How To Plan Your Business Marketing Strategy? Find out.

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.

Price

This part focuses on the way you plan to price your product or service. The aspects of pricing you will need to address are the following:

• Bundling (if you have related products/services),
• Pricing flexibility,
• Pricing strategy,
• Retail price,
• Seasonal price (if applicable), and
• Wholesale (volume) price.

Place

Also known as Distribution, this part of the business marketing strategy is all about the delivery of your product or service to your end-customer. Here are the areas which you will need to cover:

• Distribution centres,
• Distribution channels,
• Inventory management,
• Logistics,
• Order processing,
• Transportation, and
• Warehousing.

In deciding on which marketing tactics you would like to employ, do some online research, test some ideas and approaches on your customers as well as your staff. Review what works. You will need to select a number of tactics that will be appropriate in order to meet your customers’ needs, reach the customers within your target market and also improve your sales results.

Get in touch with the Digital School of Marketing

If you want to get to grips with marketing fundamentals then you need to do our Marketing Fundamentals Course. Read more here.