The number of companies continues to increase, despite a slowdown in recent months linked to the health crisis. For an entrepreneur, it, therefore, becomes vital to plan a winning marketing strategy in his business so that it is sustainable and stable. What are the different marketing strategies, how do you develop them and why is it so important? Here we reveal all the keys to success.
What are the different marketing strategies?
Many formidable marketing strategies exist to allow companies to stand out and survive. It is also possible to combine them:
– concentration strategy: focus and limit yourself to a single consumer segment. You must be able to stand out from your competitors by your expertise, for example, lower costs or by the specificities of your product;
– differentiation strategy: conversely, this strategy targets several consumer segments. Differentiation from above makes it possible to offer better quality product ranges, which in particular justify an increase in prices. Differentiation from below makes it possible to offer products that are less expensive, but less sophisticated (low cost);
– skimming strategy: this targets a more specific audience due to its greater purchasing power. Launch your product at a higher price than your competitors, justified by its advantages, its quality, and its excellence, supported by an already existing positive notoriety:
– penetration strategy: enter a market by offering, for example, a product at a low price while investing in communication and distribution at the same time. By breaking the market, the company is making a place for itself and in the medium term will be able to increase the prices of its product or service brand new websites In the market.
Remember to regularly offer innovations: add new features to your products and optimize them (incremental innovation); take into account the needs of your targets and the evolution of their consumption patterns and habits (commercial innovation).
How to develop a marketing strategy?
To develop an effective marketing strategy in your business, you must know your strengths and weaknesses, know how to position yourself in market-facing competitors, and analyze the customers (potential or acquired), their needs and their consumption patterns. Then, create a work plan, organize and plan your various 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, develop an action plan (marketing mix) then control and verify your strategy in order to put in place areas for improvement if necessary.
It is essential for any company to adapt to new technologies by focusing on mobile marketing (keeping the link with the consumer at all times) and by integrating social media marketing (storytelling / emotional marketing, inbound marketing) which brings more visibility and modernity to the brand and allows to federate a community.
For example, you can set up an email marketing strategy for a product launch. Personalize your customer relationship as much as possible and facilitate the purchase journey for your consumers to make their experience with your brand memorable and positive.