How to Build Awesome Marketing Strategies for your Brand

Updated: 5 days ago




Introduction


Having awesome marketing strategies can not only increase your brand equity but, can also build the recall value of your brand. It is for this very reason that seasoned marketers develop sequential planning of building strategies which includes creating internal goals and objectives, recognizing market segments, targeting those segments, so on and so forth.


Case Study: Starbucks and Patanjali


  • Starbucks: Starbucks became the brand that it is now because it does not just sell coffee but, it gives its customers a unique experience by serving them. Marketing strategy is not just about sales and profit. "Marketing is more about serving the burning problem that is there in the market, thereby engaging with the customers and creating value for them." At its core, Starbucks doesn't sell just coffee, it sells "The Starbucks Experience". By following its core, Starbucks became the world's largest coffeehouse by skillfully engaging customers and delivering amazing customer value.

  • Patanjali: Patanjali one of the most recognized brands of India, has evolved from a mere yoga training center to one of the biggest and fastest-growing FMCG empires in India. When starting this endeavor, Baba Ramdev, its founder, saw a large population of the globe grappling with lifestyle problems such as diabetes, hypertension, hypotension so on, and so forth. He started serving people by spreading the knowledge of yoga and thereby serving humanity by striving to make the globe, lifestyle disease-free. But, the question, how did a baba who taught yoga, build an FMCG empire of this big a magnitude? Here came the farsightedness of Baba, he marketed the Ayurveda products according to the modern needs of the population and thus Patanjali became the brand it is now.

In both the above case studies, we can see that there is a lot that goes into the development of robust types of marketing strategies. To develop awesome marketing strategies, it is imperative to follow the five-pronged types of marketing strategies that are mentioned as under.


1) Brand Strategic Planning



Strategic planning consists of developing strategies of a brand for increasing the equity of a brand in the long run. It consists of:

  • Defining the mission of a brand

  • Setting objectives and goals

  • Design business portfolio

  • Developing functional and day-to-day plans

To understand the above points as a process, the mission of the brand should be to solve the burning problem of the market and thus, be market-oriented, realistic, consistent, and inspiring. The mission is then translated to well-detailed objectives and goals that help in maintaining and making decisions about business portfolios. Each business unit in turn develops robust marketing plans to synchronize with the overall plan of the brand.


2) Designing a business portfolio



This step consists of analyzing the portfolios that the company might want to include in its business unit. The portfolios should be in accordance with the objectives and goals framed in the previous step. The company must keep a check on the market performance of its business units. The best way to track its business unit would be via BCG Matrix. After analyzing the performance of the business units, the company might want to develop strategies for high or low-performing units accordingly. The consistently best performing product and the core of the company might become a Strategic Business Unit.


3) Developing strategies in accordance with the department partners



A company can succeed in implementing marketing strategies successfully only when it recognizes the individual department like Finances, HR, Research, etc. This will create an environment of synergy across the departments and only when the operation is carried out in tandem, does the marketing strategy succeed.


Each company department can be viewed and understood as the company's internal value chain. Each and every department carries out value-creating activities to design, manufacture, market, and reach out to the customer via the brand.


The firm's business not only depends on the individual performance of each department but, also on how well coordinated, the departments of the company are. Hence, it is imperative that the company's operational blueprint of its departments are very well-defined.


4) Developing Marketing Strategies



Marketing strategy is a guide by which a company hopes to create customer value and achieve profitable customer relationships. Just producing a product and selling it is one thing and using the product to solve the problem of the customers and the market is another. A good brand always identifies with the second type.

A company cannot strive to solve every problem that is present in the market. On trying to do so, it will only harm itself by diluting the specifics of its offerings. Hence, the company must first analyze the market segments that can be catered to. This can be done by dividing a market into distinct groups of buyers basis demography, geography, psychography, and behavioral tendencies.

After the segmentation process comes to the targeting process. Market targeting involves evaluating the attractiveness of each segment and selecting the best-suited segments to serve.

After this, the positioning is to be addressed. Positioning is the process of creating an understanding of the product, to occupy a clear, distinctive, and desirable place in the minds of the target audiences with respect to its competitors.

After following the above strategies, the company then develops offline and digital marketing strategies in accordance with the products, its placing strategy, pricing strategy, and promotional strategy.


5) Assessing Marketing Return on Investment (ROI)



Marketing ROI is the measure of the profit generated by investments in marketing activities.

Companies must ensure that the investments that have been made in the creation of strategies and marketing campaigns are worth every penny spent. It is very important to find out the response to the strategies and campaigns.

A company can assess marketing ROI in terms of standard marketing performance, such as brand awareness, brand recall, sales, or market share by integrating them into their marketing dashboards, which consist of all the measures of performance in a single display.

Beyond the marketing dashboard, the company may also use other performance parameters like customer lifetime value, customer retention, or customer equity.


Here are key points for building awesome marketing strategies for your Business


1) Brand Strategic Planning

2) Designing a business portfolio

3) Developing strategies in accordance with the department partners

4) Developing Marketing Strategies

5) Assessing Marketing Return on Investment (ROI)


The marketing campaigns, such as the mediums of marketing, about different brands differ as per the requirements of the specific industries but, the bigger picture of marketing strategies largely revolves around the 5 points discussed above.



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