Remember our definition of Marketing? In one of our previous blogs (The World & Personality Of Marketing), we defined Marketing as any action that you take (whether as a company, an entrepreneur, or at any level of business) to attract an audience to your products or services. We also defined what Marketing, Advertising, and Sales are and how they work together. We also talked about how best to reach your customers, and we shall delve deeper into that, looking at what Marketing Strategy is and how it plays a role in winning customers for your brand.
What Is A Marketing Strategy?
Marketing Strategy: A marketing strategy is a business’s overall game plan for reaching prospective consumers and turning them into customers of their products or services. To achieve this, a business needs to consider a portfolio of products and take into account the anticipated moves of the competitors in the same market.
Majestic Events is no stranger to Marketing Strategy.
How Do We Do It?
Meetings, Meetings, Meetings! If there is one thing Majestic Events is good at is listening to our clients. We will ask as many questions as possible in hopes of understanding what your business is all about. Through this, we are then able to find the right solutions that suit you. However, it is important to note that not all businesses are the same. Some Strategies chosen for one business will not necessarily apply to your business as well. That’s okay. We guarantee to find a Strategy that suits you best. One thing is certain, you will discover that as we go through these meetings and sessions, there are aspects of your business that you will discover for yourself as well. So, how do we go through this?
- The Problem: We need to understand what problem your company is facing. What is your marketing objective? How do you think we, as Majestic, can solve this? What are people saying about you?
- Your Identity Through Situational Analysis: Next, we examine the situational analysis. This helps both you and us understand who you are and gives a general overview of where you stand in the market. Through this, we understand your products, your target customers, and your direct competitors. Be warned though, as we go along you might discover that some products are redundant and others that you thought didn’t matter, create the biggest impact on your business. Be flexible and willing to adjust.
- Your Target Market: Remember when we discussed The Right Questions – How to Reach My Customers (Link)? Do you remember how we defined a Buyer Persona? We shall use this to guide you as we discover your customers, demographics, lifestyle, etc., for each product. Believe it or not, this is one of the most enjoyable sessions.
- Your Positioning Strategy: A positioning strategy refers to how a brand wants to be thought of in customers’ minds in relation to its’ competing brands. Do you want to be known through your competitive price point? How about through the service you give? Is your brand innovative? Do you want to be a cultural symbol in the market?
- Your Marketing Goals: Determining your marketing goals involves introspecting deeper. Here we ask – How much revenue do you aim to acquire over the next few months through your marketing activities? Carry your calculator for this activity – we will do some math. Don’t worry, you’ll pass.
- Your Marketing Mix: Now we get into the interesting parts. Here we look at the 7Ps, dwelling on what you offer, and the related marketing strategies that can be used to win new customers or retain current clients.
- Our Action Plan For You: Once we have gone through all these, we then create an action plan for you. This includes a timeline of Marketing activities that you can do to achieve the goals you set out. Don’t worry, we will still guide you through this.
Majestic Events is experienced in Marketing Strategy and through days and weeks of marketing research and sessions, we can transform your business.
Call us today.
We pride ourselves in creating, cultivating, and maintaining great connections for your business.
