Summary of Popular Marketing Strategies Today

Understanding the Concept of Marketing Strategy is the first step to achieving success. Marketing Strategy helps businesses identify their target customers, their needs, and how to effectively meet them.

It not only directly affects the business’s revenue at a certain point in time but also helps the brand build a reputation and sustainable profits. Let’s learn more about marketing strategies with MarkKnow in the article below.

What is Marketing Strategy?

Marketing Strategy is understood as a system of logical and reasonable viewpoints that can serve as a basis for an organization or business to build appropriate solutions for its marketing tasks related to the target market, Marketing Mix system, and cost and budget for marketing activities – by Philip kotler.

The Concept of Marketing Strategy helps businesses understand who their target customers are, what problems they are facing and what needs need to be met. Marketing Strategy can include an overall PR plan, a Social Media plan , a related Performance strategy or a combination of the above.

Business marketing strategies often include the following elements:

• Unique Value of the Business
• The main message that the business wants to convey
• Information related to target customers
• Marketing methods implemented

Popular Marketing Strategies Today

Focused Marketing Strategy

Concentrated Marketing Strategy is a strategy that focuses on a specific market segment. To build and implement this strategy, businesses need to clearly understand the needs and desires of target customers.

– Advantages : This strategy helps build relationships, customer loyalty and increase conversions.

– Disadvantages : can be high risk if the market segment changes or narrows.

For example: High-end fashion brands such as Louis Vuitton, Yaint Saint Laurent, Channel, Dior,… will only focus on the high-income customer segment, who love exclusivity and luxury.

Non-discriminatory Marketing Strategy

This Undifferentiated Marketing Strategy targets the entire market with a single product and marketing message, regardless of customer segment.

– Advantages: save production and marketing costs

– Disadvantages : difficult to compete with competitors focusing on specific customer segments

Differentiated Marketing Strategy

Marketing Mix Strategy

Marketing mix strategy includes 4 main Ps: Product, Price, Place, Promotion – corresponding to each of the following strategies. For each P, the brand/business needs to ask itself questions and answer them to determine what direction to develop for the products or services it is trading:

• Product Strategy : What is your company’s product? What is its function? What purpose does it serve? What makes your product different from other products in the same industry?
• Pricing Strategy : What are the exact costs such as production costs, raw material costs, etc.? Does the selling price of the products/services generate profit?
• Place Strategy : Where is the product sold and distributed? How and where do customers access or buy your product?
• Promotion strategy : The way a business conveys the message, value and meaning of its products/services to customers can include activities such as advertising, PR, promotion, etc.

Digital Marketing Strategy

With the advantages: easy access to many customers, focusing on the right segment… Digital Marketing is currently one of the most commonly used strategies. However, to have an effective Digital Marketing strategy, you need to have professional knowledge, creativity, a plan with clear goals and specific evaluation and measurement.

Content Marketing Strategy

Content Marketing plays a key role in attracting, engaging and converting potential customers into loyal customers. Building a comprehensive content strategy at the right time, targeting the right customers through marketing channels is extremely necessary in any business’s marketing plan.

Email Marketing Strategy

Email marketing is an indispensable Marketing Strategy for any business that wants to build sustainable relationships with customers, increase brand coverage as well as boost revenue. By taking advantage of the benefits of email marketing and applying the right tactics, businesses can achieve outstanding results in a competitive environment.

7 steps to build an effective Marketing Strategy for your business

The marketing strategy of each business unit is considered as the marketing plan of the operational unit. It is specified from the specialized and regional level plan with one or more products and specific competitors.

The process of building a marketing strategy for a business includes the following steps:

Step 1: Identify strategic goals

Typically, marketing objectives may include one or more specific goals such as:

• Brand (brand positioning, awareness, perceived value, brand-customer relationship…)
• Sales
• Market position (market share, market penetration…)
• Financial indicators (revenue, gross profit)
• Products (product range development)

Step 2: Market research and analysis

Market research helps businesses grasp the situation as well as important trends of the target market. Including:

• Market size
• Growth rate
• Trend
• Demographic

Step 3: Competitor Analysis

Businesses need to know who their competitors are, what their strengths and weaknesses are, and what they have done to achieve their goals. From there, draw an overall assessment and experience that can create a competitive advantage for their brand.

Step 4: Identify the market and target customer portrait

Combine analytical models with market and competitor research. Businesses need to come up with target market segments and potential customer profiles.

Step 5: Choose the right marketing strategies

Marketing strategy includes small strategies such as:

• Pricing Strategy
• Communication strategy
• Human Strategy
• Production and supply strategy
• Technical Support Strategy
• Value chain development strategy.
• Brand strategy.
• Customer value strategy.
• Product and service strategy.
• Logistics and Warehousing Strategy
• Marketing channel strategy
• Resource strategy
• Product differentiation strategy

Step 6: Develop and implement a plan 

• Sales forecast plan
• Pricing and gross profit plan
• Order and delivery planning
• Customer relationship management plan
• Marketing communications plan
• Channel organization plan
• Marketing plan
• Capital investment plan
• Customer value standard
• Sales plan
• Production and supply organization plan
• Technical support organization plan.
• Resource planning.

Step 7: Set up, monitor and evaluate 

Develop standards to evaluate progress, receive feedback, draw lessons and organize adjustments and improvements through:

• Target
• Goals for each stage
• Research and analyze customer feedback (on satisfaction level…)

Famous marketing strategies of big brands

Coca Cola

As one of the most famous brands in the world with diverse and famous marketing strategies. Coca Cola’s Marketing Strategy has been successful in becoming a big symbol in the beverage industry, leaving a strong brand impression in the minds of customers around the world.

So how did Coca-Cola create such a recognizable brand?

The answer is simple! They have kept their brand identity and products consistent for over 130 years. Even though the company has been around for many years, their logo is still relatively the same and Coca-Cola’s slogans and marketing strategies all use the same message.

Coca Cola currently owns a huge portion of the soft drink market and has many products under different brands. However, the most popular and notorious product is still Coke. This proves that a strategy of building a recognizable, popular and consistent brand can take a company a very long way.

Apple

For a long time, Apple has not had to spend too much money on promoting new products with its famous marketing strategies. They have relied on the strategy of creating rumors, also known as word-of-mouth marketing, making users excited and looking forward to Apple’s new products.

Without the company having to advertise, the media has already raced to exploit information about the new product. In later times and with Apple’s higher-end products, the press and social media have also tried to exploit information about the new iPhone. Even though Apple has not revealed any information about the product, rumors from the media have made any upcoming iPhone a “super product”. Apple creates a feeling of “scarcity marketing” and a “social proof” mentality for customers.

In addition, Apple’s Marketing Strategy also focuses on movies, TV shows, and movies to increase brand awareness among users. Because in the hands of the stars is always a new iPhone with a distinctive ringtone that makes it easy for consumers to identify.

Starbucks

Social media presence helps many businesses stand out quickly. Social media helps businesses establish brand identity, authority, and trust. It also allows consumers to interact with brands in a direct and intimate way, helping to build relationships between the two parties over time.

Starbucks is a great example of how to use social media well in their famous Starbucks marketing strategies. They tap into what their fans want. They have a very successful Facebook, Twitter, and Instagram account.

One of the reasons for Starbucks’ success is:

• Connect the same topic across different social media
• Share your campaign on social media
• Customer Contact
• Advertise discounted products
• Organizing events with artists
• Use images, videos, and gifs very subtly

Recognizing the role and importance of Social media, Starbucks has made good use of this platform to help strengthen the relationship between the brand and users as well as create interesting experiences for customers here.

Colgate

Instead of just being a regular toothpaste, Colgate has taken a very different approach to its customers over the years, especially in educating consumers about alternatives.

Colgate’s Marketing Strategy focuses on providing information and videos on proper oral hygiene. They share valuable information with users on how to brush teeth, maintain healthy teeth, how to floss effectively, how to prevent tooth decay, etc. Consumers receive useful and free information, they learn and apply it to their lives and those around them.

A brand that helps users solve problems in their lives will increase the likelihood of future orders as well as the ability to spread word of mouth about your brand. Colgate spends millions of dollars in marketing budget to invest in videos, images, and extremely attractive content that meets the needs of users.

Cocoon

Cocoon is a vegan cosmetic brand produced in Vietnam, established in 2013 and quite famous for its natural and benign products. Cocoon’s success is not only due to its methodical marketing strategies but also thanks to the brand’s clear commitment to product quality, meeting the Ministry of Health’s CGMP criteria, and transparency in information.

In Cocoon’s marketing strategy, the product is the first special point that needs to be mentioned. Grasping the current consumer trend when people follow a green lifestyle, looking for plant-based foods to protect their health. 100% vegan product lines that retain all the nutrients from Vietnamese plants, are benign, do not use animal ingredients and refuse animal testing from Cocoon were born.

Conclude

Above, MarkKnow has summarized the basic marketing strategies that businesses are currently applying and 7 steps to build a Systematic Marketing Strategy. In addition, it analyzes famous marketing campaigns of major brands in the world. From there, it helps brands/businesses identify and build appropriate marketing strategies for their products/services.

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