Plan a Marketing Strategy in your company ? Why is it important? ?
The number of French companies is constantly increasing, despite a slowdown in recent months due to the health crisis. For an entrepreneur, it becomes vital to plan a winning marketing strategy for his business so that it is sustainable and stable. What are the different marketing strategies, how to develop them and why is it so important ? We reveal here all the keys to success.
What are the different marketing strategies ?
A lot of marketing strategies There are formidable tools available to enable companies to stand out from the crowd and to survive in the long term. It is also possible to combine them:
- focus strategy What are the different marketing strategies: focus and limit yourself to one consumer segment. You need to be able to stand out from your competitors by your expertise for example, lower costs or by the specificities of your product;
- differentiation strategy On the other hand, this strategy targets several consumer segments. Differentiation from the top allows you to offer better quality product lines, which justify a price increase in particular. Differentiation from the bottom allows to propose cheaper products, but less worked (low cost) ;
- skimming strategy This one targets a more specific audience with a higher purchasing power. Launch your product at a higher price than your competitors, justified by its advantages, its quality and its excellence, supported by a positive notoriety already existing;
- penetration strategy The next step is to create a marketing strategy: penetrate a market by offering a low-priced product, for example, while investing in the development of a new product at the same time communication and distribution. By breaking the market, the company will be able to increase the price of its product or service in the medium term.
Don’t forget to regularly offer innovations strategy: add new functionalities to your products and optimize them (incremental innovation); take into account the needs of your targets and the evolution of their consumption patterns and customs (commercial innovation).
How to develop a marketing strategy ?
To develop a effective marketing strategy in your company, you need to know your strengths and weaknesses, know how to position yourself on a market in relation to your competitors and analyze the clientele (potential or acquired), their needs and their consumption patterns. Then, create a work plan, organize and plan your different actions within the departments concerned. It is also possible to use a web marketing agency.
Study the opportunities and threats of the market, target your customers, position your offer according to your field, elaborate an action plan (marketing mix) then control and check your strategy in order to set up improvement axes if necessary.
It is essential for any company to adapt to new technologies by focusing on the mobile marketing (to keep the link with the consumer permanently) and by integrating a social media marketing (storytelling / emotional marketing, inbound marketing) which brings more visibility and modernity to the brand and allows to federate a community. You can for example set up a email marketing strategy to launch a product. Personalize your customer relationships as much as possible and make the buying journey easier for your customers to make their experience with your brand memorable and positive.
Why is it important to plan a marketing strategy in the company ?
With an increase in business creations in France (+ 17.9% in 2019 according to theInsee), it can become complicated to stand out from your competitors. Define a marketing strategy for your company is therefore important for :
- position itself in front of the competition as aexpert in its field ;
- ensure the sustainability of his company in the long term ;
- increase your profitability and its turnover ;
- to reinforce its image and its notoriety ;
- to reduce its costs (design, production, communication, sale, development);
- improve your productivity and adapt to the evolution of markets and consumers;
- ensure a better service visibility and diffusion of its brand, products or services;
- attract, seduce and push the customer to buy (for example, 68% of online purchases are made by touching the customer’s emotions, via storytelling in particular). To learn more, discover the market studies 3.0) ;
- develop its business by to open up to new markets (national or international), to new partnerships or to new fields of activity.
To go further in the personalization of your customer relations, for example, discover the Challenges to face in its email marketing strategy.