Introduction to the change in marketing strategy
Today more than ever, the development of an effective marketing strategy is crucial to the success of a company. A marketing strategy is a comprehensive plan that aims to achieve the marketing objectives derived from the business goals [1]. It encompasses not only the company's performance, but also the competitive factors and is therefore central to its positioning in the market. In this article, we will shed light on how a well-thought-out marketing strategy can guide companies on their path to success.
Basics of a marketing strategy
A marketing strategy is made up of several key components. These include target group analysis, market segmentation, positioning in the market, the marketing mix (consisting of the four Ps: product, price, placement and promotion) as well as budgeting and implementation [3]. These elements must be carefully coordinated and implemented in order to achieve the set goals.
Examples of successful marketing strategies
One promising example is Apple's differentiation strategy. Apple sets itself apart from the competition through innovative products and unique design and has thus developed into one of the most valuable brands in the world [2]. Another example is Lego, which develops and launches new products by utilising social media and involving its community [4]. Zappos, on the other hand, focusses on customer satisfaction through fast delivery times and excellent customer service [2].
The importance of digital marketing in the marketing strategy
In today's digital world, digital marketing channels play a crucial role. Companies such as Nike, American Express and Domino's use social media and other digital platforms effectively to reach their target audiences [4]. A successful digital marketing strategy can be realised through data-driven marketing, SEO and targeted social media campaigns [6].
Influence of social media on the marketing strategy
Social media is an essential part of a modern marketing strategy. Companies such as Glossier rely on authentic content and use Instagram to strengthen their brand and present realistic representations of their products [6]. Berliner Verkehrsgesellschaft (BVG) also uses humorous social media campaigns to increase brand awareness and stand out from the competition [9].
Strategic approaches to revolutionise the marketing strategy
In order to revolutionise marketing strategy, companies should be open to innovation and willing to adapt to changing market conditions. This can be done by integrating new technologies or adapting to current trends. One example of this is IKEA, which has been successful with innovative digital approaches and the use of virtual reality [4].
BEST PRACTICE with one customer (name hidden due to NDA contract)A company from the consumer goods industry managed to increase brand awareness by over 20 % through a comprehensive analysis of the target group and a targeted social media campaign. The implemented marketing strategy included a combination of influencer marketing and high-quality content that conveyed emotionalisation and authenticity to customers.
Conclusion and recommendations
An effective marketing strategy is crucial for the success of a company. By combining traditional and digital approaches, companies can address their target groups in a targeted manner and stand out from the competition. Integrating social media and adapting to current trends are essential to continuously improve the marketing strategy and gain a competitive advantage. iROI-Coaching offers support in the development and implementation of successful marketing strategies to accompany companies on their path to success.
My analysis
Overall, it is clear that a well-thought-out marketing strategy can significantly support companies on their path to success. By combining analogue and digital approaches and adapting to current trends, companies can effectively reach their target groups and stand out from the competition. The importance of a clear and comprehensive marketing strategy is becoming increasingly clear, especially in a dynamic and constantly changing market environment.
Further links from the text above:
What is a marketing strategy? | Definition, benefits & ...
Marketing strategies: Examples & Overview
Marketing strategies: Definition, implementation & tips
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