The 6 Key Elements of a Successful Marketing Strategy

February 9, 2022 Deimante Lideikyte

Having a great marketing strategy is key to the success of any business – it is the backbone to your marketing. A successful strategy will allow you to stay focused on your goals, without this focus you will, quite frankly, fail (before you ask – no, we are not being dramatic). As Benjamin Franklin once said, failure to plan is planning to fail. So, if you’d like to find out what a marketing strategy is as well as the key 6 elements of a successful strategy, keep reading. 

What is a marketing strategy?

Essentially, a marketing strategy is the business’ overall game plan. It is where you take into consideration your audience, goals, competitors, tactics and several other components that are all equally necessary for any business endeavours. Investopedia describes a marketing strategy as a plan for reaching prospective customers and turning them into sales of their product and/or services. Within the marketing strategy, you will be able to explore the company’s value position, the key branding messaging, various data on target customer demographics and so much more.

So what are the  6 key elements of a marketing strategy?

Current Positioning

This refers to your ability to influence consumer perception in regards to your product or services relative to your competitors. This is an essential step of any marketing strategy as it can help you understand your target market and create better marketing messages and campaigns, shape your services/products better and structure your business accordingly to your main competitors within the industry.

This step may take some time and certainly a lot of intensive research, however, once done, it will clarify any fog regarding what your competitors are doing and how you could do it better. It is a step that your marketing will thank you for. Trust us, it’s all REALLY worth it in the long term! It can also help you identify any gaps within the market/industry that could put you forward as the leading provider.

Our tip: you want to tailor your strategy so that you highlight your product/services competitive advantage – this will help you figure out your competition’s shortcomings which will help you place yourself at the leading position. You could focus on several positioning strategies, for example:

  • Convenience-based
  • Price-based
  • Quality-based
  • Social Media
  • Leader based
  • Differentiation

Competitor Research

This element goes hand in hand with positioning research in the sense that you will find yourself ‘stalking’ your competitors. This important step can reveal trends in the marketplace as well as gaps in your personal business plan. It involves identifying your competitors and analysing their strengths and weaknesses. The evaluation of your competitors will not only aid you in understanding your market but also will improve your own marketing. Your customers care about how your product/service is going to be beneficial to them and make their lives better, so use the collated information you find in this research to present your benefits to your customers.

Good competitor research will help you put your business in a unique position, allowing you to reach customers who are being underserved and excluded – a gap in the market.

Our tip: this may sound obvious but the first step is to actually identify who your competitors are. Then, you can start evaluating their online presence. Some questions to keep in mind:

  • How user-friendly is their website?
  • What is the user-experience like? What’s good and what’s bad?
  • What kind of content do they post and what is their post quality like?
  • What social platforms are they using?
  • Is their content engaging?
  • What are their reviews?
  • What are their unique features?
  • What are the pros and cons of their product/services?

Audience

This is a suuuuper important step. One of the most important steps in our opinion. Conducting demographic research will enable you to be more customer-centric rather than product led. It will help with your content, your campaigns, the decision making process and overall in the delivery of your business objectives.

As the goal for any digital marketing strategy is to influence the buyers/users journey, businesses need to connect with their audience by knowing how they behave, what they like, and how they live their lives. Basically, you should know your target audience as well as you know your closest friends. Why? It will help you identify any obstacles which will consequently allow you to create more appropriate and personalised content that is way more relevant to your audience.

Our tip: focus on these 3 things

  1. Demographics (the hard facts about your audience, e.g. gender, age, profession, location etc)
  2. Behaviour (how they use digital media, e.g. online activity on socials, website visits, typical consumer path, buying habits etc)
  3. Psychographics (anything your audience may be interested in. e.g. their beliefs, opinions, life goals, activities, values, lifestyle and loyalty)

Objectives

Identifying the objectives of your marketing strategy ensures you focus on the area of business that actually needs focusing on, allowing you to prioritise work that will actually make an impact on the success of the campaign. Many businesses have marketing objectives that tie in directly with their revenue and sales objectives. It’s no secret that revenue is the lifeblood of every business – when your sales and marketing team work together, the results can be incredible!

Some examples of objectives may be:

  • Shorten the sales cycle
  • Improve awareness and demand around new products
  • Increase your profitability
  • Improve lead generation
  • Launch leading product/services
  • Improve product reviews
  • Grow brand awareness

Our tip: When considering your marketing objectives focus your mind on SMART goals:

Specific – Ensure that your goal is not too broad for more effective planning

Measurable –  Decide what results/evidence will prove that you’re making progress

Attainable – Make sure that your goal is relatively achievable within a specific time-frame

Relevant – Your goals should ALWAYS align with your values and objectives

Time-Based – Setting realistic end-date will help with task prioritisation and motivation

Tactics

Now that you have identified your objectives, you need to consider how you’re going to achieve them. Tactics are a series of strategic methods/actions that will help you achieve your objectives. The list of various tactics is honestly endless. Some examples include; emails, promotional campaigns, articles, social media activity, adverts and so much more. Identifying the ‘correct’ tactics should be fairly easy for marketers – remember the intensive research we were suggesting earlier? Well, through this process you will already have a rough idea as to what will work, what your audience will engage with the most and what your competitors are doing – be sure to use this valuable information!

Measurements

Last, but certainly not least, we have the measurements. How will you know if your tactics are successful? When setting up a campaign, it’s important you identify your KPI’s (key performance indicators) – effective marketing is not intuition, but rather science. You have to look at the measuring results, track the numbers and analyse the data.

Some examples of metrics you should focus on:

  • Cost per acquisition
  • Cost per lead
  • Click-through rate
  • Bounce rate
  • Reach & Engagement
  • Website conversion rates
  • Return on investment

All in all, a successful strategy will help your business stay on track and focus on your SMART goals. It will deepen your understanding of your audience and help your business flourish. Without a good marketing strategy you will find yourself overwhelmed and unable to successfully achieve desired goals. So next time you consider marketing your product/services, make sure that you have a flawless marketing strategy. And if you need help, we are just a phone call away.

Contact Clockwise Marketing today to ensure that your next marketing strategy is the best one yet!