Marketing strategies are most effective when they are combined together over the course of a marketing campaign. This allows a company to reach the largest number of consumers in an effort to widen the potential customer base as much as possible. This is only accomplished with thorough market research and knowledge about the needs of a given customer base.
Product Strategy
A product-centric marketing strategy emphasizes the strengths of your business's products, from special features to durable construction. This strategy also works to show how your product meets consumer needs and outperforms competitors' products in the market. The products of your business are placed in the minds of consumers as a necessity, something for which no substitute exists. This creates brand loyalty among customers, meaning they will return to your company to make purchases again and again.
Pricing Marketing Strategy
A pricing marketing strategy uses one of multiple pricing strategies to position your company's products to succeed against its competitors. Value-based pricing seeks to show consumers all the company's product offerings so when the price is revealed its seems small in the face of all the benefits. Alternatively, cost-based pricing may seek to establish certain company products as low-cost leaders in an industry through pricing which accounts for material costs while returning a small profit on sales. The larger volume of purchases for low-cost items makes up for the smaller price.
Communication Marketing
Communications marketing defines how a company conveys information about its products to consumers. This portion of any marketing strategy can be extremely versatile and may change to target customer bases differently over a given market. For example, a digital media campaign may be employed to target younger consumers, while radio advertisements may be used to target the business crowd. This ensures that the company's message is always delivered in a method which has the maximum chance of being absorbed by the target audience.
The Marketing Plan
Your company's marketing plan combines all of these marketing strategies into a cohesive battle strategy for bringing your company's products to consumers across a given area. The marketing plan shows which areas will be targeted using product-centric strategies, which areas will have a pricing focus and the media methods which will best convey those messages to all areas. If implemented effectively, a marketing plan can give a customer base filled with many income levels and economic situations all something to find appealing about the same product.
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