Marketing strategy is the vision of business goals and ways to achieve them. It is a long-term plan of a company’s actions on the market.
Marketing strategy is different from marketing plan. It is the basis for plan development, a global image of what a business offers its customers and how does it act.
Marketing plan is a list of specific actions and means. These are platforms and channels of communication, creative ideas, timing and the like.
Stages of marketing strategy development
Depending on the specifics of a business and a case, the process consists of different elements. But the main stages stay unchanged.
1. Market, competitor and consumer research
The development starts with researching the market, competition and consumer practices of potential audience of this business. We estimate demand, research the process of consumer decision and product positioning.
2. Defining advantages and points of growth
The information gained at the first stage helps to understand strong sides of the business. It is used to define the company’s advantages over competitors, unique features for the market and value for target audience. Afterwards the agency outlines company’s points of growth.
3. Determining the main offer
After data analysis the main offer of the business is distinguished, as well as its promise to the consumer. The most successful marketing strategies are based on insights, when the business finds an absolutely unique need that is close to the client.
4. Key message creation
The brand’s promise serves to create the key marketing messages. They become the basis of the brand’s communication with the consumer.
5. Marketing plan development
The result of these stages is a marketing plan – a list of steps for practical implementation of the marketing strategy. It marks specific goals and means of execution.