The marketing strategies of a product is essential to achieve the desired results in the company.
Therefore, it is necessary to design strategies that allow us to achieve our goals. When we talk about marketing or marketing strategies, we are talking about marketing methods, ways of marketing, or marketing strategies. The marketing strategies we talk about in this article are not to be confused with ppc marketing.
What are the Marketing Strategies?
These are actions that carry out to achieve certain marketing objectives, such as launching a new product to the market or increasing participation or sales
To determine which marketing actions or strategies suit us. Not only do you have to take into account the company’s capacity, resources, or objectives. But it is also an essential requirement to know the target or target audience well. The reason is simple since marketing aims at satisfying the needs and desires of consumers and customers.
Another important issue that should not rejects is the analysis of competition, as it may allow us to take advantage of their weaknesses or use those strategies that work for them.
Also Read:What is Business Marketing?- How to Do and The 5 Channels for Business Marketing
Types of Marketing Strategies
Marketing or marketing strategies divide into 4 types. Those related to the product, those that affect price, distribution, and communication strategies. It is known as the 4 p of business marketing since they are the basic pillars that we must work on.
Once the corresponding service product has been describing, the product strategies reflect the actions that will develop over a certain period about said product or service.
In this sense, it will include so one more benefits or services will add, how it will carry out, if applicable. It will have to dive whether to work with a pilot product or launch it on a small scale first and then launch it on a larger scale.
Before launching to establish a price for a specific product or service, it is necessary to carry out an analysis of those elements that must be taken into account when setting it. Specifically, both variable costs, linked to production, and fixed costs must take into account. The reason is that a company is for profit. Therefore, to remain in the market, it is necessary that the income obtained from sales, in which price is an essential part. Exceed the total costs of the company attributable to the product or service in question.
But this is not all. Also, possible strategic variations must consider in a given period, such as discounts, sales promotions … that, ultimately, help customers approve the new product or service. Or perhaps it is preferred to opt for a high price from the start. Which can help the product or service considers quality.
Another issue to consider globally is the forecast of the company’s cash flows.
For the product to sell, it must be accessible to the consumer. And, this need is directly related to product distribution strategies. Well, it must determine whether the company is the one that sells directly to its customers. Whether it is going to act through distributors in all or certain geographical areas. It will also be necessary to foresee everything related to transport, or, at least, who will be in charge of hiring it, without forgetting the chosen distribution channels.
In this last point, it can point out that more and more companies. Whatever their volume, choose to use, at least partially, the Internet and e-commerce as a distribution channel. On the other hand, companies like Amazon or Alibaba make it much easier for entrepreneurs to sell through the network and its subsequent distribution.
In addition, all kinds of contracts must specify, both with distributors and with agents, merchants, or wholesalers.
Communication strategies aim at getting the message to the customer, always highlighting the benefits for the product or service.
When dealing with communication strategies, use tools such as advertising, the sales force, sales promotion, public relations, and social networks … Not only must the cost of communication be taken into account, but it also impacts the target audience.
You must also determine the image of the product or service you want to project, including brand, logo, name … And the same is predictable with respect to the image of the company.
Also Read:What is Digital Marketing and How to Do it
Why The Customer Is Always Right: A Closer Look At The Electricity Industry
Electricity Industry – “The customer is always right” is a phrase that is said often but it is not often…
How Have Top Marketers Responded to the Pandemic?
The pandemic has left businesses asunder. It has become very hard for companies and their marketing teams to deal with…