Small Business Advertising Strategies – Marketing strategy refers to the overall game plan of a business to reach potential customers and convert them into customers for its product or services. A marketing strategy consists of a company’s value proposition, key brand messages, data on target customer demographics, and other high-level elements.
A clear marketing strategy should revolve around the company’s value proposition, which tells customers what the company stands for, how it operates, and why it deserves their business.
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It gives marketing teams a template that informs their initiatives for all of the company’s products and services. For example, Walmart ( WMT ) is known as an “everyday low price” discount retailer whose business operations and marketing efforts are rooted in this idea.
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A marketing strategy is outlined in a marketing plan – a document that details the specific types of marketing activities that a company will undertake and includes a schedule for launching various marketing activities.
Ideally, marketing strategies should have a longer lifespan than individual marketing plans because they contain value propositions and other key elements of a company’s brand that generally remain stable over a long period of time. In other words, marketing strategies cover big picture messages, while marketing plans describe the logistical details of specific campaigns.
For example, a marketing strategy might say that a company aims to increase authority wherever its customers visit. The marketing plan puts this into action by commissioning thought leadership pieces on LinkedIn.
The ultimate goal of marketing strategy is to communicate and gain a sustainable competitive advantage over rival companies by understanding customer needs and wants. Whether it’s print ad design, mass customization, or a social media campaign, marketing assets are judged on how effectively they relate to a company’s core value proposition.
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Market research can help identify the effectiveness of a particular campaign and identify untapped audiences to achieve key goals and increase sales.
Creating a marketing strategy requires several steps. HubSpot, a digital marketing resource, provides information on how to create your strategy.
A marketing strategy helps a company direct its advertising dollars where it will have the greatest impact. Compared to 2018 data, the correlation between organization and marketing success was expected to increase nearly fourfold in 2022.
The four P’s are product, price, promotion and place. These are important factors in marketing a product or service. The four Ps can be used when planning a new business, evaluating an existing offering, or trying to optimize sales with a target audience. It can also be used to test current marketing strategies on new audiences.
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A marketing strategy will detail the advertising, outreach and public relations campaigns the company will undertake, including how the company will measure the impact of these initiatives. They will typically follow the four Ps. The functions and elements of a marketing plan include market research to support pricing decisions and new market entries, personalized messages targeting specific demographics and geographic areas, and platform selection for promoting products and services – digital, radio, Internet, trade magazines, and the combination of these platforms for each campaign and marketing efforts. Metrics measuring results and their reporting timeline.
The terms “marketing plan” and “marketing strategy” are often used interchangeably because a marketing plan is developed based on an overall strategic framework. In some cases, the strategy and plan may be included in a single document, especially for smaller companies that may only run one or two major campaigns in a year. A plan outlines monthly, quarterly or yearly marketing activities, while a marketing strategy outlines the overall value proposition.
Authors must use primary sources to support their work. These include white papers, government data, original reports and interviews with industry experts. We also refer to original research from other reputable publishers where appropriate. You can learn more about the standards we follow to create fair and unbiased content in our editorial policy. The focus of this text is on the management of an ongoing small business as opposed to a start-up operation. Consequently, the considerations of marketing strategy are twofold: (1) improving or adjusting marketing efforts already underway and (2) adding products or services as the business evolves. In some cases, it may be appropriate and desirable for a small business to integrate its marketing activities into a comprehensive marketing strategy framework.
The marketing strategy process consists of several components (Figure 7.1 “Marketing Strategy Process”). Each element must be carefully considered and designed: the company’s vision, the company’s mission, the marketing objectives, and the marketing strategy itself.
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Knowing what your business is and isn’t is extremely important. Jay Ebben, “Developing Effective Vision and Mission Statements,” Inc., February 1, 2005, accessed December 1, 2011, www.inc.com/resources/startup /articles/20050201/missionstatement.html.
A vision statement is a document that articulates the long-term purpose and ideal idea of what the business wants to become. They try to articulate the long-term goals and their ideal vision of what the business will become. (Where do we see the business going?) It should align with the founder’s goals for the business, telling the founder what the business should look like. Jay Ebben, “Developing Effective Vision and Mission Statements,” Inc., February 1, 2005, accessed December 1, 2011, www.inc.com/resources/startup/articles/20050201/missionstatement.html. Mission Statement A document that explains the basic nature of a business. It should address what business the company is in, the company’s potential customers, and how customer value will be delivered. Attempts to explain the more fundamental nature of business (i.e. why business exists). It should be developed from the customer’s perspective, be consistent with the vision, and answer three questions: What do we do? How do we do that? And who are we doing it for?
Both a vision statement and a mission statement should be carefully developed because they “provide direction for a new or small firm, without which it is difficult to develop a cohesive plan. In turn, this allows the firm to pursue activities that drive the organization forward and avoid allocating resources to activities that do not.” .” Jay Ebben, “Developing Effective Vision and Mission Statements,” Inc., February 1, 2005, accessed December 1, 2011, www.inc.com/resources/startup/articles/20050201/missionstatement.html. While input may be sought from others, the small business owner has ultimate responsibility for the company’s vision and mission statement. The following are examples of both statements:
Marketing objectives are what a company wants to achieve through its marketing. They lay the foundation for creating a marketing strategy. Although they are created in different ways, their success should increase sales. Creating marketing objectives is one of the most critical steps a business can take. A firm must know, as precisely as possible, what it wants to achieve before allocating any resources to marketing efforts.
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Marketing goals should be smart: specific, measurable, attainable, realistic and time-based (meaning there must be a specific time frame for achievement). Small businesses were recommended to limit the number of objectives to three or four at most. If you have less than two goals, you’re not growing your business as it should, to keep up with the market. Having more than four goals will divide your focus and lead to poor performance for each goal and no big hits. “How to Choose Marketing Plan Objectives,” accessed January 24, 2012, www.hellomarketing.biz/planning-strategy/marketing-plan-objective.php. If a small business has multiple marketing goals, they need to be evaluated to make sure they don’t conflict with each other. The company must also determine whether it has the resources to meet all of its objectives. /marketing-plan-marketing-objectives-and-strategies.html.
For small businesses that already have a web presence or want to sell their products or services online, e-marketing information technology applies to traditional marketing. Objectives should be included with all other marketing objectives. E-marketing is defined as “the result of information technology applied to traditional marketing”. Judy Strauss and Raymond Frost, E-Marketing (Upper Saddle River, NJ: Pearson Prentice Hall, 2009), 6. Concerns and focus should be the same as traditional marketing objectives. The difference is in space (ie online vs. onground). Examples of e-marketing goals include: establishing a direct source of income from orders or advertising space; improve sales by creating an image for the company’s product, brand and/or company; lower operating costs; Bobette Kyle, “Marketing Objectives for Your Website,” WebSiteMarketingPlan.com, December 10, 2010, accessed December 1, 2011, www.websitemarketingplan.com/marketing_management/marketingobjectivesarticle.htm. Provide a strong positive customer experience; and contributes to brand loyalty. However, the ultimate goal would be to “comprehensively integrate e-marketing and traditional marketing to create a seamless strategy and tactics.” Judy Strauss and Raymond Frost, E-Marketing (Upper Saddle River, NJ: Pearson Prentice Hall, 2009), 5.
With an emphasis on achieving marketing objectives, marketing strategy involves segmenting the market and selecting a target or targets, making differentiation and positioning decisions, and designing the marketing mix. Product Design (one of the four
