovated in the space by adding a music player and web browser to their new touchscreen phone [10].
“Today Apple is going to reinvent the phone,” CEO Steve Jobs declared before an audience of reporters [10]. Through much of the presentation, Jobs outlined the phone’s unique value proposition to customers.
It worked. As of June 2022, there were an estimated 1.8 billion active iPhone users
Marketing Strategy: What It Is and How to Create One
A marketing strategy is a long-term vision outlining a business’s value proposition to its customers. Rather than describing the concrete actions required in specific advertising campaigns, marketing strategies are used as a compass to direct overall marketing efforts.
While it may be tempting to jump ahead and hash out a marketing plan right away, marketing strategies have been shown to improve success. Read on to learn more about what marketing strategy is, why it matters, different types of marketing strategy, and what you need to do to make one yourself.
What is a marketing strategy?
A marketing strategy is an overview of how a business or organization will articulate its overall value proposition to its customers. Generally, a marketing strategy outlines the business’ goals, its target market, buyer personas, competitors, and value for customers. It provides a long-term vision for overall marketing efforts, often looking many years ahead.
Advantages of a marketing strategy
Marketing strategies can have a measurable impact on success.
In 2022, for instance, CoSchedule surveyed 3,599 marketers and bloggers to identify their most successful marketing practices. They found that marketers who documented their marketing strategy were 331 percent more likely to report success than those who didn’t. Furthermore, marketers who were the most organized were found to be 674 percent more likely to report success than those who weren’t [1].
Taking the time to create a marketing strategy can pay dividends in the future.
Marketing Trends You Need to Jump on in 2023
Social media is constantly evolving, and keeping up with the trends is difficult. People who deliberately made marketing plans for 2021 had to accommodate many shifts to make through. As an industry expert, I helped many influencers and businesses to formulate strategies to enhance engagement and growth. A plan must focus on long-term goals and be subdivided into short-term welfare.
So, as we proceed to a new year, what marketing trends will pervade in 2022?
1. Personalization, a way to win a place in the heart
When a choice is given, a customer chooses a product that shares a relationship with them. Ads and campaigns that evoke a particular emotion or hook consumers to the content are more likely to succeed in this game.
One of the most recent technologies that enable advanced personalization is Deepfakes. It uses machine learning and artificial intelligence to generate visual and audio content that can be leveraged for marketing. Even though it's infamous for its exploitation, this technology can do wonders with the right strategies.
2. Using video-based content, live streaming, and more
People spend most of their time at home instead of attending live events or product launches. The key to marketing is focusing on influencers with a loyal audience. When surveyed, 80% of the people like to engage with live videos instead of pre-recorded ones. This allows them to engage with the influencers, talk about the product, and shop while watching the live streams.
Since most of the targeted audience is millennials or the Gen-Z, you can tap into the 'FOMO' and use it advantageously to familiarize them with the product. Instagram and Facebook saw a hike in users' engagement with the live videos; TikTok's advances in live video features can also become a sensation in 2022. Brands should also utilize OTT platforms to generate more live video content, for instance, using Amazon live to organize promotional events.
3. Discuss what matters; sustainability, goodwill, and more
As people acknowledge different perspectives regarding sustainability, goodwill, climate change, body-shaming, and many other issues, they are also scrutinizing the brands and businesses to choose the good in all standards. It's hard for the consumer to connect with brands that are irresponsible towards humankind or the environment. Many brands have started designing cruelty-free products that resonate strongly with consumers' choices.
4. Content that takes no effort
While brands are recommended to put their best in strategizing content, they should make sure that their audience is consuming it effortlessly. I would never prefer anything with a fancy word or an incomplete message.
Related: 5 Marketing Tips to Boost Content and Promote Your Blog in 2022
More than 55% of Americans listen to podcasts while traveling or commuting. Also, using visuals and avoiding paragraphs of information can allow users to consume information within 10-15 sec. Though Gen-Z doesn't completely occupy the working population, it certainly dominates social media. Targeting them with graphic designs and pictorials can lead you to success.
5. UGC at your disposal
User-generated content is a compelling way to build your brand's social credibility. What's more, it is relatively inexpensive and easy to maintain. Think about this for a moment:
Every time you post something you're selling, try to include what customers say about the product. This will make your readers want to purchase the item even more because they can see people reacting positively to it on social media.
Some benefits of UGC are listed below:
Boosts sales
Increases brand loyalty and recognition
It makes your social media posts more appealing
It helps you win over influencers and partners
6. Using keywords to drive traffic
It would be best to start by making sure that your webpage is relevant and targeted to the keywords you want to rank for. This will ensure that you get visitors from search engines.
You should also check your current website ranking for the targeted keywords. If you don't rank in the top 10 of Google, then the chances of getting ranked significantly are almost impossible.
An excellent way to find out what it takes to rank better is to use your competitor's webpage as a measuring stick. You can use the same or similar keywords and see how they are used in their webpage. This will tell you if they are targeting those keywords effectively or not.
7. VR and AR
Virtual reality (VR) and augmented reality (AR) are essentially the same things but with different technology. It isn't easy to separate the two because they can be used for one another's purposes. VR usually consists of simulations or digital worlds that you can see and get immersed in, while AR uses digital information overlaying physical information to make a virtual environment that you can interact with. A well-known example is Meta, which will become a successor of social media.
privacy. The main objective of these systems is to keep the customers secure while they provide their personal information to the company or business concerned. This will allow consumers to use services without speculating on data leaks or identity theft. Companies are now looking for the best systems that will ensure their customers' complete security and privacy.
8. Privacy issues need to be solved
Many controversies regarding privacy control and security have proven terrible news for companies. Keeping the same in mind, companies, and businesses should focus on preserving the customer's privacy. In this context, the development and implementation of a system for the customer is an excellent way to keep them safe in this era.
Representation in the advertising industry is more critical than ever. Yet it's still an issue that needs to be improved. Promoting inclusivity will ensure that the audience you're targeting isn't missed.
What is Inclusivity in Influencer Marketing?
As influencers become increasingly popular within the influencer marketing industry, it's essential to recognize that specific segments of society are being left out. Whether it be for being a person of color or not living in the city, brands still need to appeal to specific groups of people. Representation in influencer marketing is the importance of catering to the needs of your target market. The more inclusivity you have, the more appealing your brand is.
5 Ways You As a Marketing Leader Can Drive More Value in 2023
Scaling results requires that the data, technology, and business transformations are fully in sync — and the answer is not simply a better “dashboard” or data visualization. The work to integrate data into digital technology and process can be daunting, particularly at global scale, but if done right, the value creation will build momentum and belief.
4. Prioritize talent issues ASAP, and don’t be afraid to try something new or radical.
For all the talk about data and technology, the talent issue is likely to be the most vexing challenge in 2022. Based on extensive conversations over the last year with CMOs across sectors, from consumer goods to technology to manufacturing, there is wide agreement on the talent challenges, including data-driven skill scarcity, overall retention challenges, and incentive alignment.
To succeed, today’s marketers need both diverse and detailed expertise, breadth, and depth. This is forcing leaders to look at how they structure and train their teams, manage and collaborate with external partners, like agencies, and embrace new labor models, while driving the right balance of consistency and independence. Many leaders are taking matters into their own hands, creating new curricula to transform their current talent to become modern, full-stack marketers. These actions create more consistency, and even mobility, within the company.
5. As you get more data driven, don’t lose that creative spark.
The data revolution means that there’s far more future-forward thinking. Today’s marketers should spend less time looking in the rearview mirror to analyze prior results, and instead use predictive analytics to forecast the future. These new superpowers allow marketers to drive both growth and operational efficiency in profound ways as they, for example, can not only target advertising, but also make sure that they’re only running it when the company’s supply chain is positioned to deliver the products.
However, if marketers become unilaterally data driven and lean too far into automation, they will lose their most differentiating skills around human intuition and creativity. The art of the storytelling craft will be more important than ever to ensure that, even when targeted well and at speed, creative messaging still connects with humans. New marketing options and formats will continue to emerge, from retail media networks in the physical and digital world to virtual branding and transactional experiences in the metaverse. There must be space to take risks and be distinctive, regardless of whether the math is fully understood from the start.
In 2022, marketing leaders have the opportunity to connect the customer journey to the full-growth agenda, retaining their creativity while scaling data and technology in more meaningful ways than ever before. The speed with which decisions need to be made will only become faster, while also becoming more multivariable, connected, and complex. Those who can build the internal connective tissue will transform their companies to be dramatically more competitive and unlock new levels of value creation, taking center stage in the growth strategy and C-suite.
7 Best Marketing strategy to Jump on in 2022-2023
5. Virtual Events
6. Influencer Marketing
Influencer marketing is an integral part of some companies’ marketing strategies. However, for others it is an entirely new initiative for others. In 2022, influencer marketing is set to become a common marketing tactic. Our Report found 38% of respondents are increasing their online influencer engagement in the future. Above all, your business’ aims will drive your approach to influencer marketing. Still, companies are recognising the power of influencers who aren’t necessarily hitting the hundreds of thousands or millions of followers’ mark. There is a growing trend towards micro-influencers that allow businesses to tap into their niche more closely. Micro-influencers have smaller follower numbers but a great track record for their level of engagement with the followers they do have. Finding the right micro-influencers for your brand can give you direct access to targeted leads perfect for your business.
7. Personalisation
Driving all trends in digital marketing is a commitment to and move towards personalisation. Amplifying your message to reach as many people as possible simply isn’t effective in 2022. Personalising your marketing campaigns delivers higher levels of engagement, sparks conversation and attracts new customers. A great example of personalisation is the much-loved #SpotifyWrapped feature that generates a buzz every year. To achieve personalisation in your marketing campaigns, you need to make the most of your data and analysis and recognise the value of design. Personalised campaigns must reflect your consistent branding and design, which also goes for your advertising too. Our creative management platform makes it easy to create real-time updates to your consistently branded advertisements and campaigns with ease.