When a company launches on a new market or wishes to introduce a new product, the marketing strategy stage is essential. Indeed, it is necessary upstream to prepare subjects such as the study of the competition, the budget, the specificities of the market, the information on the consumers, etc. All aspects of the marketing strategy must allow for a better understanding of the development opportunities in order to eventually create an effective implementation.
What is a marketing strategy?
A marketing strategy represents all the methods that allow a company to reach one or more given objectives. It includes information such as prices, product quality, competitive studies, customer characteristics, etc. It allows to prepare the arrival on the market of a brand or a company. The goal is to foresee the company’s progression by taking into account a maximum of factors. This allows to structure the steps to follow and to define each step.
The marketing strategy must also aim to enhance the image of the company, so it is necessary to foresee a broad and long-term vision. It is a key step in your business plan that helps you to know how to define your market entry.
The different types of marketing strategy
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The skimming strategy
The skimming strategy aims to position itself on the market with a price that is higher than the competition’s, in order to reach a target with a high purchasing power. This strategy can be found in the luxury sector but not only, it can be on a product whose quality or rarity surpasses the others and for which customers are ready to pay more. This type of strategy implies to determine well its target and the gains that will be generated. If it is well implemented, it allows to maximize profits at the beginning, and can then foresee a price decrease at the end of the product’s life in order to reach an average customer base.
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The differentiation strategy
The differentiation strategy is not aimed at a specific target. It aims to target different market segments while distinguishing itself from its competitors. In this case, the aim is to develop the quality of the product so that it is better than the competition, more innovative or the company can offer additional services. The company can also proceed with the opposite logic by proposing a less qualitative product or with fewer services, but charging a lower price that will make the product or service attractive.
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The strategy of concentration
The strategy of concentration makes it possible to focus on a specific sector. This is the case for the luxury industry, for example, which offers specific products at a high cost for a particular type of customer. This is also the case in specific and underdeveloped markets. The advantage of the concentration strategy is that the company can focus on a particular range of products or services that have a loyal customer base, so market research is simpler and this can be advantageous for positioning.
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The penetration strategy
The penetration strategy is the most aggressive marketing strategy, as the objective is to quickly overtake the competition with highly competitive pricing and recurring advertising. The idea is to quickly establish a foothold in the market. Once the company has attracted and retained customers, it can then raise its prices slightly.
The steps to implement a marketing strategy
The first step is to study the opportunities. In other words, create a SWOT matrix (Strenghs, Weaknesses, Opportunities, Threats). The SWOT is one of the keys to marketing strategy. It allows you to study the market according to several factors, the strengths and weaknesses of the product or service, as well as the opportunities and threats of the targeted environment. It is therefore an analysis tool that allows you to start your marketing strategy well, in order to better position yourself on the market.
Then, it is a matter of choosing your customers according to the SWOT analysis. We then determine what we call a persona, a fictitious profile of our targets. We can determine an age range, a family situation, a purchasing power, consumption habits or the gender of the persona.
Once this is done, we need to position ourselves in relation to the customer’s expectations and therefore make a value proposition. It is then a matter of focusing on the product or service and seeing how it differentiates you from others, what you will specifically put forward. This is also the time to establish the prices, the communication strategy, the image you want to convey.
Finally, you have to implement the strategy while analyzing it to see what works and what can be improved. You can study indicators such as the conversion rate for your ads, or the number of buyers according to geographical areas. We also invite you to discover our article on the canva business model, which is also a widely used tool.
A marketing agency for your marketing strategy
With the transformations caused by digitalization, it was necessary to rethink marketing to make it digital. Our agency specialized in marketing and communication will be able to advise you on the steps to follow for your strategy. Improving your online visibility is not a simple thing, you have to act on your website, your social networks, on SEO and SEA. It is also important to create a community to get customer feedback and create loyalty. Therefore, a brand must know how to promote itself through content marketing, digital advertising campaigns, and effective communication strategies. Our agency can manage these aspects to increase your visibility, generate traffic and create marketing action plans.
Moreover, our agency specialized in digital will be able to advise you for your digital presence strategy by launching e-mailing strategies, or by elaborating a digital marketing plan adapted to the use of current media.
Our support at Habefast
At Habefast, we advise and support you throughout the implementation of your marketing strategy. We have both marketing experts and business development experts, which will allow us to implement a coherent strategy adapted to your objectives. We are also specialized in inbound and outbound marketing, and will define a communication strategy with you to improve your positioning on the market. We have at heart to develop the visibility of your company, and to accompany you from A to Z on your marketing projects.