Marketing Strategy Overview
Marketing strategy is the alignment between a company and its market opportunities, applied through plans and tactics. There are different levels of strategies, depending on your company’s corporate goals:
Types of Strategies
- Basic: differentiation, cost leadership and niche
- Target Market: market penetration, product development and market development
- Market Integration: vertical and horizontal
Learn more about marketing strategies in future episodes of Haggle This
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Many marketers overuse the word “strategy” to describe most things they want to do, replacing the words “plan” and “tactic”. To be honest, most marketers never work above the tactical level, unless we work in research, business development and cost analyses.
Examples of marketing strategy:
Differentiation, market development; horizontally integrated.
Differentiating a marketing practice amongst skeptic business executives in B2B by promoting our ability to lower acquisition and retention costs. We will horizontally integrate by investing in and partnering with a few current competitors.
Amazon: differentiation, backed by operational efficiency.
Amazon has built its marketing strategy around operational efficiency. By focusing on speed, innovation, and customer experience, Amazon has become one of the most successful and valuable companies in the world. This success is largely due to its commitment to operational alignment, which has allowed it to scale rapidly and stay ahead of its competitors.
Your actions must be conducive to your goals by leaning back on your strategy so that your company pays less per customer.
The success of any organization depends on the alignment between its tactics and strategy, both formulated to achieve S.M.A.R.T. goals. Without this alignment, businesses risk wasting time, resources, and money on tasks that do not contribute to their overall goals.
Furthermore, tactical alignment helps businesses stay competitive in their industries. By maintaining a focus on their strategic objectives, businesses can adapt to changing market conditions, seize new opportunities, and respond to challenges more effectively. In contrast, businesses that lack tactical alignment are at risk of falling behind and being overtaken by more agile and efficient competitors.
Know that if your strategy is different from what you consider “strategies” in different aspects of your operations, like social media, you will likely fail or overspend.