Marketing strategies, also known as marketing strategies or trading strategies consist of actions carried out to achieve certain objectives related to marketing , such as to present a new product, increase sales or gain greater market share.
To formulate or devise marketing strategies, as well as taking into account our objectives, resources and capacity, we must first analyze our target audience , so that based on this analysis we can, for example, to design strategies that allow us to meet their needs or desires, or taking into account their habits and customs.
But also to analyze our target audience, we must also previously analyze the competition , so that based on this analysis we can, for example, to design strategies that allow us to capitalize on their weaknesses, or based on strategies they are using and best results are giving them.
For better management of marketing strategies, they are usually divided or classified into four strategies for aspects or elements of a business: strategies for product, price strategies, strategies for the square (or distribution), and strategies for promotion (or communication). Set of elements known as the 4 Ps or mix (or mix) marketing (ortrading).
Let’s look at some examples of marketing strategies that you can apply to each element that makes up the marketing mix:
Strategies for the product
The product is the good or service offered or sold to consumers. Some can formulate strategies related to the product are:
- add new features to our product attributes, benefits, enhancements, functions, utilities, applications.
- change to our product design, presentation, packaging, labeling, colors, logo.
- launch a new line of complementary products to which we have; for example, if our product is jeans for ladies, we could launch a line of shoes or handbags for ladies.
- expand our product line; for example, increase the menu of our restaurant, or make a new kind of shampoo for other types of hair.
- launch a new brand (without removing the market we already have); for example, a new brand for our same type of product but dedicated to a public with greater purchasing power.
- adding thereto additional services to our product; for example, product delivery delivery, product installation, technical maintenance or service, warranties, return policies.
Strategies for Price
The price is the monetary value assigned to the product at the time of offering or selling to consumers. Some strategies that can design related to the price are:
- launch a new product with a low price in order to achieve rapid penetration, a quick harboring or do it quickly known.
- launch a new product with a high price in order to take advantage of the purchases made as a result of the novelty of the product.
- lower our prices in order to attract more customers and boost sales.
- increase our prices in order to achieve a higher profit margin.
- reduce our prices below the competition in order to block it and win market.
- increase our prices above the competition in order to create a feeling in our products of higher quality.
- offer cash discounts, volume or per season.
Strategies for square or distribution
The square or distribution refers to the places or points of sale where the product is offered or sold to consumers as well as the way it is distributed or transferred to such places or outlets. Some strategies that can establish related to the place or distribution are:
- using intermediaries (eg, agents, distributors, retailers) in order to achieve greater coverage of our product.
- open a new shop.
- create a website or an online store for our product.
- offer or sell our product through phone calls, sending e-mails or visits.
- placing our products at all points of sale and to have gotten (intensive distribution strategy).
- locate our products only in the outlets that are suitable for the type of product we sell (selective distribution strategy).
- placing our products in only one outlet that is unique (exclusive distribution strategy).
- increase the number of distributors or delivery vehicles.
Strategies for promotion or communication
The promotion or communication is to raise awareness, inform or to recall the existence of the product to consumers and persuade, encourage or motivate your purchase, consumption or use. Some strategies that can be applied related to the promotion or communication are:
- tender offer to acquire two products for the price of one.
- tender offer to purchase a second product at half price for the purchase of the first.
- work with coupons or discounts.
- providing special discounts on certain products and on certain dates.
- create a sweepstakes or a contest among our customers.
- give small gifts or gifts to our main clients.
- advertise in newspapers or magazines.
- advertise on Internet sites classified ads.
- participate in a fair or exhibition business.
- enable a tasting station.
- organize an event or activity.
- putting up posters or advertising posters on the facade of our company premises.
- advertising sheets placed on the outside of our company vehicles.
- rent advertising space on signs or panels on public roads.
- printing and distributing brochures, flyers, business cards.