Marketing strategy is half of the success of business
Marketing strategy
A successful business depends on many factors. Among the most important is the quality of the product, a certain amount of luck and a good marketing strategy. Even with the best quality product and favourable conditions, you may not succeed in business (or any other goal) if no one knows about you. In today’s article, we will show how professionals approach the creation of a marketing strategy.
Marketing strategy
Marketing strategy can be defined as a set of advertising activities and economic decisions that we expect to increase interest in a specific product or service. Marketing strategy is sometimes confused with media communication or advertising campaign. In part, we can say that they agree on some points, but each has its specifics. From what points does the creation of a marketing strategy consist?
Goal setting
At the very beginning, you need to determine what you expect from your strategy or campaign. It might seem that every campaign has the same goal – to increase profits. In theory, this is true, but sub-goals can be, for example, increasing brand or product awareness, alerting customers to discounts, or even “selling out” warehouses before going out of business. Other tools are used to increase traffic to brick-and-mortar stores, while others, on the contrary, are used to support online sales.
Audience determination
Another important task is determining the right audience for your strategy. Of course, there can be several audiences, and you can choose a different form of communication and different communication channels for each audience. With the selection of the audience, the right timing is also important. You don’t run an ad for the perfect Christmas gift for men in their sixties in February, do you?
Proposal of a specific strategy
This is where real creativity comes in. Claims, product names, logos, banners, catchy spots or melodies are created. Entire teams of people often work on the biggest strategies and campaigns with huge data, metrics and analysis of the market and competition to create a perfect comprehensive strategy. In its creation, great emphasis is also placed on psychology – why would we otherwise be so easily influenced by advertising? After all, it is supposed to force us that we cannot survive without the given product or service.
Choosing the right communication channels
A 6-second spot about the latest model of Bluetooth headphones will appeal to young people on Tik-Tok, a prime-time TV ad for a new car to middle-aged people, a nice picture or banner in a newspaper or other print output for a spa stay will appeal to the oldest generation. It is precisely when choosing channels that you will appreciate the previous analysis of their viewership so that you do not needlessly spend a large part of the budget, for example, on some social networks, from which there have been minimal conversions in recent years.
Evaluation of success
You must carefully monitor all activities before and after the launched campaign. The easiest way is with online marketing communication, where you can find out exactly where your customers came to the e-shop from (from Facebook, via Google search, etc.) and how much money they spent there. Sometime after the end of the campaign, you can add up the costs and the resulting profit and easily calculate whether the campaign was successful.
Where do you learn to create good marketing strategies?
At our Faculty of Mass Media, you will find an offer of bachelor’s and master’s studies, which will perfectly prepare you for the future creation of marketing strategies, and advertising campaigns, but also the performance of professionals in the media, from cameraman to director to presenter. For the B.Sc. degree, you can study Media Communication or Media Design, at Mgr. Mass media and marketing communication await you. During your studies, you will gain a huge amount of practical skills in cooperation with our partners, but also our modern media centre. Apply for studies today.
