A marketing strategy is a company’s overall game plan for getting in front of prospective buyers and converting them into customers.  It helps a business direct its advertising budget to the channels where it will have the greatest effect, ensuring that all marketing pieces work in harmony to achieve the common goal of increased customer acquisition.  

The benefits of a good business marketing strategy come in four areas:

Pricing

This is how you determine the bests prices for your services or products and keep sales flowing.   It should cover all types of pricing, including the normal advertised price, seasonal price, wholesale price and more.   

The pricing piece of the marketing strategy should also reflect your brand.  If you offer a premium product, then your price should reflect that.  If you offer a service for budget conscious consumers, then your price should reflect that, too.     

Product

This refers to the product or service that you offer and includes brand name, functionality, packaging, quality, warranty, related products /services, warranty terms and more.   It takes into consideration the needs and desires or your target market and ensures that your product or service is always putting its best foot forward.

Promotion

This takes into account all the ways you promote your product or service to your target demographic so that you are always reaching the right people.  It includes direct marketing, advertising, social media, your sales force and more.   It also considers your budget and ensures that your dollar spend stays within it. 

Place

Also known as distribution, this part of your marketing strategy is about how you get your product or service to your customer at the right time and right place, ensuring customer satisfaction.  It includes inventory management, distribution centers, warehousing, order processing, transportation and more.

If all this feels overwhelming, then it is time to talk to a marketing strategy firm, one that will look at all your current marketing pieces and then develop a tailored marketing solution to take your business to the next level.  Contact us today.