In this article we will discuss How To Develop A Marketing Strategy 2024
If you think of a marketing strategy only in terms of big budgets, Super Bowl ads, and viral campaigns that help companies break into the market, you’d be wrong. In reality, each and every company that you’d consider successful—from your local pastry shop to Coca-Cola—has a strategy, sometimes without knowing it.
Going strategic about your marketing is all about building a long-term vision for your brand—to differentiate it from hundreds of other businesses and to achieve sustainable intrinsic growth. And this is different from having a marketing plan.
This post will unwrap the ins and outs of marketing strategy—what it is and why you need one—and outline the key steps you have to take to build it.
Without any further ado, let’s dive right in!
Why Having a Marketing Strategy Is Bigger Than Having a Marketing Plan
If you’re fairly new to all the marketing strategy talk, you could easily confuse it with the concept of a marketing plan. So let’s start with getting our terms straight.
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A marketing plan is all about a set of specific actions and tactics you employ to build campaigns that market your product or service. Usually, it’s about short-term goals and efforts that lead to achieving them.
A marketing strategy is bigger than this. It’s all about a long-term vision that guides all your further marketing plans. The key components of marketing strategy are:
- Business goals
- The formation of your unique value proposition (UVP)
- Target audience (and buyer persona) definition
- Competitive and market research (grab our special all-in-one tool 30-day free trial!)
Why You Can’t Achieve Long-Term Success Without a Marketing Strategy
You can see that marketing strategy deals with the what, while a marketing plan is all about the how. Without the what, you won’t be able to come up with the how—and this is what makes your marketing strategy…well, strategic and holistic rather than hectic and fragmented.
To bring some live examples into this equation, let’s look at the following case:
|Tata, an Indian car manufacturer, wanted to create a new product—a cheap car aimed at developing markets where the population is more price sensitive. So they developed Tata Nano, or what we now know as the cheapest car in the world that failed to sell. Their marketing plan was impeccable—they invested in large campaigns that highlighted the cheap price and its prevalence over other modes of transportation that came at the same cost. But Tata’s marketers failed to be thorough about developing the car’s marketing strategy which, done right, would have shown that people simply don’t want to own the cheapest car in the world. This means that at least a few bits of marketing strategy were missing—a deep understanding of a target audience and market research.
As you can see, even the biggest brands sometimes fail to develop a surefire marketing strategy. Smaller ones like my favorite example of Pastreez, however, manage to go about it the right way. So if you follow the steps below, you’ll be armed with all the insights you need to create a bulletproof strategy for your own business and avoid unfortunate misses.
3 Steps for Developing a Surefire Marketing Strategy
Gather all your findings and strategize for building efficient marketing plans
Now that you have your goals defined, market and competitive research run, and buyer personas established, you have everything you need to build an actionable and efficient marketing strategy for your business.
Let’s recap and make sure you have everything ready:
- Your business and marketing objectives are clear
- You have your market overview with market size, market share, and other growth dynamics figures
- You know your competitive landscape—with your rivals’ strategic products and promotional assets and general traffic generation strategies
- You’ve depicted your buyer persona and have a great understanding of your audience
- You know about all the external forces—from upcoming policies to economic downturns—that might affect your business
All that’s left is to lay everything out in one or two pages and share it with everyone involved in your business and marketing efforts. Use it as your long-term guideline and make sure your marketing plans (campaigns and tactics) align with everything that’s outlined in your marketing strategy doc.
And as you’ll need access to a specific markets and competitive intel to gather your insights (all can be found in Semrush), make sure to grab this unique 30-day Semrush trial that will open up access to some of the tools we’ve mentioned in this post. Visit this subscriptions page for an in-depth view of what you can gain with your free access.