What Is a Good Marketing Strategy?

Giving customers a positive perception of your brand's value is part of a good marketing strategy.

Your marketing strategy is a major piece of a formal, written marketing plan. It includes an overview of your marketing mix plans for product development, promotion, distribution and pricing. Additionally, a good marketing strategy includes measurable marketing goals and stated time frames. Finally, a good marketing strategy explores the S-T-P marketing process, which involves segmenting markets, targeting and positioning. No single marketing strategy works for every company.

Marketing Mix

Marketing mix is a common strategic area that centers on four common elements of marketing. The concept was popularized in Neil H. Borden's 1964 book "The Concept of the Marketing Mix," notes the Net MBA website. The product element outlines your company's current and planned products, services and associated benefits. Distribution involves your approach to delivering products to the marketplace. Pricing strategically is important as you set the tone for your product position (for example, low cost, value and high-end pricing). Promotion is your plan for development and delivery of your marketing messages.

Segmenting

Market segmentation is the dividing up of a larger market into different groups of consumers with homogenous characteristics, according to Quick MBA. This is an important strategic aspect of marketing because it affects how companies invest marketing dollars. By breaking customers into distinct segments, you can determine which segments to market to and how much to invest in each one. This makes marketing more efficient and prevents unnecessary expenditures involved when companies deliver messages to a generic audience.

Targeting

The next step after identifying potential market segments is to target your ideal market segment or segments, indicates Quick MBA. The number of segments companies target vary based on opportunities and resources. The goal is to find the best target markets in which your value matches the market's needs or wants. If you have a great offering to a segment and it has good size, profit potential and growth, it is likely a good fit. However, you must also consider competition for each potential market segment.

Positioning

Positioning is essentially how you bring all the major elements of your strategy together. Positioning is establishing a distinct perception of your brand and product's image in the minds of your customers. The customer's mind is key, as you must convince your targeted market segments that you offer the best benefits and values to match their needs. To do this, you have to understand the value that you offer relative to your competitors.

References

• Business Dictionary: Marketing Strategy Definition
• Net MBA: Marketing Mix
• Quick MBA: Market Segmentation
• Business Dictionary: Positioning