About the Marketing Strategy Template
What is a marketing strategy?
A marketing strategy comprises a company's marketing objectives and goals combined into a sole comprehensive plan designed to promote a product and make a profit. An excellent marketing strategy helps businesses identify their target customers and understand their needs. A good strategy also allows companies to implement the most effective marketing approaches.
A marketing strategy is a blueprint with longer life spans containing value propositions and other significant elements f the company's brand, which typically hold constant over a long period. In the simplest terms, a marketing strategy involves big-picture messaging. One of the essential parts of a marketing strategy is to define how a company wants to position its products or services in the market to achieve a good positioning among its target market and fulfill organization and customer loyalty.
While preparing for the onboarding process, your onboarding checklist template should have the essential things to do laid out. This tactic dramatically helps you when welcoming a new employee. Aside from that, this also provides you with an overview of what essential onboarding steps you forgot to add to your onboarding checklist template.
Your onboarding checklist template should include all of the critical things from recruitment to helping the new employee adapt to their new team. Examples of that are the new employee orientation, job training, introduction to the company's culture, and goal-setting. Meeting the other employees should also be included in your checklist. The things mentioned will guide the new hire to adjust quickly and become a productive member of your team.
The length of your onboarding checklist template will depend on the new hire's role and the company's hiring process. Just make sure that it covers everything the new hire should know about their role and the company.
Why do you need a marketing strategy?
A marketing strategy is necessary to help companies direct their advertising funding to have the most significant impact. A study in 2019 revealed that companies with a detailed and documented marketing strategy were 313% more likely to have success in all of their marketing success.
The primary goal of having a marketing strategy is to communicate and achieve a sustainable competitive edge over the company's competition by comprehending its consumers' needs and wants. It can be a social media campaign, mass customization, print ad design, or a marketing approach based on how efficiently it communicates a business's core value proposition.
Using an onboarding checklist also has its advantages. Not just to you and your company, but also to the new employee. The most obvious one is that the onboarding checklist helps streamline the onboarding process. This efficient process will have a positive impact on the new employee. Also, research shows that most employees who went through an efficient onboarding process feel a high level of connection towards the company.
Firms utilize marketing strategies because of the following points:
- It puts an organization at an advantage over its competitors.
- Marketing strategies help develop services and goods with excellent profit-making potential.
- It helps identify the areas affected by the organization and eventually helps create an organizational strategy to cater to the target customers' needs.
- It ensures effective and efficient departmental coordination.
- It guides in fixing the correct prices for the company's goods and services based on the information gathered through market research.
- It allows firms to optimize all their resources to effectively provide a sales message to their target audience.
- A marketing strategy also helps fix the advertising funding in advance while developing a method that identifies the entire plan's scope.
Marketing Strategies versus Marketing Plans
Marketing plans and marketing strategies are significant parts of a firm's success. A marketing strategy is composed of identified needs of the company to achieve its goals. It serves as the foundation for the firm's needs to effectively connect with the target market and meet objectives. Firms generally include these items to develop a marketing strategy:
- Target audience
- Distinct value proposition
Marketing professionals often interchange these two terms, but one must remember that marketing strategy and marketing plan differ. A marketing plan outlines how an organization can accomplish all that's been identified in the marketing strategy. It comprises the steps an organization must take to realize marketing goals and support established techniques. Here are points that organizations include in a marketing plan:
- Executive summary
- Target market
- Key performance Indicators(KPIs)
- Situation analysis
- The 4Ps(Product, Price, Place, Promotion)
Examples of Brands That Succeed in Marketing Strategy
A successful business includes a well-designed marketing strategy. If you are looking for a marketing strategy template, it is ideal to take inspiration from successful brands. Some companies continue to show excellent marketing approache through the years.
"Just do it" always comes to mind immediately when talking about the shoe brand Nike. The way the brand distinguishes itself from other shoe brands highly depends on its marketing strategy. Since its launch, its marketing has focused on promoting brand values like overcoming adversity and innovation. To effectively convey this culture to its target audience, the brand turned to storytelling ads that tell inspiring and motivational stories that seek emotions in users.
Here is how Nike designs its marketing strategy to achieve and maintain its status in the industry:
- Nike positions its products carefully. The co-founder of Nike, Bill Bowerman, once said that "a shoe must be three things, it must be light, comfortable, and it's got to go the distance." From here, they identified Nike's target market, which includes sportspeople, professional athletes, or people into active and healthy lifestyles.
- Nike sells through touching stories. The brand's founders were former athletes; hence, they could tell authentic stories. They have created that sense of belonging for all its customers and encouraged ordinary people to strive for their health or sports goals.
- Nike maximizes the power of social media marketing. Nike's few techniques in their social media marketing include collaboration with sports personalities and other high-profile individuals and relay storytelling across social media platforms.
- Besides ensuring hassle-free and exciting online shopping, Nike designs its website with models and products depicting the vibrant lifestyle and look of an "athlete."