What is a digital marketing strategy?
Nov. 19, 2021 | 8 months, 4 weeks ago
A marketing strategy is the combination of all the business’s decisions and actions to increase sales and achieve a sustainable competitive advantage by understanding and fulfilling the needs and wants of the customers.
This definition of marketing strategy stands on three key pillars. These are:
What: Marketing strategy is the overall game plan or the roadmap marketers use to achieve a business’s marketing objectives and goals.
Why: It aims to achieve a unique market position backed by a sustainable competitive advantage that results in more sales and profits for the business.
How: Every marketing strategy works directly or indirectly by fulfilling the needs and wants of the customers.
In simple terms, a marketing strategy is an achievable and actionable focused set of steps devised by marketers to achieve a marketing objective.
Every marketing plan derives its form from a set of marketing strategies it uses. These marketing strategies play an essential role in the marketing mix of a business.
Helps achieve marketing objectives: Marketing strategies lay down a set of steps to achieve marketing objectives focused on fulfilling the business’s short term and long term marketing goals.
Provides direction: Marketing strategies set roadmaps that includes apt steps towards achieving goals. This roadmap gives direction and ensures that the business doesn’t stray away from the set of listed steps.
Ensures coordination: The set of steps ensures coordination and avoids confusion among different business departments that work together to achieve the same goals.
Reduces Wastage: Marketing strategies ensure optimum resource use by reducing duplication of work and appropriate allocation of limited resources.
Ensures better control: It decides on the path to be followed and interim goals to be achieved. Hence, it becomes easier for marketers to control the marketing activities and ensure they are going according to the plans.
by Mauricio Paz