Approaches to Marketing Strategy

Marketing is an area of prime concern for any business. Finding new customers and creating awareness of a product is necessary not only for success but for survival in a competitive market. A variety of key strategies have been tried and tested over time that can be a jumping off point for any marketing campaign. Though one company may produce a completely different product from another, they may share similar marketing approaches.

Goals

The first step in establishing an effective marketing strategy is identifying what you wish to accomplish with your marketing campaign. Otherwise, it can be difficult to gauge success. Meeting goals such as a specific gain in market share or a specific boost in sales numbers will allow a business to know whether its marketing is being effective. There is always the risk that a company may be spending significant resources on an ineffective marketing strategy.

Target Audience

Before deciding on any strategy or approach to marketing, it is necessary to identify your ideal customer base as a business. Different audiences will respond to different marketing in different forms. A business, for instance, that is trying to sell high-end electronics will be targeting a very different kind of consumer than one that is trying to sell soft drinks. Different customer bases require not only different messages but different media, such as Internet or television.

Branding

One of the most durable strategies in marketing involves the creation of a brand. If a company is able to establish a set of positive associations with its brand name, it will have gone a long way toward creating a reliable customer base. Consumers are more likely to frequent a business and its products if they are familiar with the brand name that it has established through marketing. Effective marketing reiterates a particular brand image.

Differentiation

After establishing a brand, it is important to differentiate your product from your competitors. Emphasize in your marketing what makes your business different from others and why consumers should chose you as opposed to anyone else. Marketing involves creating a very specific identity that consumers can use when deciding whether to purchase your product. Different businesses will have different strengths that they can emphasize when differentiating their products: better service, for instance, or quality ingredients.

References

• CNN Money; Marketing to College Students; Diana Rosenthal; March 2010
• Guardian; Does 'Ambush Marketing' Work?; Emine Saner; June 2010
• CNN Money; Marketing Strategies That Get Results; Sally Button White; October 1993
• Gaebler: Examples of Marketing Strategy
• Quick MBA: Marketing Strategy
• "The New York Times"; Marketing to the Millennials; Suzy Menkes; March 2010

Resources

• Marketing Power; History of Marketing
• Missouri State; The History of Marketing Thought; Robert Bartels; 1976
• Northwestern University Kellogg School of Management: History