10 Marketing Strategies Definition, Functions, Examples, and Elements in Marketing – In an effort to develop a business, one of the things that should not be missed is planning. A business plan can be analogous to a map to show the direction to success. Another thing that is no less important is establishing a marketing strategy
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10 Marketing Strategies Definition, Functions, Examples, and Elements in Marketing 2023
In an effort to develop a business, one of the things that should not be missed is planning. A business plan can be analogous to a map to show the direction to success. Another thing that is no less important is establishing a marketing strategy.
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Marketing occupies a strategic position to achieve success in a business. Even though a product has good quality, it will not be able to generate multiple profits if it is not accompanied by an accurate marketing strategy.
Without a good marketing strategy, it is quite difficult to develop a business. Moreover, the risk of losing competitiveness is very possible. So, learning about marketing is very important in running a business.
For that, please refer to the explanation below to be able to achieve success with the right business strategy!
Understanding Marketing Strategy
Before going into the tips, you should know the meaning of marketing strategy first. A marketing strategy is an effort to market and introduce a product or service to the public.
Of course, by using careful planning and tactics, that way, the number of sales can increase. Marketing strategy can also be interpreted as a series of efforts made by the company in achieving its goals.
In a business, there are three factors that determine the selling price of goods and services which include production, marketing, and consumption. Thus, marketing can be regarded as a liaison between producers and consumers.
Marketing Strategy Function
There are four outlines that can explain the function of marketing strategy. Here’s the review:
- There is a standard for evaluating the work performance of members in the field of business and company. With this standard, quality and quality control can become more effective.
- As a tool for achieving various company goals in the long and short term.
- To regulate the course of business. Thus, the coordination of the marketing team can run effectively and according to the target.
- Will increase motivation in the business that is being done. Marketing strategy requires business people to be able to predict the course of business in the future. And can give the spirit of business so that the business can run optimally.
The objectives of the marketing strategy activities based on the above review include:
- Become an activity in developing business capabilities so that they can adapt.
- For the rationale in making marketing decisions.
- Used for measuring media from marketing results based on predetermined performance standards.
- So that the marketing team can improve the quality of coordination among the individuals in it.
10 Marketing Strategy Tips for Your Business
In preparing an effective marketing strategy, then, you can apply the following things:
#1. Always Be Consistent and Plan
In marketing strategy, consistency is needed. This is intended so that marketing costs can be efficient. Not only that, the effectiveness of brand creation will also increase.
Careful marketing planning also needs to be done so that many customers come. Before marketing a product, you can plan an effective marketing strategy. Starting from the marketing budget to other concepts so that the business can be easy to grow.
#2. Targeting the Target Market
You also need to define precisely the market share you are targeting. The most appropriate way is to select several market segments that you will enter. The goal is to make the target market clearer. This will make it easier for you to conceptualize the right marketing techniques.
#3. Calculate the Budget Accurately
The most difficult part of determining a marketing strategy is determining the budget. The reason, this requires precise accuracy. From the budget that has been made, you can determine the number of funds needed for effective marketing activities.
To facilitate budget calculations as well as sustainable business planning based on financial data, you must do planned bookkeeping for your business.
Use accounting software that has features that suit your business needs and is easy to use such as Accurate Online. Try Accurate Online for free for a month for easy bookkeeping and business budgeting.
#4. Determine the Marketing Mix
The marketing mix is the price, product, and also place of promotion. As an entrepreneur, products, and services must be decided specifically. And it must also be determined where and how you can distribute the product. In addition, how to get other people to know the products offered is also part of the marketing mix.
#5. Using Websites to Market Products
Currently, all kinds of business ventures require the role of a website to promote their products. In addition, the website is also the most optimal medium to provide information to potential consumers about the products offered. This is because 60 percent of consumers who use products get information from the internet.
#6. Doing Good Branding
The next marketing strategy is to do branding or imaging. Branding itself is a process that determines whether consumers accept the company’s products.
Every company must brand its products. So, consumers will be loyal and loyal to use the product. Some efforts to brand the company include creating logos, and images, and also determining superior products.
that way, the product, and company will be better known by the public.
#7. Promotion and Advertising
The next marketing strategy is to use promotions and advertisements to add brand awareness to the products you sell.
If necessary, you can also use paid media so that visits to social media can increase. For example by using Facebook Ads, Google ads, Instagram Ads, Twitter Ads, and many more.
This strategy will help you increase conversions and the number of product sales prospects.
#8. Customer Relationship Management
In order for your customers to remain consistent and loyal, it is necessary to manage good relationships with customers. That way, the customer will not run to another company.
For that, you need to make good relationship management with customers. Starting from a special member card for customers and giving discounts for members.
#9. Implementing Mobile Marketing
Nowadays, there are more and more smartphone users. Of course, creating marketing messages and content for mobile platforms is a must. The reason is that more and more consumers want to view content, buy products using smartphones, and receive marketing emails.
For that, companies must redesign their blogs or websites to be more responsive to smartphones. Because, according to data, there are about 30 percent of internet traffic uses mobile devices.
It is very important in reaching mobile users because of its contribution to the level of web visits in India.
#10. Email Marketing
To do email marketing, then there are several things that must be considered. First, writing must be persuasive. However, do not go overboard to explain the advantages of the product.
Business people also need to insert newsletters and subscription forms. The goal is that potential customers can write down their email addresses if they are interested in a business offer.
So, you can do the next activity so that potential customers can become loyal customers.
Examples of Successful Businesses Creating Marketing Strategies
#1. Spotify: Offers a Different User Experience
Today, Spotify is one of the most well-known global companies on the planet. But how did this Swedish brand conquer the world?
There are many streaming music services, but what makes Spotify unique is its focus on helping users discover new content.
Spotify is trying to stand out from the usual music streaming platforms and instead offer listeners a whole new user experience.
For example, in addition to the typical filters by genre, Spotify also allows users to choose music based on their mood, whether they want to work out, sleep, or even need a few songs to sing in the shower.
This helps users discover songs they never thought of and in turn, strengthens their relationship with the brand. They’re also at the forefront of using artificial intelligence to custom-build playlists based on the habits of their users, such as Release Radar and Discover Weekly.
#2. GoPro: Trust User-Generated Content
GoPro cameras are a favorite among adventurers, adrenaline junkies, and athletes because they manage to capture content that would be nearly impossible to capture using traditional cameras. Due to the nature of its products, GoPro is capable of creating spectacular content.
One of their best marketing strategies is how they make it easy for their customers to share branded user-generated content.
For example, the GoPro editing program creates videos with easily recognizable start and end frames that feature the GoPro logo and branding. GoPro then shared these videos on social media, which in turn inspired more users to create and post their own videos.
This marketing strategy worked very well for GoPro. Do not believe? Check the GoPro Youtube channel and see how good the content is and also how many subscribers it has.
#3. Twitch: Focus on Your Niche
Twitch is one of the most successful social networks in recent times, but not many people know about it. That’s because Twitch is based on one topic: broadcasting live video games.
The secret to Twitch’s success is that they don’t aim to target everyone. In fact, they have done the opposite and decided to focus on a very specific niche and build relationships with their users.
#4. Nike: Promote Your Values
There are few brands as recognizable as Nike and the slogan “Just do it ”. From the start, the brand focused its marketing on promoting the brand’s values, such as overcoming adversity or innovation.
To convey this culture to its audiences, Nike relies heavily on storytelling: ads that tell stories that inspire and provoke positive emotions in users. In addition, brand value is not only present in your marketing but in everything you do.
#5. WWF: Commitment to Creativity
The World Wildlife Foundation’s “Earth Hour” initiative is an event where people around the world voluntarily turn off their lights for an hour to show how easy it is to fight climate change.
WWF launched a banner campaign in Norwegian mainstream media to announce Earth Hour. If the user touches the banner, their phone screen will turn completely black.
As soon as they slip a finger over it, a countdown to Earth Hour will appear. The original campaign was a success and managed to attract around 1 million impressions.
Important Elements in Building a Marketing Strategy
The 5 P’s of Marketing – Product, Price, Promotion, Place, and People – are the main marketing elements used to strategically position a business.
The 5 Ps of Marketing, also known as the marketing mix, are the variables that managers and business owners control to satisfy customers in their target market, add value to their business, and help differentiate their business from competitors. The following is an explanation of the five elements:
#1. Products (Products)
Product refers to the products and services offered by the business. Product decisions include function, packaging, appearance, warranty, quality, etc.
Customers need to understand the features, advantages, and benefits that can be enjoyed by buying goods or services. When thinking about a product, consider its key features, benefits, and customer needs and wants.
#2. Price (Price)
Pricing refers to pricing strategies for products and services and how they affect customers. Pricing decisions include not only the selling price, but also discounts, payment arrangements, credit terms, and any price-matching services offered.
When determining a pricing strategy, it is important to consider the position of the business in the current market. For example, if a business is advertised as a provider of high-quality mechanical equipment, the price of the product should reflect that.
#3. Promotion (Promotion)
Promotion refers to activities that make a business more recognizable to consumers. This includes things like sponsorship, advertising, and public relations activities.
Because promotion costs can be substantial, it is important to perform a break-even analysis when making promotion decisions. It’s important to understand customer value and whether it’s worth promoting to get them.
#4. Place (Place)
Place refers to where a business’s products/services are viewed, made, sold, or distributed. In essence, place decisions are related to distribution channels and how to deliver the product to the main targeted customers.
It’s important to consider how easy your product or service is to access and ensure that customers can easily find you. The product or service must be available to the customer at the right time, in the right place, and in the right quantity.
For example, a business may wish to make its products available through an e-commerce site, in a retail store, or through a third-party distributor.
People refer to staff, salespeople, and those who work for the business. People’s decisions usually center around customer service – how do you want your employees to be rated as customer-friendly?
Example of 5 P’s in Marketing
Budi is considering operating a jet ski shop that caters to tourists and tourists. To position his business, Budi can consult the 5 P’s of marketing in the following ways:
- Product: Hourly jet ski rentals for people who are in town for a short time. Limited liability form to be signed by the persons participating in the service and deposit of money in case of damage.
- Price: Cheap jet ski trips to suit the budget constraints of travelers and tourists. 10% discount on jet ski trips if referred by a travel agent.
- Promotions: Facebook pages, Instagram pages, and Twitter accounts to promote a business. Also, paid promotions on travel agency websites.
- Place: Locations that are easily accessible from the existing transit system.
- People: Friendly staff members who love to meet travelers and offer great customer service.
That’s an explanation of 10 business strategies in full. In business development, the team and owner must have the right marketing strategy. So, the possibility of the business will grow to be greater. Business can run optimally.
For this reason, it is important to apply a careful marketing strategy. Keep learning and find the most suitable marketing strategy.