So What is Marketing Strategy?
Herman D. Alvaranga, FCIM, MBA
President, Caribbean School of Sales & Marketing
“At its simplest, strategy means knowing where you want to go and deciding upon how best to get there.”
Wilson and Gilligan (2008)
Recently I was having a conversation in a social setting with the Marketing Communications Manager for a large firm by Jamaican standards. As our discussion progressed it became clear that this charming young lady needed help; for whereas she has a history of facilitating promotional events such as the one where we met, and creating newspaper advertisements and so on, she was all tactics with no coherent strategy.
A little probing revealed that she was not working from a strategic marketing plan, and her objective as the firm’s chief marketer is achieving a high level of brand awareness. Needless to say her firm was already a household name in Jamaica but, lacking in customer-based brand equity, was a distant second in the market.
Not wanting to monopolise her time I moved on, but couldn’t help remembering the first hour of my Marketing Strategy and Product Policy course when the discussion focuses on, “What is Marketing Strategy?”
So What is Marketing Strategy?
As my favourite marketing strategists, Richard M. S. Wilson and Colin Gilligan (will someone please second that motion?) put it, “At its simplest, strategy means knowing where you want to go and deciding upon how best to get there. Strategic marketing can therefore be distilled down to the marketing planner deciding - with complete clarity - in which markets does the company want, or is able to compete, and exactly how it will do this.” They go on to speak of four key dimensions of marketing strategy as follows:
Four Key Dimensions of Marketing Strategy
- Being close to the market
- Developing valid assumptions about environmental trends and market behaviour
- Exploiting the competencies of the organisation
- Developing a realistic basis for gaining and sustaining a competitive advantage.
Good luck my new friend. You’ve got a mountain to climb and will need both a map and a guide, for marketing communications alone cannot solve your problem. Oh, BTW, should I call her for an appointment?
Written by: Herman D. Alvaranga, founder of the Caribbean School of Sales Management where we solve the toughest marketing and sales problems.
Telecommunications Engineer / Analyst /Lecturer seeks employment
8yThanks Herman. Nice article
Membership Growth Program Developer
8yThank you herman. Nice and succinct
★I Help SMB Execs #GainRevenue and #BusinessTransformation from well-planned & executed #ERP & IT investments★ #SMBCIO
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Managing Director at katinta manufacturing nd general dealers limited
8yI like the way you have simplified the market strategy! At list one doesn't have to look for a dictionary to find the meaning rather go straight to do the work/ strategise! So well spoken like a true marketier!
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8yThe key to developing successful marketing strategy is via the use of research and data analysis. In my experience, many organizations jump right into marketing communications and campaign execution, then wonder why that investment isn't providing the appropriate return. The process should look like this: 1) conduct or analyze customer and market research to identify opportunities for growth, 2) develop and plan your segmented and targeted strategies - which audience types/segments will you focus on, 3) conduct your product portfolio review which leads to understanding if your value proposition is relevant, 4) identify the gaps in the value chain which leads to new product development, 5) develop your channel strategies, 6) develop your integrated marketing and communications plans, 7) execute those plans, track those campaigns, and measure ROI. The ROI scorecards will tell you where/how to redeploy resources (human and financial). You may find the campaigns you always thought were 'just great' are not great at all, and other campaigns are more effective - the sooner you know which is best, the sooner you can shift the spend and the mix to get better results. Following these steps will help you create not only a marketing strategy, but one that is market and data-driven and growth oriented.