An effective business marketing begins with a considered, well-informed marketing strategy. A great marketing strategy helps you to define your vision, mission and business goals. In addition, it outlines the steps which you need to take in order to achieve these goals.
A business marketing strategy is important for all businesses as it clearly outlines how they will find new customers as well as promote their products and services in order to ultimately get more sales. You will be able to use the business marketing strategy as a stand-alone tool, as a part of a marketing plan, or as a part of a business plan—all with slightly different components.
A business marketing strategy sets the overall direction and goals for your marketing. It is therefore different from a marketing plan, which outlines the specific actions which you will take in order to implement your business marketing strategy. Your business marketing strategy could be developed for the next few years, while your marketing plan usually describes the tactics to be achieved in the current year.
The 4 Ps Of Any Marketing Strategy
You will be able to break down the key information in the business marketing strategy section by making use of the 4Ps of marketing concept.
Product
Product refers to a physical product or a service which you plan on offering. Some of the product areas which should be included in this section are:
- Brand name,
- Related products or services,
- Functionality,
- Packaging,
- Quality, and
- Warranty.
Promotion
This part of the business marketing strategy covers the various aspects of how you plan to market your product or service. The areas which you will need to address include the following:
- Advertising,
- Marketing budget,
- Promotional strategy,
- Publicity and public relations,
- Sales force, and
- Sales promotion.
