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What does your marketing strategy look like? How did you determine your target customer? Let us know in the comments below!
About Jonathan Chan. Jonathan,thank you very much for this great guideline for how to build marketing strategies. I have read it carefully and took my notes.
Thanks a lot. Great stuff Jonathan! I will put this in action and see how it works for me. Would love to see more of this. Hey Jonathan, This is a piece of excellent advice for marketing strategy.
I was just trying to build a marketing strategy for my export-import business and found it very helpful.
This such an informative article. Clear, concise, and extremely easy to understand. Thank you so much for sharing!
Thank you Jonathan. Your article was very helpful. It was written in a clear, concise and easy to understand style — keep up the good work — because, we inquiring minds want to know!
Thanks, Jonathan. I am glad to have stumbled upon your writeup, it is super self-explanatory and straight to the point. This article definitely clears up all the doubts and so detailed.
Amazing tips. And even when all the strategy applied for digital marketing are changing, though there is one strategy is that every marketer applies and this concept gives clear targets to be reached to the marketers and i.
Great article… The 3 part digital marketing Trifecta completely helpful.. Well done!!! Thank a lot for these ideas, I had no idea about strategies before, Now at least I know where can I start from.
Thanks for your efforts. Thank you so much for this directional teaching. Am actually new in the marketing, bit on application of all this mapped out action I know am gonna do so well now and in the future.
I will get back to you as soon as possible on my success report. Thank you! This helps me a lot! Thanks man! Please log in again. The login page will open in a new tab.
After logging in you can close it and return to this page. Skip to primary navigation Skip to content Search Blog. How to Build a Profitable Marketing Strategy.
Every business needs a reliable plan. Examples of such questions include: Expectations: What type of experience do they expect?
Buying Motivation: Why are they buying your product? Buying Concerns: What concerns might they have when buying your product? Research your competitors No business exists in a vacuum.
Choose your channels How do you get your marketing message in front of your prospects? Owned Media Owned media are the channels that you have full control over, including your email list, website, or blog.
They should form the backbone of your digital marketing strategy. Break down your sales funnel A great way to help you flesh out the details of your marketing strategy and figure out which marketing tactics and channels are right for you, is to do a quick break down of your sales funnel.
Here are some examples of poorly defined goals: I want to rank number one in Google I want a bigger email list I want more awareness of my product launch.
There you have it. Your whole process to develop a killer, effective marketing strategy. This is the most clean and easy understandable write up in the whole world regarding mkt stt.
Amazing article, exactly what I needed. Thank you for being so specific. Wow, Jonathan, this is very useful! Many thanks for sharing these scheme!
Very clear and smart! Thank you, Jonathan. That was a very insightful article. Pradip Unni. Watch now. Close dialog.
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Tracy de Groose Executive Chair. Duncan James Chief Growth Officer. Giles Jepson Chief Operating Officer. Why you need an Experience Strategy.
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The most commonly used tools and techniques include: . Gap analysis is a type of higher order analysis that seeks to identify the difference between the organisation's current strategy and its desired strategy.
This difference is sometimes known as the strategic gap. Mintzberg identifies two types of strategy namely deliberate strategy and inadvertent strategy.
The deliberate strategy represents the firm's strategic intent or its desired path while the inadvertent strategy represents the path that the firm may have followed as it adjusted to environmental, competitive and market changes.
The presence of a large gap may indicate the organisation has become stuck in the middle ; a recipe for strategic mediocrity and potential failure.
In addition, it may be used to identify markets where the category or brand is under-performing and may signal underlying marketing problems such as poor distribution i.
Strategic planning typically begins with a scan of the business environment, both internal and external, this includes understanding strategic constraints.
The aim of the PEST analysis is to identify opportunities and threats in the wider operating environment. Firms try to leverage opportunities while trying to buffer themselves against potential threats.
Basically, the PEST analysis guides strategic decision-making. When carrying out a PEST analysis, planners and analysts may consider the operating environment at three levels, namely the supranational ; the national and subnational or local level.
As businesses become more globalized, they may need to pay greater attention to the supranational level. A SWOT analysis identifies: . Typically the firm will attempt to leverage those opportunities that can be matched with internal strengths; that is to say the firm has a capability in any area where strengths are matched with external opportunities.
It may need to build capability if it wishes to leverage opportunities in areas of weakness. An area of weakness that is matched with an external threat represents a vulnerability, and the firm may need to develop contingency plans.
The vision and mission address the second central question, 'Where are we going? At this stage, the firm will also devise a generic competitive strategy as the basis for maintaining a sustainable competitive advantage for the forthcoming planning period.
A vision statement is a realistic, long term future scenario for the organisation. Vision statements should not be confused with slogans or mottos.
It is a "clearly articulated statement of the business scope. Some scholars point out the market visioning is a skill or competency that encapsulates the planners' capacity "to link advanced technologies to market opportunities of the future, and to do so through a shared understanding of a given product market.
Mission statements should include detailed information and must be more than a simple motherhood statement. The generic competitive strategy outlines the fundamental basis for obtaining a sustainable competitive advantage within a category.
Firms can normally trace their competitive position to one of three factors: . It is essential that the internal analysis provide a frank and open evaluation of the firm's superiority in terms of skills, resources or market position since this will provide the basis for competing over the forthcoming planning period.
For this reason, some companies engage external consultants, often advertising or marketing agencies, to provide an independent assessment of the firms capabilities and resources.
In , Michael Porter developed an approach to strategy formulation that proved to be extremely popular with both scholars and practitioners.
The approach became known as the positioning school because of its emphasis on locating a defensible competitive position within an industry or sector.
In this approach, strategy formulation consists of three key strands of thinking: analysis of the five forces to determine the sources of competitive advantage; the selection of one of three possible positions which leverage the advantage and the value chain to implement the strategy.
This type of thinking leads to three generic strategies: . According to Porter, these strategies are mutually exclusive and the firm must select one approach to the exclusion of all others.
Any ambiguity about the firm's approach is a recipe for "strategic mediocrity" and any firm that tries to pursue two approaches simultaneously is said to be "stuck in the middle" and destined for failure.
Porter's approach was the dominant paradigm throughout the s. However, the approach has attracted considerable criticism. One important criticism is that it is possible to identify successful companies that pursue a hybrid strategy - such as low cost position and a differentiated position simultaneously.
Toyota is a classic example of this hybrid approach. Yet others point to research showing that many practitioners find the approach to be overly theoretical and not applicable to their business.
During the s, the resource-based view also known as the resource-advantage theory of the firm became the dominant paradigm.
It is an inter-disciplinary approach that represents a substantial shift in thinking. The resource-based view suggests that organisations must develop unique, firm-specific core competencies that will allow them to outperform competitors by doing things differently and in a superior manner.
Barney stated that for resources to hold potential as sources of sustainable competitive advantage, they should be valuable, rare and imperfectly imitable.
In addition, management must invest in organisational learning to develop and maintain key resources and competencies.
Market Based Resources include:   . In the resource-based view, strategists select the strategy or competitive position that best exploits the internal resources and capabilities relative to external opportunities.
Given that strategic resources represent a complex network of inter-related assets and capabilities, organisations can adopt many possible competitive positions.
Although scholars debate the precise categories of competitive positions that are used, there is general agreement, within the literature, that the resource-based view is much more flexible than Porter's prescriptive approach to strategy formulation.
Hooley et al. The choice of competitive strategy often depends on a variety of factors including: the firm's market position relative to rival firms,  the stage of the product life cycle.
Growth of a business is critical for business success. A firm may grow by developing the market or by developing new products. The Ansoff product and market growth matrix illustrates the two broad dimensions for achieving growth.
The Ansoff matrix identifies four specific growth strategies: market penetration , product development , market development and diversification.
A horizontal integration strategy may be indicated in fast changing work environments as well as providing a broad knowledge base for the business and employees.
High levels of horizontal integration lead to high levels of communication within the business. Another benefit of using this strategy is that it leads to a larger market for merged businesses, and it is easier to build good reputations for a business when using this strategy.
A disadvantage of using the horizontal integration strategy is that this limits and restricts the field of interest that the business.
There are three main benefits to a business's reputation after a merge. A larger business helps the reputation and increases the severity of the punishment.
As well as the merge of information after a merge has happened, this increases the knowledge of the business and marketing area they are focused on.
The last benefit is more opportunities for deviation to occur in merged businesses rather than independent businesses. Vertical integration is when business is expanded through the vertical production line on one business.
An example of a vertically integrated business could be Apple. Apple owns all their own software, hardware, designs and operating systems instead of relying on other businesses to supply these.
Also by decreasing outside businesses input it will increase the efficient use of inputs into the business.
Another benefit of vertical integration is that it improves the exchange of information through the different stages of the production line. Also if the business is not well organised and fully equipped and prepared the business will struggle using this strategy.
There are also competitive disadvantages as well, which include; creates barriers for the business, and loses access to information from suppliers and distributors.
In terms of market position, firms may be classified as market leaders, market challengers, market followers or market nichers. As the speed of change in the marketing environment quickens, time horizons are becoming shorter.
Nevertheless, most firms carry out strategic planning every 3— 5 years and treat the process as a means of checking whether the company is on track to achieve its vision and mission.
Strategies are broad in their scope in order to enable a firm to react to unforeseen developments while trying to keep focused on a specific pathway.
A key aspect of marketing strategy is to keep marketing consistent with a company's overarching mission statement.
Strategies often specify how to adjust the marketing mix ; firms can use tools such as Marketing Mix Modeling to help them decide how to allocate scarce resources, as well as how to allocate funds across a portfolio of brands.
In addition, firms can conduct analyses of performance, customer analysis, competitor analysis , and target market analysis. Marketing strategies may differ depending on the unique situation of the individual business.
According to Lieberman and Montgomery, every entrant into a market — whether it is new or not — is classified under a Market Pioneer, Close Follower or a Late follower .
Market pioneers are known to often open a new market to consumers based on a major innovation. Preemption of Assets can help gain an advantage through acquiring scarce assets within a certain market, allowing the first-mover to be able to have control of existing assets rather than those that are created through new technology.
By being a first entrant, it is easy to avoid higher switching costs compared to later entrants. For example, those who enter later would have to invest more expenditure in order to encourage customers away from early entrants.
If there is an upside potential and the ability to have a stable market share, many businesses would start to follow in the footsteps of these pioneers.
These are more commonly known as Close Followers. These entrants into the market can also be seen as challengers to the Market Pioneers and the Late Followers.
This is because early followers are more than likely to invest a significant amount in Product Research and Development than later entrants.
Therefore, it could also lead to customer preference, which is essential in market success. By having a different strategy, it allows the followers to create their own unique selling point and perhaps target a different audience in comparison to that of the Market Pioneers.
Those who follow after the Close Followers are known as the Late Entrants. While being a Late Entrant can seem very daunting, there are some perks to being a latecomer.
For example, Late Entrants have the ability to learn from those who are already in the market or have previously entered. This allows them to create a strategy that could essentially mean gaining market share and most importantly, staying in the market.
In addition to this, markets evolve, leading to consumers wanting improvements and advancements on products. Customer value means taking into account the investment of customers as well as the brand or product.
Late Entry into a market does not necessarily mean there is a disadvantage when it comes to market share, it depends on how the marketing mix is adopted and the performance of the business.
The requirements of individual customer markets are unique, and their purchases sufficient to make viable the design of a new marketing mix for each customer.
If a company adopts this type of market strategy, a separate marketing mix is to be designed for each customer. Specific marketing mixes can be developed to appeal to most of the segments when market segmentation reveals several potential targets.
Whereas the vision and mission provide the framework, the "goals define targets within the mission, which, when achieved, should move the organization toward the performance of that mission.
Goals are designed to inspire action and focus attention on specific desired outcomes. Objectives, on the other hand, are used to measure an organisation's performance on specific dimensions, thereby providing the organisation with feedback on how well it is achieving its goals and strategies.
Managers typically establish objectives using the balanced scorecard approach. This means that objectives do not include desired financial outcomes exclusively, but also specify measures of performance for customers e.
After setting the goals marketing strategy or marketing plan should be developed. The marketing strategy plan provides an outline of the specific actions to be taken over time to achieve the objectives.
Unclear strategy means opportunities missed, and efforts wasted. Hook Strategy specialises in three key areas of strategic development:. Hook Strategy is designed as a 'Company of One' - a personal, quality-controlled strategic practice,.
Matthew has always been a pleasure to work with and I would highly recommend him. He sees the big picture and considers the possibilities from multiple angles, always through a creative lens.
We partnered with Hook Strategy on a critical corporate development project involving business strategy, offering and structure. We worked on a recent project with Matthew and he is able to make the complex simple and get to the heart of the challenge quickly.
He is pleasure to work with and I would highly recommend him.