There are many methods and theories on how to choose the best company marketing strategy. The number of marketing strategies available are endless, but selecting the best strategy depends on the long-term goals, industry, and customer base. The purpose of a company marketing strategy is to devise a systematic method and plan to spread information about the product and encourage sales.
In the short term, all businesses aim to sell as much of their product as possible. The methods used to achieve this goal vary, based on the customer profile, product, and price point. For example, a luxury vehicle is aimed at a fairly small customer base. A marketing strategy that focuses on exclusivity, prestige, and quality will attract the appropriate client base, who will have the funds required to purchase this item.
The long-term goals of the company have a significant impact on the selection of a company marketing strategy. A firm that has developed a new product and intends to launch a new product line would develop a marketing strategy with a long life cycle. This type of strategy includes multiple product placement contracts in popular media, product reviews, and large image advertisements.
The marketing strategies that work in one industry may not work well in other industries. Identify the primary motivations for the customer or buyer. Get to know your industry, level of cooperation within the industry, and primary competition. Look at the publications and communications within the industry to determine how other firms advertise their products within this industry.
The ideal company marketing strategy is based on a deep knowledge and understanding of the customer base. Start with the demographics of the decision maker, and identify three major items that will draw his or her attention to the advertisement. Although many people feel that the strategy should focus on the product itself, the visual and audio cues that attract the initial attention of the decision maker are more personal.
Look at the product itself and make a list of the top benefits and drawbacks of the product. Focus on a strategy that highlights the positive aspects, and downplays the product weaknesses. Use customer focus groups to identify areas of concern in the client base, and address these issues in the marketing strategy. For example, a new technology-based product should come with a satisfaction guarantee. This will alleviate the element of risk for the client, and encourage more sales.
