Marketing strategy is a term thrown around by those in the business and entrepreneurship community as a placeholder for the big idea of what you're going to do with marketing.
But it can have a million different angles and iterations depending on
Our favorite definition, inspired by the writing style of Peter Drucker (but not quoting him directly):
Marketing Strategy Definition: a systematic and deliberate process of aligning an organization's resources, capabilities, and offerings with the ever-evolving needs, desires, and expectations of the target market. It is the art and science of creating value for customers and, in turn, achieving sustainable and profitable growth for the organization.
Quite the mouthful, but you're skilled in nuance and detecting b.s., so let's go deeper.
In the spirit of Drucker's emphasis on customer-centricity, a marketing strategy aims to thoroughly understand the market environment, competitors, and customers, in order to design and deliver offerings that resonate with the target audience. This entails not only identifying their explicit needs but also uncovering the implicit, unarticulated, and potentially latent demands that offer opportunities for differentiation and innovation.
Marketing strategy encompasses the formulation of clear objectives, the selection of target segments, the development of a unique value proposition, and the implementation of an integrated mix of marketing tactics. These elements must be continuously monitored, evaluated, and refined to adapt to changing market conditions and maintain a competitive edge.
The strategic planning component requires deep, intelligent though. As Drucker says, “Strategic planning is not a box of tricks, a bundle of techniques. It is analytical thinking and commitment of resources to action. It is the continuous process of making present entrepreneurial decisions systematically and with the greatest knowledge of their futurity, organizing systematically the efforts needed to carry out these decisions, and measuring the results of these decisions against the expectations through organized, systematic feedback.” (Managing in a Time of Great Change)
In summary, a marketing strategy, as Peter Drucker might define it, is a disciplined and customer-focused approach to creating, communicating, and delivering value to customers, while simultaneously driving the organization's long-term success and profitability.
Examples of Marketing Strategies Executed over a Few Years
Given that it is a strategy, you can't expect quarterly or even annual results all the time. The best strategies are multi-year approaches that incorporate brand-building that takes years to set in, but then it compounds and remains sticky for years to come – think Google, Apple, Coca-Cola, Starbucks, WD-40 and Avocados from Mexico.
Several famous examples of well-executed marketing strategies over a few years include:
- Apple's Think Different Campaign (1997-2002): Apple's “Think Different” campaign aimed to revitalize the company's image and reinforce its innovative spirit. The campaign featured iconic personalities from diverse fields, embodying the idea of challenging the status quo. This strategy resonated with customers and contributed to Apple's resurgence as a leading technology company.
- Nike's Just Do It Campaign (1988-present): Nike's “Just Do It” campaign has been one of the most successful marketing strategies in history. It encapsulated the brand's mission to inspire and empower athletes and casual exercisers alike. The slogan and marketing efforts, including memorable commercials and endorsements from top athletes, have helped Nike become the global leader in athletic apparel and footwear.
- Coca-Cola's Share a Coke Campaign (2011-present): Coca-Cola's “Share a Coke” campaign began in Australia and quickly spread worldwide. The campaign involved replacing the company's logo on bottles with popular first names, encouraging customers to find and share a Coke with friends and family. This personalized approach generated significant customer engagement and increased sales.
- Dove's Real Beauty Campaign (2004-present): Dove's “Real Beauty” campaign sought to challenge traditional beauty standards and promote body positivity. By featuring diverse, everyday women instead of models in their ads, Dove positioned itself as a brand that cares about the well-being of its customers. The campaign's success has been attributed to its powerful message and strong resonance with the target audience.
- Starbucks' Customer Experience Strategy (1990s-present): Starbucks has focused on creating a unique and immersive customer experience, transforming the coffee shop into a “third place” between home and work. Their marketing strategy emphasizes the importance of a comfortable, inviting atmosphere, consistent quality, and personalized service. This approach has helped Starbucks become the largest coffeehouse chain globally.
These examples demonstrate how effective marketing strategies can elevate a brand, drive customer engagement, and contribute to long-term success.
Getting Started with a Marketing Strategy for Small to Medium-Sized Businesses
Creating a marketing strategy for a small to medium-sized business involves understanding the market, setting clear objectives, and devising a plan to achieve those objectives. Here are seven steps to help you develop a successful marketing strategy:
- Define your business goals: Begin by outlining your business objectives, both short-term and long-term. Consider how marketing can contribute to achieving these goals, such as increasing brand awareness, driving sales, or improving customer retention.
- Understand your target audience: Research your target market to identify your ideal customers. Gather demographic, behavioral, and psychographic data to create buyer personas. Understand their needs, preferences, and pain points to tailor your marketing efforts effectively.
- Analyze the competition: Assess your competitors to understand their strengths, weaknesses, opportunities, and threats (SWOT analysis). Identify gaps in the market, and use this information to differentiate your offerings and marketing messages.
- Establish a unique selling proposition (USP): Determine what sets your product or service apart from the competition. Your USP should address the specific needs or desires of your target audience and provide a compelling reason for customers to choose your business.
- Set marketing objectives and KPIs: Develop specific, measurable, achievable, relevant, and time-bound (SMART) marketing objectives. Establish key performance indicators (KPIs) to track your progress and ensure your marketing efforts align with your business goals.
- Develop a marketing mix: Plan and implement a mix of marketing tactics across different channels to reach your target audience. This may include content marketing, social media, search engine optimization (SEO), email marketing, and paid advertising. Consider the most effective channels for your target audience and allocate your budget accordingly.
- Measure and optimize: Continuously monitor your marketing efforts using KPIs and analytics tools. Evaluate the success of your campaigns and adjust your tactics as needed. Use this data to refine your marketing strategy, improve your messaging, and make informed decisions about future campaigns.